Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1871-10-24
FINANCE N TRADE.
OFFICE OF THE DAIRY APFEAI-
MONDAY, October ., ISL
EnTTRH

press the market. tt Is their habit They suher
the splnneS OF the United States TO take the
hrst aa6 last pickings At high figures, while
they welding ~bOundless capital and contron-
ing European financial publications, always
manage TO secure the bulk olthe crop on Their
own terms. Lancashire Is the most potent
bear that ever gIowled in financial cane
brakes II Queen Victoria die and a reVolu-
ton, hOwev peaceful, superyenei the event
viii be made the occasion for an instant de-
preston In the cotton market; 8 bogus panic
viii pervade manufacturing districts and
cities. and The cotton market viii be @hat;ened
ont The Bank Of England knows how 10 CO.
operate wiki the lords Of the loom and spin
die, and the rate Of interest viii be steadily
advanced in London. Gold viii hOw back
ward into T~hreadneedIe street from every part
OF n globe; the rate of Interest viii be steadi-
" advanced; the money market viii grow
tight; and then cotton wiz decline. We win
soon read In European papers thai The short
ness Of 1.-THE American crop signifies nothing
thai cotton comes in ~sbundantly from every
quarter Of the globe; that the stock Of cloth ex-
ceeds the demand; that the mills must run on
short time; that several establishments are
d~isoharging their employees; aud then there
viii come a collapse IN the cotton market.
The same devices have been employed for the
same purposes for years past, and yet the cot
ton-grower Is always yictimized, and two
thirds Of each crop is regularly sacrificed to the
artfuluess Of a mighty combination Of cotton
s~pinners, whose wealth makes thrones trem-
BILE. These manu- actureE can beget a panic at
any moment. They Withdraw their buyers
from every market at proper Intervals. They
have strikes In Lancashire and bogus depres-
sions Of trade whenever useful in taking q
penny or two on the cotton quotations. 1t is
. fearful power which cotton producers must
combat These are scattered over our nine
states, and cooperation Is impossible. Many
sell Al liked period. to meet obligations to
merchants who have made advances. At the
very time when most Of these debts mature,
Lancashire and Liverpool Ind
reasons for 3 decline in the market. Produ-
Gers are alarmed and cotton sales are forced.
The quotations begin to show marked de-
cIInes. aud the wealth OF the South Is swept
away. There should, and viii be, some agency
created which may take and hold for q time,
Is long as one OF these temporary baseless
storms RACES in Lancashire, the great bulk OF |
the cotton crop-some financial institutiOn
some potent bank, whose capitalis the equiva-
lent OF tWO-thirds Of the cotton crop OF the
South. II must needs be strong, because pitted
against the Bank OF England; but some such
moneyed institution should be created, capa-
bic OF making liberal advances, even for six
or twelve months, on the cotton crop. The
wealth Of England makes any desired ad-
vances 70 Lancashire, while there is no hnan-
cial resource for the victimized cotton produ-
Ger. In truth, the manufacturer and producer
should cooperate, and each should monopo-
lie the profits now appropri-
ated by middle-men- Lancashire would
then buy on better terms, and farmers ever
receive the legitimate rewards of In
dustry. But now there is only one recourse
LEFT the producer. he must keep out OF debt.
he can hold or sell, as the market at
tracts or repels but let him not put faith in
stories that come from beyond the ocean. The
worlds wealth is organized to impoverish the
cotton grower. Even sympathy for Sambo is
not worth q half penny when lords OF the loom
would epress the market and gather wealth
from our folly, eredulity and poverty. The
spinners have already begun operations. In
the face Of estimates Of Southern journals Of
unquestioned veracity OF the estimates Of the
Agricultural Bureau, which Is every year be-
coming more and more reliable; In face Of the
timstes ofsuch New York papers as the Bull
tin and the shipping List in the very teeth
calculstiOns by such English houses as Smith
3 Co, Of Liverpool, who assert a short crop and
an increased consumption, we have 20 an
a decline Of cent and a quarter on the
pound for Mlddling cotton since our last weekly
report. Cur sellers are all at sea. Tney are at q
for a Foundation for 80 unlocked for q state
Of things They repeat to themselves the facts
IS to the crop and the future OF the trade, so far
as they have been developed, and they cannot
out a reason for the decline we have to
report. The agents OF English houses swarm
here, in New York, In Savannah, Charleston
and New Orleans, and their Instructions doubt
are 70 depress the producer and make their
1vn terms. The English s~plnners have grad
laIly moved their position, first to Liverpool,
hen TO the seabOard elites OF the United
States, and at last 10 interior ports, !
