Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-10-30

OONAOA IN New 10TH
NEW YORK, October ., 10 a.m;-The market
i5ze; low middnng,' iSe; middling' ssc;
IS p.m.1Good middIing, 1890. other grades
unchanged and closing quiet. S~ales-Spln-
ners, lzl bales; export, GO bales; contracts,
1900. October and November, lSc; December,
1876; January, lSasci February, lS54ci March,
The following extract from the Macon
Georgia. Telegraph, ofthe 2d, we consider
worthy Of special netice: COTTON is steadily
sinking, dRv by dEy. under the pressure Of
heavy receipts, which appear 70 Indicate q
large excess over tuil estimates. some Wr1-
ter, in an article published last week,
remarked that nothing wRs SO fatal
IN a stalk Of wheat as another stalk.
We may say that nothing is so fatal
10 q bale Of cotton in the market as
another bale. But We are quite IN
the impression that the cotton crop OF lS4l
will show a large deficit, 1t csnot be other
wise, II there is truth In human talk and OBJ
s~erYation. Il is easy TO understand how q 1T
tie crop may come In FOR a time abens as
as large q stream out ola two as 3 four gallon
can; and the only difference is 1t will stop
sFhe necessity OF PUSHING the crop forward
is the same this october as IL W s tus last, al
though we hope not quite so exttnzise or ur-
gent. But there is large smouut OF accom-
mediation paper which falls due list To 4th
November, and II must be met, whether the
crop be large or small. The actual truth will
be apparent rom WnAf Is iett beuluu.
"Bence cotton is coming in pretty freely in
TO Macon, on q failing market, and the pg-
ures so far show, perhaps, more the relative
amounts OF Indebtedness TO be met than the
actual crop. Up to and including 2lst October
last wear, Macon received p $50 bales. and for
the same time year, allowing o0 bales
for Saturday, The receipts viii be lSSl5. To-
lumbus, up 10 Friday had received 5 7If ba'es,
against u 59j the year before, The failing on
in Columbus is. no doubt, heavier than any
mere crop deficit would call for.
But as long as cotton comes In freely there
is ample ground for the bears TO go upon,
and the p~ecuniRry interest they have at
stake is a vast one. If 1t should turn q tnsxt
spring that there will certainly be a crop de-
hcit OF fourteen or hfteen hundred thousand
bales, in the face OF a generally sound and
active trade condition, there is 3 clear ten
cents MAJ gin upon every pound sold before
Christmas, and ten cents q pound on q crop
Of two and a halft to three million bales Is
worth fighting FOR. 1t would be worth some
about sl2 .OQ 200
"When cotton is pouring into the southern
ports, however, the fears OF buyers are easily
excited. Il is q marvel how faint.hearted q
commodity cotton is in the market n how,
Jy common consent, so many dealers reverse
ali the conditions OF trade and buy on rising
and sell on falling 7 Faith Is lost and
regaiBed without reason. The tales Of cotton
merchants, In proof OF this Tact.
are amusing. Cotton drops, snd all, by one
consent let gO-7ont want 10 torch II at any
price. Without q reason cotton reacts. and
they pass 20 opposite conclusions and courses
with tho speed Of q kite. The coarse of the
planter Is plain. If he Will not come In with
the crowd and sell his crop when every body
else Is forced 20 sell, and therefore on q fall
ing Market he must get and keep out OF
debt"