Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-06-15
COTTON.

me NElEZEalAS AO-Ad1 bIoukhA III
news of any change Of price in either
New York, Liverpool or New Orleans.
The accounts of the crop that come to
hand are most encouraging; the cotton
and cornields are a spectacle TO I'LL the
heart with rejoicing. There is a little
grass in the bottom lands, but nothing
Of serious amount. w have had a con-
siderable rainfall to-day, and the clouds
are still heavy as il more was coming.
There appears to be a positive fear, on
the part of some planters and cotton
men, to so much IS hint athe-possibility
of a coming good crop OF cotton. These
people appear to believe that the
strength of the cotton lies, not in itself,
but in the industry and skill with which
every word of truth regarding it is dis
guised, hidden, and kept from the world.
Such notions are absurd, and the people
who seek TO " prop up cotton by such
means might as well believe they can
prop up the Capitol at Washington by
setting their shoulders against its pillars
and walls. If cotton or its price is in
dancer shouting drought" "cold
nights. " /" grass, I" "eaterpillars," or any
Aother supposed influential word, that is
a false ne, will have no more effect on
il than is produced on an earthquake by
the South Sea islanders pounding the
ground with sticks. In the words Of the
New Orleans Times: "Our object in
reference TO these points now is not TO
foreshadOw the future course Of prices,
but to make a few suggestions with re-
gard to future supplies. If the prospect
of a four million crop, at a time when
the accounts on this side point to no
more than three and q half, has no effect
=. - -rrr.1r~ NAV hn nFazTunaad
that the former amount will not exceed
the wants of customers. lift were pos
sible to make a five million crop, 1t is
generally admitted that the supply
would be excessive, and prices would
consequently AL, perhaps below the
cost of production. On the other hand,
four millions only would Gauss little or
no falling off. The line then to which
productions can increase, without re-
ducing prices, appears to be somewhere
between four and five millions. -Four
and a half millions would probably
cause a material decline without press
ivg prices below the cost of production.
If not more than 100000, the advan-
tage would be on the side of factors, and
:. sec. 900 would enable them to main
tain the previous advance. Whether
this he correct or nOt-whether We can
safely increase the product TO 100000, |
or 100000, without endangering prices
bv excessive supplies, 1t is manifest that
there Is a line somewhere about these |
figures to which production can be
raised to the common benefit" 1t is
useless e~ndeavoring to give a report Of
the Memphis cotton market to-day, for
all the cotton that was sold amounted
barely to 100 bales. There was some
looking round for low middling and
middling cOttOns, but enough Oft could
not be found offering to pay for the
trouble of inquiring about il. Several
of the holders do not expect to do any
zhing before the turn Of the 10th of the
month, and are patiently awaiting the
time when the spectators shall set in
in earnest to "cover their shorts"
Most of the cotton we have Is below
good ordinary, and those who hold it
know there Is no chance for them until
an export demand arises. A holder Of
nearly 500 bales Of river bottom cotton
expressed to US his intention to forward
Il to Liverpool, there Oawait the proper
time TO be put on the market. All this
shows that from July 10 September will
be a " dead uimen indeed. 1t will be
Observed that our stock to-day has
again undergone a diminutiOn. The
New York Bulletin Of Wednesday
reports: "The demand for spots has
been very limited to-day with a con-
tinuanee of the dropping tone apparent
al the close last night. A small export
movement is reported, but the decline
has not been sufficient as yet to place
any crude within exporters limits. The
long interest are controllers Of the stock
and can .giford TO make shipments at a
loss to prevent an accumulation Of such
magnitude az would be likely to depress
prices. 1t is limited that the export
transactions are made mainly by these
parties, and that, aside from their opera
lions, there has been nothing done by
shippers for some days past. There has
been a reduction OF &c In all grades to-
day in sympathy with a weak market
for contracts. and quotations are to some
extent nominal at the case"