Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1872-02-06
FINANCE AND TRADE.
oFFICE or TIE DAILY ARPEAL,
MOSDAY, February 9, 1874 5

On last Monday ct the close of cur re
view the market had just turned the cor
usr. The week previous The market II
New York and Liverpool ruled dull VIII
downward tendency; bat after the re
ceipts Of last week began TO arrive the
market turned, and on Monday cotton
advanced in this market H0Hcl WIN sn
sctivs demand. Operations IN Eastern mar
ksts have been watching the progress o.
affairs with much anxiety. FOR the b"o
weeks previous the receipSs were large
compared with this week, but New 1ork
was on q stand and kept the market q
tusting on an Ho, which, If 1t Is indies
tive of anything, must have been thst the
receipts were neither heavy nor hghss snQ
thss our metropolitan buyers would
wait for further Developments. LAST
Monday decided them in their course and
though, ss will be seen from the review
the market huctustsd somewhat during
the week, the tendency was upward IS
the close Of the week shows, gaining the
highest point reached this season. The
receipts are the cause Of the upward move
menG, For last week they were only
sS Og7 bales, sgRfnst I54 49, corresponding
week In 1871, and 120,S13 LAST week. For
Saturday the beginning Of this weeks re-
csipts were 1880 bales, against Il. 67b, ~.
SO, and ZIG s OF the corresponding peri
DDS Of the three preceding weeks. The
AAAEAELA1 IL - ~ =
IS we remarked, the course of both Liver
pool and New York. The former market
has advanced since last review I'd, with
sstrong and active market ct the close OF
the week. Should the receipts for this
week be only 5000 or 80. 600 bales, we
may expect middling cotton In New York
TO 70 TO 2Hc, If not 8 shade higher. As
terrifying the position the APPEAL has
always taken ss to high prices, We copy
from the New York Dry Goods Reporter
Of last week, which says: The important
question srises whether the South is not
mistaken In calculating too largely On q
maintenance OF the present prices. But
on this point the indications are very sat
isfsctory. The consumption Of cotton Is
increasing in . ratio greater than the ap-
parent supply. The cotton consuming
capacity Of England has increased during
the last two years Is peg cent. It amount
cd in 1871 to q maximum Of 5000 bales 2
week, against an average consumption OF
$4,000 bales q week in the preceding year.
This yesr 8 consumption $1,000 bales q
week is anticipated, OF which 5000 bales
srs American. But g difference Of three
cents 3 pound in the prics OF the raw ma
tsrisi would affect consumption about
200 bales q week The Improvement in
mills and the substsntistion Of new and
improved for old and worn out machinery
have led to an increase OF spindle power
that VIII require increased supplies Ofthe
staple. This increased demand for the
raw material is by no means limited to
England. Il also extends TO the OOnti-
nent. Germany Is rapidly increasing the
consumption OF Gotten, and Francs VIII
require as least 800 600 bales more than
Lass year. There Is also g very large IN
crease IN American consumption. Both
the North and South now use more cotton
than ever before. The very large Amsri-
nGn nEnw ~ naSl. N Unz nnNu That n n IN Mhn
demand for consumption, and b re-
duoed crop Of last year now coming for-
ward viii fall somsWhst below the de-
mRnd, and aus ST absorption Of the
large stocks held at tbs commence
ment OF the present calendar year"
On TUESDAY the market continued 70
move upward. AL classes Of buyers were
in the market, sno this was \ OF she
most active days for q week or more pre-
viOus, sales reaching some 300 bales, with |
middLng 81 DC, snd some factors asking |
this figure Tor strict low middling. Liv- /
srpOOl advanced HGkd, and closed
strong with uplands lUId "a Orleans
IlHGuZd. New York opened with an
advance OF an &c, undergoing during |
tbs day Sn advance OF another Hc, /
closing strong. On WEDNESDAY ths
markes was somewhat excited. LO-
cal sp6culstOrs were In the market bay
ing freely, anticipating afurthsr advance; /
however a late dispatch from New
York checked operations to some extent.
