Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-12-23

ONE CAUSE OF THE EFFORT
TO stimulate a speculation in cotton was
probably to help out the New England
cotton manufacturers. They started
/ trade for the season about the first of
August, on a very high horse, but have
seen their goods undergo a decline since
that date Of fully twenty per cent. on an
average. Many cotton fabrics are now
| selling all lower prices than before the
war. Standard sheetings have been sold
at from nine to ten cents, and f0ll mad
| Ger prints from seven and a halt to eight
! cents per yard. But while the bureau
| cotton speculation has not checked the
/ decline 10 goods, it has stimulated buy
ing by English, American and German
splnners. France alone has taken less
cotton than last year. French manu-.
| facturers have not appreciated official
| integrity and wisdom at Washington.
But Notwithstanding the reduced de-
mand from France, the quantity taken
out Of the market exceeds by l65, 600
bales the quantity taken in the first
three months of the lsst cotton year.
In another sense, however, the bureau
reports have operated adversely to the
speculation for rise. They have pre-
vented large "short INTEREST," being
made and kept out.
TIE WEAKNESS OF THE MARKET
in the past few DAYS, in which the long,
expected falling off in the receipts seems
TO have actually begun, is due 20 the abb
sence Of any such stimulant as ''sh0rt
interest," would afford. Thus the bureau
seems to have stuck its friends all
around The problem Of the quantity
Of cotton grown in the United States in
1874 must soon be solved with a reason
able degree of certainty. An Augusta
paper compares November, 1874, with
| November, 1899. It has been renarka-
[ ely dry throughout the south. In No
vember, 1888, our contemporary says, the
bed of the Savannah river at Augusta
was plowed upand soWn to turDips, upon
! which, when they should have been
ready for gathering, these were thirty
feet OF water. The year 1893 was a re.
markable one for cotton. The crop was
swollen to the then unprecedented ag-
| gregate Of 2, III, $50 bales, against en- av-
erage for the three preceding seasons Of
1 / ,524 $50 bales. The average of the crops
Of cotton in the years 1871, 1872, and
1873, is 1878, ,l66 bales. A similar in.
crease in 1874 will swell the yield to A.
OIL $50 bales, and many estimates are
placed as high as 4, 500, 900 bales, but
probably 4, ,000,0e0 may be accepted as
the average Of estimates.
CROP EsTIsIAT
1t has been customary TO take the re-
ceipts at the ports to January 10th, and
double them, as af0rding a reliable esti-
mate Of the whole crop. But the move
ment Of cotton overland, which is not
taken into the account until the end Of
the year, has rapidly increased. The
receipts at st. Louis and Cincinnati to
November 2sth were 81, 600 bales, against
"a 600 bales for the corresponding period
last year. The total overland move
ment last year was 237, 600 bsIes, an IN
crease Of 40 per cent. over the preceding
year, and it Is reasonable To put, It for
The current year at $780, ,000 bales. The
receipts at the ports 10 November 18th
were 2S7, goo hsles Ia excess OF he pfeced-
! Ing sea sou. ALLOW that half ofthjsi increase
be hereafter lost, and there viii be an In
eresse az The end OF the season OF 14S,-
/ SEQ bales. The receipts at the ports last
> year were 3,76S, 500 bales. We lhns