Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1870-08-30
FINANCE AND TRADE.
OFFICE OF TIKI DAILY APPEAL
MEMPHIS. August 2, 1870.

."."
THE WEEK
closed to-dsy utterly void Of any speeds
feature, II. we except the sale by Ro6ert
SON. Bruce & Co., of the first bale OF nes
cotton. This crested some stir amonl
cotton men. The bale was eagerly
sought for and after a spirited eontes
was sold to W. c. C. Foster at SOC, class
ing Mid5Ing. A second bale, receives
later on the same day by Thomas H, Al
len a Co, was sold at l3e, it beinI
clssssd Ordinary and damp at that. Elk
cept this competition over "hrst cotton
nothing transpired to relieve com
mercisl circles of the dizziness insepars
bic from the transition period when on
merchants are straining every nerve an,
their bank accounts, too, in preparation 10
a season which promises to be tbs mos
active since TS65-6. We have, therefore
nothing specialto report as TO the busi
ness of the week. In all departments o
trade things have been quiet, that is, tn
sales have not reached anything like a no
ticeabIe increase over what they are at th'
same time every year. Drays were per
hsps more actively employed than dur
ing the week previous but this was oc
casionsd by the shifting of location by
several of our largest wholesale grocer
firms and the receiving of heavy add
lions to stocks already large. This &C
counts for any unusual stir apparent
Oar banks are all Of them in good condi
Yn>,n nc NahnEoN
scale as their capital will permit. They
keen their business well in hand, are moi
overstrained and compare favorably il
all respects with the banks Of any city II
the Union. As q general thing, whll'
thew are prudent, they msnifest q viii
ingness to help and to advance In al
proper ways the interests of one of tn
most energetic of the commercial com
munfties Of the Union. They are pre-
pared for the future and look forward t
an active and prosperous season. They
EXPECT that Memphis will receive, a
heretofore, at least one third the cottor
crop of tbs South, and are making thei
arrangementsup to that calculation. They
will not be disappointed. We shall, /
we do not at least make a gain of tvs
per cent. on these figures. We are pre-
pared for and look forward to an unusu'
ally prosperous season. But, commit
back 70 the week under review, we find
that cotton shared in the "quiet" thai
prevailed in the market. On Tuesday
the first day of our commercial week, thu
sales were very few holders being firm
MiddliDg being quoted at ls9lshc. Oh
Wednesday there was some demand fol
Niddling and Good Middlings, holders
being frm Notwithstanding a slight de
cline IN Liverpool and New York There
was no change in sales. On this day
Hin. Foutaine & Co, sold the first bale
from Tunics county Mississippi. 1t was
bought by Hsrtmus & Co., at 2Hc. Or
Thursday there was a reputed decline il
the Liverpool market, the New York clos
ing dull. In this market there was soms
demand, chiefly, however, confined to
the lower grades; Middlings being quoted
at is5ze; q decline of k@%c on Tuesdays
rates. Another bale of cotton from Tun-
lea county Mississippi, was sold on this
day by Newton, Ford q Co., to Mr. q.
C. Foster, st zoe. Il classed Low Middl-
ing. Two other bales of the new crop
were offered but not sold, both chasing
Low MiddIing-one by Parker, Ward d
Co, the other by Mr.. D. ii. Townsend.
on Friday, Liverpool declined a fraction
and New York closed quiet. The offer
ines in this market were few, prices IN
changed at Is1c for M~iddiings. On Sat
urday the inquiry was light and sales few,
Middlings being quoted at lSE@lS12'
On Monday to-day the market was
nominally quotsble at the rates of Sat
urdav. There was nothing done worthy
of comment. The receipts for the week
were heavy for the close of the
season. The total receipts for the
season so far foot up over z9O,0U
bales, an excess Of 50, 900 over the previous
season. This excess should be more
than doubled in IS7O-7l, and will be if
our merchants and railroads but work
tremendously and as if actuated by one
impulse for the common good. Picking
hiss commenced in many sections accom-
panied with an apparent anxiety on the
mart of not a few planters to put their
cotton on the market early. There is con-
s-eaaentIy an increasing demand for bagg-
ing which sells very high, so high that
complaint already reaches us from the
However, like everything else,
land this the planting community should
remember) bagging is subject to the laws
OF trade and is no doubt offered as cheap
ly in Memphis as in any other of the
markets of the southwest. Below we
publish valuable and reliable review OF
the cotton trade Of the world, showing re-
osipts, stocks, imports and exports and
the general prospect. Also the boot and
shoe and dry goods markets. On the LIST
of September, we viii furnish our annual
statement of the trade and commerce OF
our city, i n which W propose to show an
Increase, a rapid increase in all branches
OF trade and business in Memphis during
the year, commencing with the LIST OF
September, 1869 and ending with the 1st
of September, 1870.
THE INDIAN COTTON PROSPECT.
The New York Commercial List, treat
ing of the Indian cotton trade says the
golden prime Of her cotton industry passed
away in 1866, when our civil wal ended
and It is difienlt to see how it can b.
extended. or even maintained at its pres
emit limit, seeing that the population o.
200. 100000 must necessarily tread SC
closely the utmost food-prOducing power
OF the land that the least encroaehment o.
cotton upon grain may tphiet famine up
on the whole provinces. Indeed, while
the question Of supply and demand in
the matter Of q bare subsistence remains
30 critically balanced, there is hardly
more reason to anticipate that the growtf
Of cotton for the European market viii
become the special industry Of the ryots
than there is to anticipate that the sam'
thing viii take place among the Chinese
Tbere is no likelihood that India is goinl
70 abandon cotton culture, but when tn
price of h staple shall have settled som
where near the normal base, through in
crossing supplies in our W country, it i
reasonsblet TO suppose that her production
will fall of, since other forms of industry
will bs found more profitable. Mean
while, in exchange for twenty millions
worth OF English fabrics, India sends on
10 England and the colonies 100000
worth Of agScultural produces, beaides tn
value OF her surplus opium and OF tn
million bales Of cotton which yearly he'll
20 feed the mills of Lancashire.
SOUTHERN DINA ERCIAL CONVENTION.
Ex-President Fillmore, President, am
Charles N. Thurston, Secretary have is
sued a formal call for the Southern Con
merciai Convention to convene in Cincin