Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-05-28
FINANCE AND TRADE.
OFFICE OF THE DAILY APPEAL,
SATURDAY, May % 1871
CoTroN.

OFFICE OF THE DAILY APPEsL,
COTTON.
At the conclusion Of our last weekly.
review. cotton was Beginning 70 snow
its strength, having advanced in the
course ofthe week in New York nom
235c to 24ic; the last week has been a
continuation OF the same forward course,
cotton having gone up in that city 70
25Ic. This quotation may be perhaps
be wanting in stability but, IS the re-
suits OF the struggle that has been going
on this week in New York between Ine
bulls and bears, a struggle In when an
the probabilities for and against colton
have been duly weighed and discussed
il is a full and settled admission a
Dosition Of cotton az about 25@c to 24e in
that market is too strong TO be shaker
during the present season, unless IN
favorable events outside thec cotton mar
ket should occur 70 affect the regular
flow of The advance IN
New York having mainly arisen during
am excited rush for cotton for future
delivery. has not produceda correspon-
ding rise in other markets, but there has
been a steady advance everywhere.
Liverpool has gone up I'D and New Or
leans &c, while Our own market, how
ever, is mostly upon the medium and
better qualities, ordinary cOtbons show
Ing buta very slight degree OF improve
ment, that grade being out of favor and
only called for at intervals, then there
is a brief "spurtii in them, followed by
another period of stagnaney The con-
tinued decrease of receipts, as cOlLpaTed
with last year. make it certain that any
serious decline below the average OF the
last week or two is impossible under or
binary circumstances, while II any dis
aster happens the crop lately put IN the
ground a serious rise must follow these
are the causes of the strong position OF
cotton and attempts 10 bolster up
prices by Misrepresentation Of the
state of that crop are as unnecessary as
they are futile. eLet well alone" is a
nroyerb that will very well apply TO the
nnrpsent case. During this week the
country has been favored by liberal and
General rains, coming down, for the
most part, in gentle and tractlfyIng
showers. The worst that can be said OF
the crop now is that it Is late, what
results may follow the delay remains 10
De seen. The receipts at all b ports
this week were 1880 against 4S.eO n
same week last year-a formidable dlI-
faranca-while the total receipts at all
En1NHNFN4 ENNEE DEYAEAAk1 - 80 49, -
haIes less than at this time last year.The
total stock in LiverpoOl.ha a diminished
SI0OObaIes within thelas two weeks,and
tbafe are $1,000 bales of eottonless afiOat
for That port then there was at the same
time last year. We mentioned last
week that. in consequence OF helght on
cotton being nearly doubled, our mar
ket had Been brought TO the verge OF
stagnation, sales on some days not be-
mo over 100 OF $50 bales. This caused
oUT stock to increase, although receipts
,rsra not over go bales q day, but b I
w. sales have averaged 1900 bales a
lev ona As soon as the these purchases
~af an their way, the stock viii run
down Our last weekly review let cot
ton at Ole in New York, lIsd IN AdVer-
pooL, and 222a2Sc in Memphis, since
then the course OF Gotten has been a.
follows:
TUEsDAY-Middling i'm New foTk
24fc, Liverpool keeping WhItsun non
DAYS had no quotations. Our ouySns
We're without orders, and most OF ue
little business done was in picking up
small Iots That could be got something
under the current rates; sales zUO nales
at 223cG23c for middling.
WEDNESDAY, - New York ad-
yanced to 24zc and Liverpool went up
Ia, quoting Ill91lid with q sale
32.OO0 bales; New Orleans also ad-
yanced &c. Letters received here pre-
dicted an advance OF from ! TO &c IN
New York over the previous weeks
rates. One or two buyers sawthat there
wa money in buying ordinary cottons,
As they were to be had at the same rates
as before any advance occurred and llOO
bales We're sold, mostly OF that quality,
middling 223G23c.
THURsDAY-New York again adj
vanced, middling 245c, Liverpool strong
and active at another advance quothg
full Hid. Our market felt the m
fueuce Of this buoyant state of Things
and POO bales Of cotton were SOLD at
am advance. middling 23S2Sfc.
FpmAyLNew York again sprung
forward. quoting isle for middhng,
he contracts for the week amounted TO
gOOR bales. Liverpool was firm at lltd,
with sales of 1900 bales and ISiVO Ihe
dav before. There was a good enquiry
an our market fOrlow middlmg MID
ding. and 100 bales Of cotton changed
hands at 23G23lc for middling.
SAT1rRDAY-Once more cotton adj
vauced in New York, the closing quota
lion being 25le. Liverpool was firm at
he uravious rate, lid, and sold l2,OO
haIes. New Orleans was strong at un-
.6au0ed figures. New York bull and
lear excitement carried quotations
higher than the other places could re-
spond TO, but Memphis, which had been
kept down by the freight embargo, had
now the advantage Of a change OF rates
to New York instead Of 81 per 100
H,s-sim ~uItaneOusly with the advances,
prices accordingly went up ana there
was sold 1909 bales OF cotton at&F9zStc
for middling.
a,riId - some of the distinctions on
which motations are based were COM
nIetelv swept away All kinds Of mid
dling were one price and all kinds OF
low middling one price. The teiegI
stated that quotations were based upon
the sale of futures alone. Sales on eOA-
tracts were made to the amount OF
1850 bales. AT the opening Of the
market the price Of middling was 25sc; /,
al its close, 25c-twO weeks ago the
same cotton sold at 49,. in New YORK.
The rapidig and extravaganza OF the
present advance rob il of the attrl-
iutes Of stability and permanence, and
Liverpool and other markets respond
with slow and feeble answer 70 the
E~ite-hying Of New York. Liverpool
advanced I'd; quoting uf9llsd, with
sales Of 1900 bales. New Orleans sold
900 bales and advanced &c; quoting
middIing, 23tc. IN our market there
Nyas. of course, increased confidence ON
the mart Of holders, but there was no
7r-.riaI animation in the demand-whieh
was principally for low midditng ana
middiing oottOns-and prices while
strong exhibit no very decided advance
over Saturday, but the outside figures
nave become prominent. The New
York "hurry'i has demOraliZed prices,
however, for the reports made to Us,
wren coming even from some OF our
nos experienced cotton men, are irreg-
mar aud incOhenent We give the
fioUres and qualities Just a
10y wee reported to Us, with
M Alternating to explain or recon
ciis fbe Inconsistencies, as follows; II
hales at 19e, low ordinary II is5ey 81
al lglc, ordinary; 8 al 2ocs az 11zc
strict ordinary; A LNuXed az 49, ! y
2l3c, good ordinary; SS at 20 IL az
22lc, strict good ordinary Of az A1c
low middling; lOl at 22sc, sulct good
ordinary; 50 at 222e, low midsuingi 100
at BE, strict low middling; Is at Ok, Al
At 234c, middling; Is at 24c, sncb
middling; 2 AT 24Ac, good middling. l.
This indicates a total sale Of 500 bales. :
With such ~i1regularity quotations must !
be doubtful, aud We give the following :
As an approximation and nominal. The
difference between the upper and lower :
grades is even more striking than before.
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NHrnnr rugnlT XII