Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-07-05
MARKFTS.

The stores were opened for two or
three hOuE this morning bat no business
worth mentioning was done; the only
thing that showed activity was corn
meal. We have no changes Of prices to
note.
The St louis Tines, Of yesterday,
comparing the state Of things there with
w weeks ago. saws: 1.-THE condition is
worse, SALES more limited, prices lower,
and a more general distrust Of the future
period among both buyers and sellers.
The South. which has been and Is vet
the national treasury in its export ca
pacity has obtained and is obtaining
much larger prices for its principal pro-
duct The extreme figures, however, TO
which much Of the product Of the
country had arrived and the efforts Of
the bears 20 magnify the probable re-
ceipts have created almost a panic in
prices Of breadscufs. The market now
i utterly demoraliZed. Millers continue
10 refuse 10 purchase except Of smalllots
Of good qRality for mixing with new.
The tendency has been rapidly down.
ward, the decline during the week
amounting TO fully thirty cents per
busheL. Corn has been in about the
same receipt as during last week, but rs
il is largely Of poor and damp qualities
the ordinary weakness has been acceler-
ated and prices are lower all round, al
though choice continues 70 bear a much
higher relative vaiUe than other quail
ties. II is likely that the recent rain
storms viii increase the receipts Of damp
and rejected qualities. The inquiry
from the East has been very light, and
shipments are mainly OF white and
white mixed to the interior South, and
of export corn to New Orleans. The
market closed dull and weak on all
grades Of bulk, with only a fair demand
for sackedu upper grades The low prices
Of oats in Chicago, and the high demand
here. have not failed, Notwithstanding
the light receipts, 70 carry the market
down, and, except on Friday, TO take a
lower stepdaiIy, closing quiet all round.
The f8ll has been mainly on bulk grain.
Hay has been in good receipt-largely Of
common 70 medium grades. These have
opened the market rendering il fat on
everything, the only notable demand
being for choice. Flour has really seen
less decentralization than wheat, and
although sales are made with the great
est difficulty and almost invariably at a
concession. hOl ers have obstinacely en-
traNlLEA 10 AulA up AME AAaLhELs LnE
slack inquiry from any quarter, and es-
pecially from the South, and the large
stock still held, deprive the market OF
any life OF Of any settled range OF prices.
We quote all grades extremely dull at
the close. Provisions had, up to Satur-
day, steadily but very slowly advanced
on bacon and d. s. meats. The demand
was good and shipments have rapidly
reduced stocks and implanted much
confidence in holders. Monday and
yesterday, however, there was areaction,
and buyers found il easy to obtain con-
cessions. New pork has been dull
throughout, with little change in price,
but tending slowly GOwnwsuds, closing
at IO0I5c lower than al OCT last"
When, in 1873, u indignant ances-
tors threw the tea overheard in the BOs-
ton harbOr, upon which the tax had
been levied that incurred their displeas-
ure. there ensued a mighty revolution.
Now that the government Of the United
States has lifted the tax Of fifteen cents .
pound upon tea, and three cents a
pound on coffee, that had first TO be i'm
posed TO preserve the Union, smother
revolution is impending. Not long ago
a certain class Of dealers were clanOrous
for the removed Of all taxes on articles OF
consumption for the benefit Of the inner
man, and wanted in particular the duty
on tea and coffee removed. Ifthey did
not actually 60 10 Washington for this
purpose, they at least communicated
with these who, In their turn, eOInmun-
icated with Others who did go there. No
sooner had it become apparent that Con-
gress would remove the duty than s0ne
Of the class who had been 50 clamOrous,
solely for the benefit of the consumer
and the poor man in particular as II
seemed. commenced Specializing. Some
Of them became tea and coffee bears or
bulls, or bulls and bears, respectively, on
the respective articles.
The first Of July, 1872, was the time
appointed when, by Congressional legls-
lation, the duty on these articles would
cease. Prior to this time the bulls
bought up all the tea and coffee they
could carry. The tea merchants on the
bull side held off from having cargOes OF
tea arrive until after the duty was re-
moved, audit was the same with coffee.
In q bag Of the latter there was about
hundred and sixty pounds, on an
average, and with the duty at three cents
per pound IN gold, It viii De seen that on
a single bag the duty was near five dol
lars IN gold, in round figures. The first
movement 20 bull the market, it seems,
originated in New York. The lesser
dealers, Is a general thing, at once be
came bears. The movement spread I'M
I'll il reached all over the cOuntry-the
bears believing that the bulls cannot
hold the tea aud coffee at high rates,
now, that they have got it out OF the
bonded warehouses, by reason Of many
and weighty counteracting influences.
In consequence Of the bears buying as
little 5 possible st high rates, n the
bulls not removing from the bonded
warehouses m re than they could dis
pose of at high rates, thst generally,
through jObbers, passed into the posses
sion Of dealers who bought in as small
quantities as they conveniently could to
supply their customer, there became a
great 6earth of both tea and coffee
IN private establishments everywhere.
Some Of the merchants in this city, who
could EASILY carry Eve hundred bags Of
coffee in addition to their other mer-
ehandise, did not keep on haEd in their
own ESTABLISHMENTS more than five or
six bags 0f coffee, and shout the same
number Of chests OF tea. But on Mon
dav fast. when the opportunity was
offered TO theln 30 withdraw their con-
fgemeuts from the bonded warehouses
without having to pay duty on them,
they made araid on these institutions
over fty-fve hundred sacks of eohea
were withdrawn Monday and yesterday