Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-06-18
FINANCE M TRADE.
tOIIONs
oFErG pE THs pSILT APPEAL, !


ICOTTON.
oFF1cE OFTHS DkIBT APPEAL,
MONDAY, Jnne u, lSZ. !
The past week has been wanting in
the excitement and rush Of the two OF
three weeks that preceded it, and prices
have been ~receding. Since the June
delivery Of contract c%OttOns, and opera
tons following that delivery, ceased,
the market has fallen into the Quietude
that might naturally be expected to fol-
low. The difference, however, has
shown itself more in the decrease of
sales than in price, for the decline of
the New York market still leaves cot
ton two cent higher than it was on the
sixteenth of May. This strength Of
price is, of course, in a large measure
due to the small quantity Of cotton re-
manning at the disposal Of purchasers
compared with the wants Of the trade,
but a second and more direct influence
is at work. The contracts for delivery
on July lst are larger than they were
for June Ist, and some of the contracts
for the latter day were transferred, on
the payment Of a per centage, to the for
mer. The holders Of Gotten have rea-
sOned i'm this way-if the June delivery
carried the price in the New York mar
ket from &S}c up to 27Sc, what will be
the effect Of the July delivery, when
@ cotton will be wanted while there
is less in the market2 In this way the
approaching July delivery has sustained
prices beforehand, although the actual
demand has been lighter. This effect
has not been perceptible to the same ex-
tent in Liverpool. The advance there
was from I0Ed on May Is to lad on
luna = afraaa u-hrah HaHr 81 - L..
receded to llsdIl@d: this latter figure
Is equivalent 70 only BE in gold,
which shows how slightly the bulls and
bears of New York have been able to
affect the English market. One thing
must be borne in mind respecting the
New York rates-they have very little
effect on The lower grades OF cotton.
sales of futures are based upon low
middling, aid orders to 4" cover shorts
take that cotton by preference, even
paying for large fun low middGng lists
the same price as for middling. The
ordinary e0tt0ns are stu neglected and
command q relatively low figure, for
they must await a foreign demand and
that cannot come until either our prices
fall TO a parity with those Of Liverpool,
or rice versa. By the latter end Of the
week now commencing we shall prOba-
bly, begin to feel the effects of the ap-
proach Of July, bnt the advantage Of
any rise that may come, viii probably
be confined 10 good ordinary cOttOns and
above, and the bulk Of what is offered in
our market lies below that grade. Cotton
men appear to be generally of opinion
that TO hold OveT after July delivery
rush is concluded may be a mistaken
policy, expecting that If the prospects Of
the growing crop remain good, prices
may -ecede from the figures they then
reach, never to touch il again during
the remainder Ofthe season. This Opin-
ion deserves the serious reflection of
those who are holding lists of good cot
ton out Of the market for Clancy
prices The news Of the growing
crop, from Tennessee TO Texas and from
Arkansas 70 the sea, is good. Favorable
rains have brought out q good
stand, and there has been plenty
of fair weather to give OppOrtUn-
ity for keeping clear of weeds.
The only drawbacks are that the cotton
Is less advanced than usual at this pc
riOd-0wing 10 the unfavOrable weather
at planting time-and there is some
grass in the bottom lands. Ii is gener-
ally agreed that One-tenth more land has
been put into cotton than last year, and
premature calculations are fixing on four
million bales as the probable amount of
the crop. Too many contingencies are
yet possible 10 place confidence in any
calculations at present. At the conclu-
sion Of III last weekly review middIing
cotton quoted 26tc in New York, lad in
Liverpool, and 254c in New Orleans:
since then the course of the market has
been As follows:
TUEsDAY.-New York declined to
2itc; Liverpool was dull al II5d; New
Orleans lost a fraction, quotations 25@
25+c. These dropping prices made our
market quiet and 500 bales were sold at
25c for micdling. {
WEDNESDAE.-NeW York was vacil-
latIng, sinking twice during the day 10
DC, but closed at 26tc; Liverpool fell TO
lleGllAds, and New Orleans to 25Ic. =
Our market was even more quiet than :
the day before, sales 300 bales, middling, !
25c. :
THURsDAY-New York again descend
ed TO &c, but closed at the same quota
ton as before, 26tc; Liverpool again
quoted l1sa114d, and New Orleans came
down 10 25c. Again our market was dull 4;
There was nc demand for ordinary cot 4
tons, and for the better grades holders
demanded about the same as they did :
before the New York market expert :
enced any decline. Sales were barely Z
80 bales, at 25c for middling. !
FRIDAY-Price at New York, New $
Orleans and Liverpool unchanged. We 5
could not be said to have a market, for 2
the cotton sold barely reached 100 :
bales; middling, 25c. .
SATURDAY-NeW York was veIv dull !
at a decline, 26c; Liverpool, I11aII5d; l
New Orleans reported ono sales; mid !
25c." In our market there was :
but a slight inquiry; sales were go bales :
AT 25c for middling. l
MoNDAY-New York again showed Z
changeableness, being at oslo and 26c, l
closing at 25Fc at which price the :
market was firm. Liverpool, at the !
close, quoted llsd, the telegram said 2
the market was then firm, but not quo =
tably higher. New Orleans had a very 4
dull day, the two o'clock telegram said !
nothing doing,n the market closed =
nOminally at 25c. In our market there =
was no activity; like New Orleans we \
had no orders, and neither buyers nor Z
appeared to be half busy at any I
thing but waiting for something to !
up" The cotton market Just now, J
Is not governed by what is, but by what =
everybody expects is going TO be. AZ
cotton bloom from the plantation Of :
Webb, Buck 4 Co, near Bolivar, Mis- a
slssippi, reached Us to-day, it was gath =
cred on Tuesday. The first bloom Of the =
reached this cityOn Monday last \
the 10th, it Sasfrom thesame county as q
the one we now mention. The sales re- :
ported to Us to-day were: IS at Isle low a
ordinary; 70 at l9c; % at 1910 ordinary; +
at DC good ordinary; s at 24c, 81 at \
34lc low middlfnw. II at 2Ic middlfuO. y