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

mutation OF stocks" The APPEAL report OF
/ the fflh had The following: THE receipts at
Memphis, which until this week have
| shown an Increase each week in the season,
have fallen on, being 1875 bales against Il,
| - bales the week before. The port re 'oipts
J also are smaller, the seven DAYS being l42 Isl
| bales against 1865 bales last weeE." The
change was but transient, however, and there
was good deal of dropping feeling. On the
sixth, for the INST week from the opening Of
OF the season, prices in Memphis suffered no
decline from the previous weekF. on the
also al United States ports, were for
the hrst time Of the season, below those
OF the week before. Low cottons were
inquired for, but the supply was below
the demand; SPECTATORS weie keenly looking
! out for cheap lots OF cotton to hold until The
sharp and sudden" advance should come.
Ihe demand for riyer-bottOm cotton also be
come eager, and 50 continued the whole sea-
son, the urOuth having reduced tue staple OF
upland coltpus. A rise in gold by the TIVE nty-
lhlru 10 lu3s rom lU9L sometime before,
tended 10 support prices, hut the Bank Of
England put up its rate to per cent, which
acted in the contrary direction. The eypeCta-
JlOu OF coming higher pricts was very Strong
Al the above date; middling, in Memphis,
then quoted l4lSc. The highest 10 which cot
I ever rose afterward from the week
en- ling January 22d, TO that ending June 4th,
within which period IL vacillsted between
Il ana l5c; On the weekly average,
week ending March 18th. During the week
ending November S0th, cotton was s'Sicl," the
various markets telegraphing dull" de
receipts, high rates, and loss of gold at the
banks Of England, Prussia and elsewhere.
During this month TtveT-bOttom and other
fayorite cottons were commonly held out Of
the market by holders, who were looking al
ways for lower receipts and higher prices.
80 much was this the case, that the banks
complained Of some stringency owing TO the
loss OF sales from holding cotton above cur
rent rates. The stock at the end of the month
was 1908 bales, against 2S,6S4 bales at the
same time the year before. The New York
Chronicle, OF the twenty1eighth, said: "Re
ceipts at the ports have continued 10 show
large Increase over last year. and the premi-
um on gold, though higher, did not advance
so rapidly the bull party anticipated.
There was consequently a decided break
Ia on Wednesday, especially in the later
months. This decline may be 6sCribeU il
part 10 an incrsase in lorg crop views, and N
part TO the anticipation OF unfavOrable intiu-
enees growing out OF measures affecting the
volume Of the currency that may be taken
by congress now about 10 assemble" The
same paper added: 1.-The arrivals this year
are now in excess Of the same period OF any
other season. At this date of the previous
years there had been received the following
percentages OF each crop:
1873 "a IS72-73. IS7l-72. 1901.
Total CROP III 900 939 coo 2g74 900 3j20 600
Total receipts. SS3,OOO, 600 10000 $4,000
PercentcrOp- 23j 29 20 2II
Our readers will find that any one of these
per centages applied to. the present years
movement would give a crop footing no
considerably more than four million bales"
The month opened with middling at 1870 and
closed at lie; lowest during the month, lS5sc;
highest II 3-lGc. TOtsl receipts from Septefn-
ber lst 10 November SIst, l35, ,Sl4 bales against
1850 bales at the same time the previous
season.
December.
The month opened with detected market
d!ScOuTaging kilograms, and easier prices
bought freely, River-bottom cOttons still in
eager demand, but very commonly held back
for the coming day of higher prices. A fall of
gold from li214 to lll5z helped the downward
Is
5th receipts at ports were 81 533 bales against
25l4 the same day the previous week, and
2JI19 the same day the previous season. such
occurrences as these told heavy on prices.
About this lime our banks put the screws
on, and many lots that had been anXiousIy
held were necessarily brought into the mar
ket. II was also found that cotton shipped
from here to Boston, for a market, was selling
against our dealers. The market continued
growing weaker until by the l4th middling
was down to l31sc, On The 18th the New York
Chronicle published its estimate OF the lowest
figures 1t calculated the total crop OF the sea-
son would shoT 100000 bales. These figures
caused intense surprise in the colt t1n-grOWing
region, and they were universally rejected
there as beyond the truth, which proved to be
the fact. The inquiry the last half of the
month ran heavily on superior cott0us and
concessions were often made TO secure sales
OF low grades. Toward the end of the month
buyers showed more e. gerneSS to get cotton
than sellers 10 part with il, at least as to good
ordinary and above; and prices improved. The
following appeared IN the New ork Chronicle
of the 9th: "MeSSFs. =. katzenherger'S Sons of
Memphis, state in their circular of November
9th that last year at this time they took tin e
average estimate of factors at Memphis on
the crop, and the figure reached was 50 $4,000
bales; TINS year thirty factors estimates aver
age 3,725550 bales, and the average estimate Of
receipts this year at Memphis, obtained in tie
the same manner, IUIS SO 553 bales. This would
indicate very material imprOvem ent in the
views of the average cotton dealers at that
point, their cotton exchange, in their
monthly report, has heretofore said that the
district tributary TO Memphis was about 40
Fnfar hi 1grrg
worse of than year ago, whereas these aver
age estimates make II only about l4I5 per
cent" Middling, at the opening of Deem
Der quoted lie, at the close 1870; highest, on
the first, lie; lowest, on the fourteenth, l3jEc.
