Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1874-10-25

NEW YORK, October q, 1871
Ohm S. To-L Mem phis. Tennessee.

NEW YORK, tctOber Il, 1871
II. John s. To1f, Memphis, Tennessee.
DEAR SIR-ReferTing to your late
elaborate statement Of the cotton crop
wei considered remarks on the cur
relt situation and prospects OF me
one now being gathered Cannot feSist the
conviction hat tue present crop hss Al aIohg
ben 1arg Iv eVerestiInated, even since the
cam re inflicted by the severe august
drorElt hEs been admitted. MY corTespOna-
Ierc5 covers every cotton state in the SOUTH
and 7 have been in daily receipt OF adFices
from reliable and Trustworthy sources IN
-r.z-- ~. 'l.r since fbe beginning OF August,
bearing on the 5lh.e ana these adylces are
urrtorn no tenor. and ala show Jhat tne crop
U.L ial h0rt uf three and three-iourths
mi ion bale Indeed inns EsuIe y LIle
highest e-riLa' e made by any OF my CORE
suOuleuls, while large msJoHly OF theIn de-
clare iuat b. Zee and one-laI hlliIions VII Ue
The o. u1u sL extent OF The crop; and even these
fst-ruules ve e formed before The late frosls'
reported il many sec ions % the cotton states
sod tha a--.1 Terv zerIously-if not destroy
s7-a.Tfr. Ms ne developm nj Of tue top crop
-n-lfr t1--e late frosts nave prevailed gen
r-srfr, @ serious curt7llneHt Of the J ield must
Ha II- result. and q crop Of three and quar-
T-r millions WI re a peral nsufe az Mnlcn
l.e present eSLln- gle suC ulo De pl5ced, ~ may
be- o. faClel fLa. the prsse % and late receipts
al tl# Tars are, aud have been, too large 70
ulEr.lr tl- belief ia SO email to-
Isl yield. and that The depression aud
llw price. m This market especially,
and iudfcs.. .Ils of more abundant crop.
answer ny Do means. II must be borne IN
Er. lIaL The crop matureu fully month
ea Jar RUS year ti1en usual owing 10 the e1-
Cr--lEs drought ll august and that me late
ana conf leu heavy receipt snd the coIse-
Que c=- and hence we may look for much
earlier l1l.rg rE ln the receipt thls season
ftar -s-L Buyers y ls wei knOWni always
make raa s-ultul- OF receipts at any Pc
raa-lH Elril=sa Ol any crop esttnates-their
Ds.ls Of opera son. THIS D. true also OF our
ltl-. laIa abroad, as evidenced by all past eX-
HaF..r1-. and &c rs therefore not 70 be won
uerel 90 tuat prices are depressed and the
10Th Iva ~ 81
ana ue whose sfreuEth Is probably not fully
Known % you. has been a. work, and stDl a.,
90 prevent any advance pa Tue market. /
mean tue shear click who are largely short
rs cotton. and who have for the past lew
va E- used odd their strength and influence 10
hammer down prlces % a point az which they
mas cover luem-elvCs without loss. They
lHEa thus Gar exhibited no concert OF action
uaui-est 10 The outsiders by overt actsi but
thar they VII, o. the suspicious time,
make "a grI md move 10 cover there can be bnl
-1lb.- and when 20 effort Is put forth
wl.luu. r.Iiler &C Incealneutr ] predict sud
den and harp upward movement N prices.
al TO -tbrII' Iaving no interest outstan4-
Ea- ro make me one but aG snxious 70 i'm
pres son ..h my canoi5 CONVICTIONS tnat
prices age pow TOO low % be justified by the
E.'u.tiI1 and It's sun Ouuulugss and lbaL
reaction r1 usr soon come and higher scale
a. saIE- es-abl shed. As a cOTrollary or no
email. alElIleH Dee, may mention that the
la-EIuE .E.1g W-- never 80 oull At the same
u-lI.c @ amy previous year a. u Is now The
r-s..r- here and Iu Boston say they have sold
Joss .lEEIuu for Lui- years crop than ever be-
.IHLEL the article is EElnhN EHUlN
cheap have held conversation win
large DEALER who represents several OF the
EI.- Ei AID On familiar with the Calcutta trades
ana De 81 .lrss nae that the entire norm has
T.1r FUN shed Che south This year with more
than r1eo--IIHus Of the quantity usually de
Tuauagl for four million crop, taking into
1Ull cn-sllsIa Ion The quantity furnished az
the Wrs-. oi domestic man ufacture. This OF
rfas-f is conclusive. 80 my mind, that the crop I
Nl-l De- O. very short one' and nave no doubt /
that Tls most skepiicai will be convinced I
Or THIS before the end Of December. Ny last I
rlEIreE from England report trade improving /
and fair ur1er- being uoinlclled al Aanches- I
ier. Hll here De- no doubt that As soon - LlV- ]
C.nurl shall be convinced that Europe VIII /
VI sli al the cotton We can spare from thls /
side. aud perhaps more, We shall see that mar I
Eat take en- upward start and exhibit IN ]
C.HseeI activity. : have thus given you brief Z
Ir u- views in regard 10 the situation Of cot I
Jon and JOS future pros pects-Elsws mo- hast'- Z
d. formed. But based on substantial grounds, 4
ana after mature delioeration. Yours very I
truly, F.
The above communication comes |
from q cotton msn in q situation to know I
the position Of things as well as most /.
pro1le can know. The ideas SET forth /
man be correct; If they are 50, 10 buy
ia -urss and hold them, and to hold cot
Ton back from the market, viii be pay
ing policy. But while being DESTROYS I
that every planter, especially, should get /
every cent he can for his cotton, We ad- I
wise caution and investigation before .
.ctlug Last year the idea Of pTems-
ture,y-ripened crop, supplies from which
would soon fall on, were ~ prominent
as laey are to-day. Those who read the
annual cotton review published in the
APPEAL on the first OF September, will !
remember how, in the history Of each
month We gave, the expectation Of de-
creasiug receipts and rising prices keeps
cropping ont week after week. Num-
b rles letters Of the tenor Of the above
were published. Many persons invested
their money in cotton only 10 sell out in
July and August at a loss. The writer
above Iefers % the small sale Of bsggiDg
as proof Of The low state OF the crop.
We remind him thst long before the
u-uAl time u buying-months sgo-
large purchases Of bsgging were made
iu tbe south in consequence Of its low
nrc5 and evident excellence rs an in
ggs.neut; this viii account for much
not ed the falling of at the usual
.ime of purchasing. We repeat that we
ID cot deny that the views Of The writer
nan be correct, but, in the light Of last
gears experiences, we recommend call
.lo1.