Ike Memphis. They have money, are shrewd
and thoroughly intelligent as 10 the grades and
grading Of cotton throughout the world, be
,ause the grading Of the staple has been left to
hem. They know, too, the average prOduc-
ton OF al the e0tton-prOducing counties, and
al last conceded that here In the South
hey must look for the cleanest gined and the
longest staple cotton produced in the world, !
nd generally a bstter average crop. They /
nave, therefore, this year moved upon US in
iorce and have begun the work, by dint OF I
combined pressure, Of forcing the market 10 a .
igure that will suit them. They make a show q
II reason In this matter, and allege the i'm
receipts at Memphis up to date of this
rear as compared with last For instance we
lave received 50 far s5,23 bales as compared
With 9I3l bales up 10 the same day last year {
we have a stock on hand OF n,3ls BARS !
with 1885 the same day last year. I
BUT this good fortune 10 Memphis does not 5
10 other place; and 1t is only 70 be accoun- :
ed for here ON the score OF the extraordinarily
Inc weather that has prevailed and the prices
hat have ruled for middling cotton since the 7
commencement Of the season, stimulating and q
exciting the planter % pick his crop and send s
{ a. fast As possible 10 the market. Then, too, Z
know that the country tributary to this
market has 70 a great extent been exempt =
rom the causes which elsewhere slaughter the /
rop I'm partor I'm whole. Proving this position, {
We have the st1tement up 10 last Friday night ;
the statistical position OF the crop {
nd that THERE Is A FAILING OFF IN RECEIPTS e
his As COMPARED WITH LAST YEAR OF 49, !
bales For instance the receipts for the {
week ending that day Friday. the 10Th inst) 9
we're Sl.z8 bales, compared with s2,I7 last ! !
and 0a,sOl the week before. This makes c
total since September LIST, 257;s60 bales, I
igainst 81 49 same time last year-R decrease Z
# 1913 ,59 bales. The exports Tor the week were 4
Ala bales, against a,s07 last year, which !
aakes the total exports since September lst, q
4,Rs bales. against 1851. Stocks on hand 4
$3.50, against 24,9ll In 1870. II may also be 7
loticed that therecelpts az Liverpool since the :
,~eginning Of the commercial year are $4,000 5
,aies, OF which l0s.OO0 were American. The re- .
eipls there same time IN BIO we're $4,000 :
OF which 1927 were American cotton, 3
In 1853 the receipts for tho same period /
Tere 5g3,4s8 bales. All these facts COM :
ine 70 show that there Is no bona ads L
for the selects" which have for q
be time stupeded our sellers. and hat they =
aust see, Is in the statement made above, 5
hat the reduction In price is solely due 10 the q
pressure Of English ~spinners and =
heir allies, who sell 10 deliver. We review the r
7eek closing to-day as follows: On TUESDAY q
otton in Liverpool lost l-l6c, opening quiet =
nd closing the same. In New York the mar z
ct opened quiet aud weak; middling st &c; at ?
, m. quiet and weak, with q decline or hc;
at 1870; and at 3 I'm. unsettled,
adding al 1916, another decline Of re. max Z
az q decline on m!odling Of &c. This OF 4
ourse had lis effect on the market here. In =
be morning the inquiry was very good; sever {
buyers were Opt, sat Offering &c less than 3
quote1nS Concessions were (
lade during the morning before the decline, 5
nd about 100 bales changed hands, aver 2
cling on middling Isxo. On WEDNESDAY, I
a the morning, there was q very fair ins T
uiry, and sellers were selling on the halfI
Thsreyer they could, but buyers were not wis
to pay the price; concessions were made n
l several instances, and up to noon about zoo c
ales had exchanges hands, and al various y
CURES. Owing 10 an agreement among mer- Z
nause 70 close for the afterpoon for The mr. n