Buyars generally were out early u the
morning, but only g few we're able 10
meet the seller in his views. One buyer.
for Instance Tss telsgrsphed to raise nc
limit and Ego in" but was too shOr
by &c 70 reach the "persimmou." Sew
ersl planters we're here in person and in
structed their factors 70 withdraw their
from the Market enc sales were
less than they would otherwise ave been,
revise our quotations, IS the advance
in this market was 70 20 &c, New York
advanced &c, closing stes1y ct 22ZC Tor
mlddLng. Liverpool advanced on up
lands Nd, and "a on Orleans. The mEr-
ket today In Liverpool was probably
more excited than on any day this season.,
THURSDAY the cours5 Of the Nsw
York market hsd the effect 70 depress
Lhe market hers. ThGt IS, buyers were
cautious, while local Spectators were
shy, inclined 10 wait further Develop
menJs. The market ruled shout the same
price, Ssles were some 1900 bales
than the day before, Factors
srs anticipating q more settled market
for the bSlEnce OF the week, as re-
continue light, they being only
74,675 bales for six days. The New York
played on sn ZEE sl dsy, 2h 10
22%c, closing quiet 81 the latter figure.
Liverpool was strong and excited. sd
vsncingl-I61On both uplsnds Orleans,
with sales Of Is, o bales. On FRIDAY
the market opened with SONS demand
from ~spiuners' agents, but owing 10 the
in Liverpool Of 1-16d, the course
OF the New York market, and the cloudy, /
weather, the demand slsckened
ABOUT noon, closing heavy, with a decline
o. H&Lc. Spectators were not in the
Il would seem, from the course
Of the New York market, that the Oper-
stos we're inclined 70 sscribe the light re-
ceipts Of this week 70 tbs severe cold
westher We hsve had; bug In this they are
mistaken, IS this cold weather Will no.
begin 70 affect receipts for three weeks
hence, ct the Least calculation. On SAT
UEDAY the marks: opened quiet,
with little inquiry, but rs the day
advanced the market became active,
strong q somewhat excited.
The decline Of the day before wGs
recovered. and we found the mar
kst where we left It Wednesday evening /
Salss were, however, light, owing 70 the
fact that factors were holding Btid on sd-
vices from New York, that market re-
gsrding the receipts for the Week-93, 097
Light. New York closed lsst
evening at 22Ec, but opened this morning
~ &Hc, after which middlipg advanced
30 22Zc, closing strong, Liverpool closed
strong and unchanged. On MONDAY
NO-QaIl bI6 mALk6t was eNclLeut euVauC i
ing Z@%c during the day. Sales were
man for several days. New York
Saturday night closed st 22Zc, and sd-
vsnced to-day 70 23Hc for middling, clOs-
ing, however, weak. Liverpool advanced
sd. We hsve not unbOunded conf
dsncs in the advance in New York to-day,
IS it Is evident that il was on account OF
speculation. There Is no danger of the
market declining, except IN the case Of q
wild market. Cotton must advance, but
We have little confidence in such steamy
markets. We believe cotton will reach
25c in New York, but Il is not well TO
hold stocks back IN anticipating too high
however, the present position rs
compared with that in February, 1870, Is
very similar; last week We had 9S,O87
bales for seven days, sgainst Los. 900 bales
same time in1670. The FIRST week in Feb
1870, receipts were $1,000 bales; re-
this week are not likely 20 excszd
this number. Middling cotton 81 that
time was AXc. Stock at all the ports
then we're $4,000 bales. Stock now ts
$50 900 bales. The crop then was three
and 8 quarter millions. Up to this time
the position Is very much the same IS i
that year.
We quote:
ynuAnaE1
oItc@ OiUALs go
aN1 OlNt H Il
sLlc GOO1O
MA 4