Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-12-01
FINANCE AND TRADE.

y ~ nv ~ AN - AANNADs
OUR oOTroN REVIEW OF the past week
quoted the price Of middliug at New
York at l4ge, at which it has remained
al week. New Orleans quoted 1885, but
on Monday advanced 10 lac, an sd-
vance during the week Of &c. Liver
POOL quoted I'D, but on Friday fell to
III -l6d, decline Of l-l6d during the
week. Memphis quoted l4sc, aud re-
NAMED at that figure throughout the
week. The above ststenaentshowsp prices
steady except a slight decline in Liver
pool, he week ended, however, with the
markets dropping, and prices, in some
of the markets, nominal. The advanc-
ing tendency that prevailed during the
former part Of the month has been ar
rested, and the principal reason is con-
tinued high receipts. Up to this time the
falling of in receipts, 50 confidently pre-
dieted by short crop estimators, has
failed to develop itself. The
rivers are beginning to rise, and
the full receipts will necessarily continue
for awhile The consequence of sll this
il is easy TO understand. The following
from Watts d Co.'S Liverpool cotton re-
port viii show the effect on the other
side the ocean. After speaking of the
failure OF news OF frOsts in the south
having stopped the growth Of cotton to
materially affect the market there, the
reT.ort goes on to say: "But we are not
surprised this should have made no inn
preston on our market, in the face Of
declining prices Ia America and the con-
tinued large receipts at the ports. Prices
in the American markets are now near
er on a parity with Liverpool than at this
period for some years; and this apparent
want Of confidence on that side tends d.
rectly 70 discredit small OF even mOdeT-
ate crop estimates. The future course of
our market will doubtless mainly depend
on the receipts at the American ports.
should these receipts for the next three
or four weeks 70 come prove as large or
larger than during the corresponding
weeks Of last year, snd thus lead 10 in
creased estimates Of tie crop, il
is not improbable prices here viii
temporarily be further depressed, but it
is becoming more and more apparent
every day that an American crop OF
fully four million bales viii be required I
Uo supply the wants q the world, aud /
should developments point 10 less, there !
would doubtless be q sharp upward turn 1
in prices. The prospects f5T supplies /
Of other sources than Amencsn are not 1
so favorable now as they were le year /
ago. Il will be observed that there is 4
one crumb Of comfort in this extract
the English want a four miliiOn-baie /
crop for their years supply; any import
ant deduction from that amount OF the
American cotton crop viii doubtless
give ga sharp upward turn to prices"
During the last week the demand for
river bottom, long staple cottcns in our
market has been more decided than .
ever. They give better price than cor
responding grades Of upland grown,
those classes Of cotton being neglected. /
This demand becomes more striking 4
every year, and g is probable that in /
the c1urse Of time Uplsnds will be most 1
iy devoted TO other crops than cotton, and 4
the lower lands that produce the longer I
staple have 8 monopoly Of the cotton
growing business. COrtOn-planters will 4
iind il worth their while 20 take into
consideration this aspect Of the cnttOn I
trade. Notwithstanding the persistent 4
arrival Of large amounts Of cotton, the !
opinion Is universal that the whole crop
OF the season viii be little enough to /
supply al the calls there viii be upon it, 4
and thew expect this fact O. become spe- /
eisi y evident when the eastern mills re- /
sumo fUG time aud increase their pur- I
clases accordingly. The present price |
OF cotton is therefore regarded as low, /
and a large proportion OF the cotton .
81. -,
has been on speculative scclUnt. This 4
opinion causes most of those who can .
hold ont Of The market to DO 50. aud the
banks complain Of Increasing pressure
u-1l them for money TO carry cotton.
This, Is We have seen, is Tot done in a
sufficient degree to sustain prices. The
"a ure to do 20 becomes the more evil
dent when We remember that gold,
which vas 1924 at the opening Of the
season, is now lI2}; under the circum-
stances Of sharp rise in gold IN the
3 4~- week or two, for cotton not to ad-
vance is actually 70 decline.
TIE c9Urss Of our market during the
week has been as follows: Monday
market dull; only long staple wanted
saIes, 1850 bales; middiing, 14bc. Tues
Iav-demaud improved: exporters more
active; sales, 2I00 bales; middiing, lac.
dnesday-hOlJers firmer, aud off I.
i1gs res ricted; sales, 100 bales; mid
ding, 14sc. Thursday-nO market;
day. Friday-active for
river cott0ns, both spinneTs and export
ers tuviug freely; sales, 5000 tales; mid
ding, I45c SatUrdsy-Eain and gloom
iater-sred with business; New York
besvy an J dull; cotton in our market
lower 70 sell; quota lsus nominal; sales,
$40 bales; middling, l4sc.
The following table shows the COM
uaraJive weekly and total receipts at the
annexed:
week lS73-775 1871 Is72-78 IS7I-'72 lS70-7l