Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-09-01

| prices were most confidently relied and spec
| uIated upon, India sent into the market an
excess Of 10000 bales over the year before
! Bearing these facts and principles in mind
the reader Of the following history OF the
| years cotton market will ind increased in
| terest IN it, developments and draw valuable
| instruction from its lessons. Al the time the
fever OF speculation ran not, last February
and March. many OF the readers OF the AP-
| PEAL could not see why it did not fan the FIRE
| and add zeal to the earnestness. Our remarks
above will show why. Unthinking persons
| believe II wise 10 'crBck up" the market, and
| rush prices for the moment, on any pretenSe.
| But this is short-sighted. When course Of
| inhusnces leads planters 10 hold cotton at the
| time they should sell, or 20 spend their hard
| earned money In buying futures only TO
have their fingers burned, " st IS not beuef-
oisl to the community nor 10 the market. but
the reverse, and a conscientious newspaper
| Will not encourage error today that will
breed evil and suffering tomorrow: for it Is
sound and judicious trading, not hot and
blundering speculation, that makes a cOuu-
try successful and prosperous.
The failure Of the upland cotton through
| drouih hss cut something of from the re-
| celpts AT this place, but, on the contrary, We
have, for the first time, received consIgn-
| loOl NObb5u texas. Inc attendance
OF buyers has been numerous. Memphis cot
! tons have abated nothing Of their h ga re-
| pute; the syndicates OF the city
| Of Paris France, are ct this mo-
ment making offers OF direct trade to US,
and our excellent cotton exchange, under the
able presidency of Mr.. Galbresth and the in
dustrious efforts OF superintendent Toof, is
| adding to our facilities and drawing attention
| 70 our market. The present season Of growth
| has been one Eupereminently favorable TO the
| staple-for a wet year, is a good staple year
| and Memphis cottOns, as the early bales are
already bC Cginning TO demonstrate, viii this
| season sustain well their reputation Tor high
| quality. The iourshing condition OF the
crops in the uplsnds OF West Tennessee, the
| river bottoms Of Arkansas and Mississippi,
and the esrly-yielding fields Of northern Ala
bams, assure Memphis large supply. 1t IS
worthy Of notice also, that the favorable pro-
Rress Of Esds's improvements at the mouth of
/ the Mississippi for deepening the entrance,
will, by New Years day, give us increased IA |
cilities for shipping cotton abroad. We have
| also almost the certainty that the commercial
| depression that has existed since the fall of
| 1873 is nearly over. Notwithstanding rains
| and storms land floods, to degree very un-
usual for midsummer, the lower Mississippi
| country is in a fiourlshing condition. Fruits !
vegetables, corn, wheat and cotton, are al
| pouring wealth iato the bosom of the south
| without stint; let us escape early frost, and |
| the day of deliverance is at hand, and we |
| shall once more rejoice in the blessings Of |
| plenty, with trade fiourishing from Maine to |
California. The great Improvement in the |
manner of carrying on the cotton trade; the |
methodical rules of business; fac 'Iities for |
gathering crop and market Intelligence; in |
md IN,
and preserving it from weather and other in |
jurious Influences, all tend to increase our |
market connections. and insure us the best |
prices for our staple. These improvements |
Memphis owes TO its admirable cotton ex-
change.
September.
The last month Of the previous season !
showed that higher prices, so long locked for, |
had not arrived. Receipts had been falling !
Of, but the total receip pit was higher than that |
Of the year before, and prices began to fall as |
soon as new cotton came into The market. |
The whole crop was reported 10 be late, but |
the unusual arrival of new bales, of which |
200 arrived before August was out, was attrib-
uted to the effects of drOuth, whi h had pre- |
maturely ripened the first bolls. SJlll, specu- |
Iatols were so confident of an advance that |
they were holding cotton for higher prices
an unfortunate proceeding for them. The
new season, September LIST, opened with 800 |
bales of the new crop already received. The |
market was dull nj the start, and the first day
OF the new season was distinguished by the /
sale, by auction, at 25c pound, of the first
bale Of Texas cotton regularly sent t0 the
Memphis market. II was received by W. B.
Galbreath, Esq, the president of the cotton
exchange, from Dallas, Texas. A count OF
stock IN New Orleans showed the amount in
hand TO be beyond the running account; in
New York the same thing was found to be the
fact. the excess there being $1,000 bales. The I
agricultural bureau, and other cotton re-
ports showed that the dTOuth at the latter
part of The season, had extended further and
done more injury than had been expected.
