Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-07-24
FRANCE AND TRADE.
! 0FEI0K or THE DAILY APPKAL,l
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81 OFEI0K or THE DAILY APPRAL.1
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AS we suggested, by the aid Of the in
telligence which has reached us from all
quarters, and which We published in this
department so 0 as received, the cot
ton market is likely TO be relieved of the,
dead weight by which, at the hands of
the bears Of New York, it has for a month
past been oppressed, The news published
below, which came to us by telegraph at
the hours indicated, shows that the specu-
lators in section to deliver have over
shot their mark and are likely to come
out, as we hope they viii, behind. Cot
ton has advanced IN New York and in
this market a &c, and tables were sold
to-day at 1sQ1sZe on g basis for Mid
Hing-the whole amounting to 500 bales.
This looks like a change for the better,
and is indicative Of the more sweeping
change that Will come to leave the bears
among the ',sh0rts.U On Tuesday last,
cotton to deliver was sold in New York
At lse for August next month"; Judging
by present appearances, coupled with the
wrstehed crop prospect, when August
comes there viii be heavy losses and
much sucking Of paws in despair by these
smart, cute, -over-anxious bears. The.
check will come in tins. 1t will come in
time to assist the cotton dealers OF Liv-
erpool and the people of the South in
breaking up the most injurious system
ever fastened upon the commercial and
business world. The bears will be laid
out cold, and find to their cost that they
fla sales in August, November
and December at between ISl44I7T save
at heavy losses beyond their ability to
sustain. AT least We hope 50. We want
to see the whole kit go TO the wall. such
an event would serve AS a wholesome ex-
ample, and perhaps operate to prevent
the future resuscitatiOn by the proposed
New York Cotton Association of this in
famous system of gambling. AS cotton,
50 has hour and all kinds of provisions
advanced as a result of the war panic.
In these, too, the gamblers have been do
ing a little OF their ''to deliver business,
making a litle money presently, but des-
tined to be as badly bitten by flour as by
cotton. On Thursday we published from
q report prepared by the New York BHE-
ton of the grain trade, from which we
learn of an unusually rapid accumulation
of wheat, corn and oats at the great grain
eenters; which, coupled with a splendid
crop prospect, want of facility for ship
ment, and probable high rates of freight
to Europe, argues anything but the re-
suits hat the war at first seemed to prom
Use. il is hardly possible that flour can
advance as rapidly as has been predicted.
We hope not. The South has much 10
lose in snch an event. Our planters have
not been as provident in the matter of
breadstuffs as they should, and,
We viii yet hope, may in the future.
They nave planted a greater breadth of
cotton only to find more than the excess
Of last year eaten up by the worm or the
caterpillar, or chOked by the grass. And
this without any equivalent in variety of
farming stutfs, such as in the Northwest,
snd indeed with all provident peoples
compensate for the loss Of any one pro-
duct. Even should MiddIing cotton sell
Tor Doc, our planters will find it difficult,
will grumble loudly, when called
Ipon to psy an enhanced prices war
orice-for the stuff wherewith to sustain
heir families, their hands and their
stock. If such a mishsp befalls them it
nay teach this class a le~sson-perhaps it
nay-nothing short of it will. But we
Will leave this vexed and vexing subject.
Il is too late in the season to dwell on it,
there is no use crying over spilled
milk. SO far everything promises fair
or the planter. Cotton is looking up, and
yrain and breadstuffs are at a stand.
this continue we may reasonably
anticipate for the South a grand resnlt
.Or 1870. If even the present balance as
Jetween cotton and grain and breadstuffs
5 maintsined-each advancing on their
basis, and equitably-we shall
no fears but that at the close of the
rear 1s7O-7I the balance of the account
will be in favor OF the South. So mote
[ be.