Total receipts az the end of December, 2l5la
bales, against 27,7S5 bales at the same time
the year previous.
January.
At the opening of January disappointment
Yves felt in our market because the upward
tendency of the week before failed to con
iuue, but gold soon went up 14c and receipts
declined, being u 594 bales less al the ports
than on the previous week. The New York
Chronicle reported: 1.-The receipts at the ports
had fallen OF even more rapidly than many
had estimated, and there was an advance in
gold. Parties who were short III sde haste to
'cover,' and for time much excitement pre-.
vailed on the cotton exchange. But there was
a quick reaction. The demand fell off as
soon as contracts had been covered, and
efforts TO realize on the advance developed
general weakness" The believers in "sharp
aud sudden" decline thought the good time
they had so deVoutly anticipated and so ar
IDENTIFY lOnged for, was come. There was an
active demand for good cOttons, especially |
river bottoms, and sales ran, for three weeks,
between 10000 and IL 900 bales week. Buyers |
showed more eagerness to obtain the cotIons
in favor, than b6 ders to sell them; the latter
believed "bOttom had been touched" and
that prices were bound 10 advance. SpInners
were the principal buyers, and they willingly
paid relatively higher pric, for lOng-Stapled |
cOttOns. The New YORK ChrOni le Of the 9th !
reported: "The total receipts for the seven
q IN % agfEl la1n s1-N
bales last week, l6I,760 bales the previous
week, and lSS,434 bales three weeks since" 1t |
attributed the change principally to the wet |
condition OF the roads not permitting cotton |
10 he hauled from the plantations, and to- po- |
litical trOub es in New Orleans. The Nash. |
vile cotton exchange report, published at |
this time, excited considerable attention, for |
while the Chronicle had es imated the total |
crop at 100000, the Nashville report put the |
amount at $4,000 bales. The reader is nov |
in position 10 Judge OF the merits of the two. |
The decline In receipts did not fail to affect |
the market and the second week of the |
month showed advances, during the previous |
week, Of sc in New York, 1ac in New Orleans, |
3 l6d in Liverpool, and s4S IN Memphis. Up to |
The llth, the highest receipts, at the ports, |
of the season was on the week ending Deem |
Der 18th, l&3, 10 bales, the next week (25th) |
1924 bales; January lSt 10000 bales; Janu- |
ary llth, SO,i20 baleT-a mast notable falling |
OF, quite encouraging. 10 the - sharp and sud- |
den party, but d swell up 10 $4,000 bales on |
the week ending January 18th, greatly mOdi- |
hed their rejoicing. Under the impulse, how
eVer he price o. unlddling went up to between
ID and ltc, for the nrsJ time since lhe open
ing OF ptember. HOweEe Eer suddenly receipts |
declined for week or two, the decline was
not attend Z by the 'Sharp and sudden " ad-
vance in prices thai had leen expected so con-
fidently ever since the new season set in, al |
though rising gold was working in their IA |
ylr. The APPEAL of the lSth said: "There is |
an uncertainty as to how much the falling of |
in receipts is due To the decreased quantity re-
naming at the planta ions and country |
towns, and how much to the i'll condition of |
the roads Interfering with getting the staple
TO the market" As. the S0,420 bales Of the
second week in January was followed by
% 900 the next week, 81, 900 the week after and
1890 the week after that, the bulls did not
scrupe to sttriLu the falling off to bad roads
merely. Notwithstanding this, the demand
for cotton was stimulated, and an All vance in
Of January quoted 1910, at the close li5zc;
lowest Oh the lst, l354c, highest on the 18TH,
li7tc. Total Tecei pIs from September lSJ To
January 9th, 25l $50 bales, against 2y9,25I the
year before.
February,
This month began wit a decline, during
the first week, Of &c at New York and New
Orleans, I'd in Liverpool, and &c in Memphis
and this while gold was a cent higher Than
a month before. The confidence of holders
was strong and increasing, Notwithstanding.
a year ago, snd the excess at the ports over the
previous year was rapidly diminishing
Holders became more and moro confident, as
the month went on, that the years crop would
fau below the wants OF manufacturers and
that, consequently, prices would rise. That |
mlddling cotton would go up 10 zoe pound
in Memphis, was an oplnina commonly eE-
pressed On the 22d the APPEAL wrote: "The
expectation of a sudden falling OFF in receipts
IS no longer maintained, but those who are