The uplands, especially the Memphis district,
ana Texas, were sufferers to a great degree. |
The demand for new cotton was very acJlve,
low grades were scarce, and orders Tor good |
ordinary were often nlled with low middiing
cotton. Bank troubles in New Orleans caused
some trouble in cotton circles. On the twen-
ty-1rst the receipts at Memphis were I4i2
bales beyond the same tim6 The year before, !
showing conclusiveiy that the drouth had
hRstened the maturing OF the cotton, which
was q cause OF loss OF growth and EhortnesS of
staple. Owing TO the latter cause Texas cot
ton, in the course of the season, fell to much
lower price than the cotton Of several other
markets. The weather was remarkably fine
for picking, out owing to bad trade in Man
chester, workmen's strikes, and general de-
preston OF trade, prices declined. Sales il
our market, during the latter part of the
month, went up TO 1900 and 1890 bales a
day in some instances, and the mCnth |
closed with activity among exporters, but
splnners were duh, on account OF the heavi-
ness OF manufactured goods, so that the east
ern mills began 10 talk OF working only two
thirds time. Expectations were entertained |
that n considerable amount of cotton from
Texas would come TO this market, bat the
whole of our Texas receipts of the season |
proved TO be un'mportapt. The last week OF
september was rainy, by WHICH the grade OF
some OF the cotton subsequently received was
injured. The month opened With middling |
at 1910, closed at 1870. The receipts from
September lst were 1915 bales against 1851
at the same time the season previous The |
highest price during the month was iG%c on
the first the lowest l454c on the tWenty-nlnth. |
October.
On the first the new classification of cotton,
Flnn OF hl al
changes, went into force Much difficulty |
was experienctd for some time in conforming
to the change, which has proved a great inn
provement on the "no sys EN-" plan that ex-
listed before. Dealers, on account OF the dry
ness Of the season looked for an early close OF
picking and a short cotton season. From this
time the idea that had proved so misleading
the previous season again became prevalent.
Owing to th6 drOuths II was suTmlsed that
cotton would come Ia early, then at a given
time the supply would sharply and suddenly
falI on: the consequence would be an iIapoT- !
t6nt rise in prices, and consequently great
gain 10 those who should hold good stocks, or
plenty OF futures" when the decisive mo-
msnt came. In consequence of this deeply
rooted belief, New YORK commercial papers
noted the receipt there OF oraers from the
south for futures" IN this idea lay tLG ley
10 most of the speculative business OF the en-
tire season yet as was the case the year before,
II proved delusiy and led 70 many Losses stthe
latter end of the season. There was 2 good
deal OF activity early in this month; on the
fifth sales amOu unted to 1900 bales, mostly ta-
ken for export. In consequence OF the large
the general unsatisfactory condition Of t5e
markets, the eastern mills resolved to work
only from half 10 tWO-tElrds time. The
carving out OF this resolution, rs we shall see
further Cn. produced important eDeCts on the
course OF the years. market. Toward the
middle of the month spectators took very
active part Ia the market; their purchases
were most OF middling colon. On the
twelfth the bale Of cotton which had 'aken
the frst prZs in the State fair was sold by
auction al the Cotton Exchange; IL brought
% cents pound, From October 18th to OctO
Der l4th the weather as very cold, ana on
the morning of the fourteenth, ther3 was a
keen white frost, which alter accounts TepOT.-
ed TO be killing frost, destructive TO the
young b0ls. About the same time eastern
freignts were materially iH creased, which had
a depressing effect. New York ana Sew Or
leans declined about the same time, and hold
ers became anxious to Sell. Freights,
heavy receip pts and business con-
siderations proved more powerful
10 depress the market, than TTOst to
raise il, and spite OF the coEtin ued propheSies
OF a sharp and sudden fall in receipts and rise
in prices TO come, prices continued TO decline.
As the month advanced failures in New York
and elsewhere revived disirust, general bust
ness was dull Rnd receipts of cotton large,
while the eastern mills E6ES working short
time, The New GOlk Bulletin reported large
oIdsTS for futures received there Tor sOUthsrn
account, largely Tor Tennessee and Kentucky, |
especially that portion Of the south affected
by The droulh." These came from the numer-
Gus believers In "a snort and sudden" drop in
receipts and advance in prices, RecsiptS con-
UnuPd @ roll up however, in Memphis on the