Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-07-06
COTTON.


A decline OF re in New York and sd
in Liverpool since Our last caused con-
siderable anxiety TO sell in this market,
but the most earnest seareber after a Gus
toner failed. One or two buyers who had
small orders TO I'll yer in and were not
long in filling out. Prices are hard 20
give accurately. but Middlings were sold
a. low as ISc, at which figure there was
but little taken. Very many of u cot
ton factors have been holding for what
has been termed the June rise, which
usually occurs about the time of the
June rise" in the river, but il has not
come this year either in cotton or the
Father of Waters. The market closed
dull, and prices unsettled.
We find the following letter from 2
weIlknown merchant OF U city in
exchange. Mr.. Moore has, we thtF
largely overestiInated the coming crcE
buL as much Of the late wet weather ap-
pssrea after the letter was written he has
probably changed his mind ere this, and
would no doubt compromise on 3,5OO,OOO;
MEMPHIS, Tenn, June p, 1870.
To tie Editor Of the Q. 5. Economist,
Ner York
In the general interest OF commerce, 7
take the liberty of dropping you a line
concerning u crop prospects in this, the
finest cotton producing section OF the
world. know how much interest yOu
feel in whatever tends 70 inform the mind
upon the great cotton question, and thence
nv apology for this liberty. Even the
best informed OF our cotton statlsticlans
abOu- here are greatly surprised al the
continued cotton receipts at this and other
domestic ports: o While the most lib
eral estimates have not heretofore, in this
quarter, gone higher than :, 100, ZOO bales,
scarcely anv intelligent nan now places
the crop estimate al a lower lumber b
3,2jO.O09 bales. Our receipts al this port
now foot up IS, OOO, and will probably
reach. by the close of the season, 300, 900
bales. against "a .0On bales last year. I
take great pains in carefully soliciting in
formation from each Of my customers as
they come in and they occupy all the
counties in Tennessee west of the Ten
nessee river, the northern part Of the
State Of Mississippi, and those counties
In Arkansas washed by the waters of the
Arkansas, White, Little Red. Black, St.
Francis and Mississippi rivers and l have
vet TO hear a single instance unfavOrable
to the growth, prospects and generally
increased area Of the cotton plant.
The people are again, more than ever in
many neighboThOods, negleciing the cul-
tivati0n OF grain, and all the indications
now point to a growing crop of az least
1000, 900 bales cotton, and q scarcity of
corn and bacon in this section next year,
~uuequaIed in the history OF cotton pro-
duction. To a casual thinker this would
seem to be utterly u~npardonable, espe-
ciaIIy with a people so recently emerged
from a condition in which there was so
much sc5ual suffering frOua this very
cause; and vet, when you remember that
under the changed condition OF labor al Z
most every cotton p~roducer( [ mean espe-
ciaIIv the freedman) is part owner ia the
production Of his labor, and that, expect
ing TO change his locality every year. as
they all now most frequently DO, he Il
anxious TO be the pOssessOr of something
that will be easily converted into cash,
YOU will easily conclude that he viii IN
sist upon planting cotton, to the eXcIu-
sion OF all other agricultural productions.
And this is the great secret for the per-
sisJency Of planters in growing cotton.
Taking into vie y, uhsn, the present and
future prospects OF the cotton question, [
what is TO be the eject upon the manu-
featured srticle2 How are the prices OF
goods TO be affected, and what relations
will prices and quantities produced bear
20 the present quotations of gold, manu-
featured articles and the raw material2
viii not prices Of goods open, the com
ing sutumR, with gradually recedlng
quOtatiOus2 Or viii manufacturers so
cautiously graduate theiE productions TO
she condition Of supply and demand A. to
maintain something like an even and
tolsrzbIy stable scale Of prices? Please
give as an editorial view of this question
10 your next, and thereby confer a Y
on the entire mercantile community.
E4rv razEaarfulfU