Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-09-18

Memphis and Charleston railroad.

The New Orleans Times Of sunday says cot
ton sold lower, and adds: "The sales In two
days or ~ bales must a prevented much
accumulation Of stock. but as the receipts
promise to continue liberal for some weeks to
come, orr market has recently ruled above
the patty Of Others, factors have found il pol
Ito 70 meet the demand at prices which will
KEEP up the movement. This is the more
Necessary rom the steady tightening OF the
money market, which, If II should become as
stringent as q wash year might have pref
Judicial effect on prices II those who hold for q
rise should, by being crowded with stocks be
yond their ability 10 carry. be finally COM
PEELED 10 force sales al a time when the pres
sure would prevent competition. The receipts
proper to-day were AZ bales, against 665 last
week, and is last year. This makes q total
SEee August 81, Of l2,I55 bales against 5GJZ last
year, showing an increase OF VO3 bales The
increase in the receipts at all ports is @,5S7
bales.
The Baltimore Gazette says Of the crops
AS TO the condition and prospect Of the
growing crop, II Is difficult to obtain any def
mite OF satisfactory information, but there is
little doubt, We think, that the crop has been
considerably injured in various sections, par
ucularly By the boil and army worm, and the
estimates of the product have been materially
reduced, very few now estimating the crop at
over three and a half million of bales, while
Others placei at a much lower figure"
EEngland has been exporting cotton goods
10 India far beyond the demand. The failure
OF the great India firm Of Gledstane Co. was
owing % this fact. The New York bulletin
says in reference 20 this practice: NOW the
6LhnAAAAaAANE "a AAANIt AaAS AAe AANAts AaAh
lands trade in cotton goods with India
amounts TO nearly fOrty-hve per cent. OF her
whole export Of that class Of manufactures;
and IL prices Al home have been sustained by
a fictitious demand in such an important
market, a serious effect must be felt
when the unsound state Of things in In
dia comes 20 be remedied. IL is the in
reference OF an unnatural demand which
preven the fact that production has at
length Overtaken consumption, rom bring
ing the cotton trade 70 a normal condltlOn
and we cannot but think that those Interested
in this great department Of commerce would
do well 10 keep this fact IN view rather tnan
allow themselves 10 be persuaded that cotton
is fo.ever to remain far above the ante-War
standard Of prices"
smith. Edward & Co.'s Liverpool circular OF
September has the following on. the same
subject: The weakness that Manchester has
recently displayed has taken peoplc by sur
prise, IL Is such a striking contrast 70 lhe Doid-
ness and confidence IN the early part OF the
year, and the conclusion is forced upon US
that an artificial excitement was KEEP up
there for a long time, and an unhealthy busl-
ness done, Of which we ara now reaping me
bitter fruits. Severe losses are falling upon
shippers OF goods 20 foreign markets, especla-
~ India and China. The news lately nom
these great markets has been in the last de-
gree olscouraginR. Prices have fallen fully as
last as at home, and even at the low rates now
ruling in Manchester, nothing but loss APP
pears In all the Eastern markets. d failure
Of Messrs. Giledstanes has had a perniciOus
ELECT IN Manchester, the liabilities falling
there are about half a Million. secured 10 Is be-
lieved, by a lien upon the goods, and the loss
can easily be borne, but 1t reveals a bad state
OF trade in the East, which must shake con-
ndence, and tend further 70 restrict opera
tons for that quarter for along time 10 come.
The position OF the spinner is worse now than
81 has been al any time this year. but cloth
has fallen on the average decidedly les, n
30 the position OF the manufactures has i'm
proved. We should say now that the spin
ner Is losing fully as much as the
weaver, and there are few branches OF the
trade left in which there is any profit. Even
nne spinnin has sustained a serious reverse.
The continued small deliveries from this port
to the trade have attracted much attention.
For the last twelve weeks the average amount
Is only $1,000 bales, and the fact has been gem
orally admitted that the consumption was at
one time largely over estimated. WenOw in
cline 10 the opinion that the consumption this
yea has hot, on the average, much exceeded
6l.OOO bales per week for the kingdom, and for
some time has been hardly as much as that.
II now seems 20 as probable that the weight
OF cotton used has been reduced this year ten
Der cent. IN consequence OF the change
10 higher numbers, and some who
have infinitely Investigated the mat
fer nut ID even higher. From this time for
word the tendency will probably be in the
other directions, a. fine spinning has become
unpuoftabla. In dealing with the prospects
OF our market the great question that over
shadOw all Others Is the position and pros
meets Of the American crop, Ne are very
much puzzled 10 pronounce \ decided opinion
about The state OF the crop, il varies 50 much
IN different places. We should think thatoveT
most Of he country 60 is doing well, but there