Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-05-07
FINANCE AND TRADE.
OFFICE or THE DAILY APPEAL, l
MONDAY May O. lS52. J


OFFICE OF THE II APPEAL, I
MONDAY May Q, 1872. !
COTTON.
The week Just ended has been quiet anddull
in all the cotton markets; the dullness, how
ever. has not weakened the price, for, notwith-
standing the moderate demand, decreasing re-
ceipts, and SOME suspicious that the gross re-
ceipts Of the year will even fail 20 come up 20
three m~i1ions-prices have not only been sus-
tanned, but there has even been a slight adj
vance in the higher qualities. During the
previous week middling cotton stood at 2549
S8c throughout; this week they have gradual
" and insensibly stiHened TO 2G&5hc. New
York has remained all through at the same
rate as che week before-S8<c, the market be-
ing always reported as "quiet" or "duIl." New
Orleans has also had a quiet week, but still re-
ports the % e IL attained on the 2jth of April
In our markets and in others, ordinary cot
tons have not shared the Strengthening Of the
medium and higher grades, bat remain ne
elected and relatively lower than other cot
tons. We have had an extremely duh week,
mainly owing 10 a deficiency Of orders; the
quietude has been made more intense by this
being our race week, by the occurrence OF the
annual celebration for the Confederate dead,
and by political excitement connected with
the meeting Of the Convention at Cincinnati.
From these concurrent causes, our present
weekly review has few salient points 10 offer.
Indications a. to the area planted and the
prospects Of the crop are watched with eager
interest. but 80 far as we can judge from
what comes to our knowledge. there
is still much that is unfavorsble to
contend with, in addition 10 the lateness Of
the planting from the retarded spring. We
have this week had settled weather and sunny
days-au OF which has been favorable TO
~plowing-but during most of the week these
have been accompanied by cold, harsh, dry
winds, which We're unfavorable to the germi-
nation OF the seed. To that unfayorable innu-
ence has been added the want Of rain The
planter is watching eagerly but vainly, for
So0f showers to give the cotton a start. The
weather is now warm and seasonable, but the
rain that was expected 10 follow the cessation
ofthe cold winds has not yet made its appear
ance, or, indeed, any signs Of it. That the
present crop Will prove only sufficient for &C
tual needs up 20 November lst, Is becoming
each week more evident. The rivers have
now been up long enough for the great mass
of cotton from streams that were inaccessible
during the w~inter-such a. the GazOO, Qua
chita, Red river above the raft, the navigable
bayouS etc.-to have completed that r~eviving
Hush OF receipts tina usually comes in April,
and We must now look for receipts TO decrease
weekly. A reference to the comparative fig
ures in the tables We publish below will show
the position in this respect clearly. Should
influences decidedly unfavorahle TO the crop
now planting develop themselves, there viii
be an eager rush for the possession Of whatre-
mains Of the crop at present in the market
\ contrary state OF things viii result in man
ufacturersq quietly working up what they hold
and then buying "from hand 10 mouth" until
the arrival Of the next crop in the market
gives chance OF owe prices The reader can
readily see from this state Of things what are
the main Influences that, at this moment, ar
feet the market, and that up TO the opening
of the new season, viii influence prices The
present attitude OF buyers Of cotton is one Of
~Nigilant watchfulness, and quiet prevails in
the markets generally as consequence OF
this waiting for what may turn up"
At the conclusion Of our last weeks review
OF the markeL New York was hrmer, and for
a short time up TO the close quoted middling
up TO sszc; ihe next day and since, however,
il has stood at its previous quotation Of 854c-
Liverpool was quoting I'D for middling up
the figure 10 which it fell from uSIIE4d
% ANH W. NAAAH ~ A.-- Na--~ -~~- O.
recovered. New Orleans had for the previous
four days advanced TO 3Isc for middling, and
il still maintains that quotation our market
was very quiet; there was an active inquiry
for medium %cottOns, but few were remaining
on the tables from previous ~gleanings. Rates
were steady and firm for the medium and up
per grades, middling quoting A34GZ3c.
TUEsDAY.-New York failed TO sustain the
slight advance Of the previous day, and
quoted 254c; Liverpool lid, New orleans IN
In our market low cOttons were ne
elected; mediums were readily taken when
they could be found; there WAS a moderate
demand for upper grades. sales 1000 bales,
middling 214s2sc.
WEDNEsDAN.-New York was "shaky," and
a part Of the day quoted &c decline, 25sc, but
recovered it's former figure, 854c, at the close
Liverpool stifened, restoring the figures He
ND. New Orleans unchanged Our market
very dull. orders being few; the wanted
coitOns scarce, and some desirable
cottons Of the better grades held of the mar
ket. sales amounted to 100 bales, middling
2E4G2}c.
THURsDAY-New York quiet at PIC; Liv-
quiet at former quotations. Our mar
ket was as quiet as the rest OF the family the
inquiry was ianguid, prices firm and stocks
decreasing sales bh Dale~r LAlluAAluE -1th-o14Ns ]
an advance in the better grades that had
grown up gradually and indirectly, though
more clearly revealing itself to-day; ordinary
unchanged.
FRIDAY.-New York dun at 23le, Liverpool
quiet at u@II1A, New Orleans quiet and I'M
changed. our market was dull also, with a
slender inquiry; politics and the races were
the principal things Of the day. sales 800 bales
az 23a23lzc.
sATURDAY-New York quieta at 284c Liver
pool dull at uaIl1sd; Orleans quiet, steady,
and unchanged. We could scarcely be said to
have a market, 80 slight was even the attempt
to do business; the celebration at ElmyOod
Cemetery was the principal occupation Of the
day. sales 800 bales, middling 2Sg2s14e.
MoNDAY-New York opened with ordinary
lg<c, middIing 2gkc, the market became
weak and middling fell 10 nc, ordinary
2Bgc. and closed weak. Liverpool was dull
and lover, closing at lie for uplands. In our
market the dull condition Of the past few
DAYS remained, with a touch Of gloom added
by the Geographic news. The inquiry was
very slight, and showed some expectation Of a
reduction in askings in conformity with the
telegraphic tidings, but holders showed no
disposition TO give way on the inst summons,
and a slender days business was done at pre-
vious rates, which we repeat in our quota
lions. The weather was hne but dry planters
are complaining heavily Of the want OF rain,
which j. still further delaying the crop, as the
last planted seed lies Ia the furrOw as dry and
a. far from termination a. when deposited
there. The following Is the aggregate OF sales
reported 10 us: u bales at 2lc, strict ordinary;
> at 2Ilac, e at 2l5<c, % at NC, good ordinary
10 at ne, 10 al 2Esc, . Al ne, low middling;
5 at 2isc, middling; L at 2S1zc, Is at @Fzc,
strict middlihg; sat2io, good middiingi 2 at
Zc, ~ al y c, strict good ordinary.