Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-10-05

feel that not only their interests but their
self-respect was assailed and they would
vigorously repulse the wrong. What
viii Memphis merchants dO2 Some
people, when a ship has sprung a leak,
rush to the pumps and save itfr0m sink
ing, Others hasten TO make their own
individual berths water-tight, and TO
pack up their valuables, leaving the
general safety TO general luck, forget
ting that in a sinkindOf the whole, their
nicely protected berths and well packed
boxes go down with the rest. The daily
injury done to our commerce in the way
We have pointed out is sending hundreds
Of bales of cotton and thousands Of dol
lars away from US. VIII our W peO-
pie, each one, attend TO his own Office
and his own counter, ~inattentive 10 the
leak which is injuring the ship. OF will
they take steps TO have kilograms daily.
sent from Memphis and price-currents
circulated that will protect US from the
harm that is doing daily?
The heaviest cotton receipts at all the
ports for any one week in the whole his
tory Of cotton production in this country
We're for the week ending December
p, 1859, when more than 100000 bales
were received. Next in order comes the
week ending December l Of the same
year, In which the receipts exceeded
lSs, 600. The receipts during the month
Of December, 1889, footed 9O4, 600 bales
about one-thlrd Of the total product Of
last year.
The Nashville Journal Of Commerce.
has the following facts and speculations
regarding the cotton market: alt is
customary for spinners and spectators
in Europe to arrive at their estimates of.
the crop by taking the receipts for sew
eral years to a given period and seeing
what per centage of the crop it forms.
We, on this side, are well aware that the
application Of this rule 20 the present
crop will lead to conclusions disastrous
in It's effects to us now, and perhaps
equally so TO them in the end; for they
anefapt to let their confidence in a large
crop induce them TO allow stocks 10 run
very low, and when the true result
begins TO be developed, and specu-
l8tion regains confidence, they will
be unable to obtain Necessary
supplies without forcing a sharp
reaction. On the other hand. we are
sure that the planters are crediting the
present heavy receipts too largely to the
forcing Of the crop by drOuth. This, in
the main, is no doubt correct, but we
are satisfied that too much importance is
now attaching to il, for the receipts at
the ports since September LIST are about
n hundred and twenty per cent. over
last year for the same time, and how
eve incorrect it may be a an index, it
IS certain that foreign operators will not
believe in a small crop so long as any
thing / such an increase is kept up. 1
Three and a half millions seem to be a
favorite estimate here, with a growing
tendency 20 raise the figure. A crop
Of that size would not justify lower
prices than are now ruling, judg-
ing from the consumption Of the
American cotton for the past two
years; but we fear there is and under
current Of u~nfavOrable influences, the
force of which cannot at present be ac-
curately measured. The most clearly
developed Of these is, the unsatisfactory
condition Of spinneTs at home and
abroad. Goods have declined more
rapidly than cotton, consequently they
are in a worse condition than when cot
ton vas at zoe here. The Over-stOcked
markets of India and China offer Door
encouragement to Manchester. Food,
the world over, will be much higher
this year than last. This, in England
and on the continent, forces a diminished
consumption of goods, which, in turn,
affect u~nfavorably the price of cotton.
Then there is a disquiet and unrest at
the great money centers, which induces
hesitation on the part Of many who
otherwise take hold of cotton at
present prices. These influences may
cotton much lower than any price
now regarded as probable; and until
there is more certain data upon which
to act, we think it safest for planters not
10 try TO hold all their cotton; better sell
sufficient to meet maturing obligations
then hold the balance. There is no
banking capital here or elsewhere in the
South sutficientto carry il, and by trying
% hold all they may reach APPOINT where
[ VIII be necessary to sell, and at
prices below what can now be had. Al
most anything is regarded as possible in
,0tton by those who remember that
,rices in 1867, when the crop turned out
ess than 100000 bales, went down TO
&c, tax paid, for the best, netting the
about Sc. True, in the following
ummer it reacted TO SOC. Neither ex-
rene can be regarded now as more than ]
bare possibility, and if holding is re-
orted to largely, It may be that prices
n the spring viii be disappointing those
Who have carried their crops til that
Watts & Co.'s last Liverpool circular
avs: "Unfavorable trade reports from {
Manchester, and the apprehension Of {
n early advance in the bank rate, have /
contributed, in some measure, TO the /
depression here. The UnfavOrable trade I
epOrts from Manchester this week. we j
oppose to be mainly due to the large I
stimates Of the American crop which
we're current a month or two ago. These ,
stimates have gone out to all parts Of !
be world, and buyers of gOOdsnaturally
xpect that Manchester will, in a few
1Ontns, return to about the scale of
.rices current in the spring of 1871, !
When we were dealing with an Ameri-
an crop Of I'VE 1900, 600 bales. This !
opinion is also likely to prevail 1
o long as the receipts at the American !
,orts continue to strengthen them,
hort crop estimates 10 the contrary not J
outstanding If, however, as the sea-
on advances, the recent large crop esti- '
aates should prove TO be unfOunded, we
nay reasonably expect an increased {
rade in Manchester, unless checked by I
ONE Unforeseen cause" I