Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-07-20
FINANCE AND TRADE.

tlNAN GE AND TRADE.
Our REVIEW Of the cotton market
last week quoted middling in New York
at l5Ic; the next day it r0se to l5ge, but
fell back to Isle on Tuesday, to lose on
Wednesday, and to l5ic on Thursday,
reaching I5c On Friday. New Orleans
quoted l5lc, and so remains, but with
an evident downward tendency. Liv-
erpool quoted I'D, on Tuesday 3-l6d,
on "Wednesday 7bd, on Thursday I'd,
where it remains. Memphis quoted
l4sc, but fell on Thursday TO l43c. This
statement is calculated to drive swsy
the last lingering hope Of a recovery Ia
cotton during tins present season. "Ihe
sudden and decisive let-up" IN prices, so
Iong and 50 horefully expected, must
now he given 10 "f0r good and all
New York during The past official week,
has declined &c; New Orle vas on
the eve 81 \ decline at the end OF the
off :ial week; Liverpool fell Id; Mem
phis he. On this side there Is complaint
among the mills Of manufacturing pay
ing nothing; on the other side the q alter
some important mills have been closed,
while every now and then the bank
ruptcy OF some important firm
sends CONSERVATION from one end OF
he island to the other. Our
own stock is within 5000 bales, most VI
which is In spectators hands, so that
planters around us are not the
losers by the present disas-
rrous appearance OF things. Dur
ing The last week tidIngs OF first
bale arrivals" have begun to appear. On
the fourteenth the fret bale rescued
New Orleans from st. Landry parlsb,
Louisiana; it wss well ginned, good sta
ple aud good color, aud classed middling
10 middiiug fair. Ii was "Herlong cot
TONI an unusually early growing varie-
": sold 81 25o per pound. The hfst bale
that reached Galveston came on the SIX
teenth. cIassed good middllng, sold at
2Sc, and was shipped to New YORK. The
following, from the excellent monthly
Liverpool circular OF Smith, EdW arcs q
Co. OF JuI-p 3O.h, gives an insight into
the condition of thiugs there. Speaking
Of the Immense fauures, the circular
SAYS. awe have seldom seen deeper
feeling Of distrust come over the public
mind: several Of these failures were 20
utterly uneSuected, and turned out to
h5 SO disastrous for all concerned, that
FOR time the air was thick with all
sorts Of runners, and hardly house Of
.en1ineuce escaped being talked Of. tits
undDubted tharhad there been press
are in the money market we should have
aegn one of the worst monetary panics
OF our time. Fortunately money WAS
extremely easy, and there was no rea-
son why houses Of good position should
succunh. and so the evil effects
moderated, but in Manchester especially
a great shock was given TO contidencei
business came quite 10 a stand. still, and
II became plain to holders OF cotton that
the much needed improvement would
be pogtponcd. The Manchester market
has been in a state Of complete stsgus-
ti,u all the month, the heavy failures
nav, affected it more directly than Liy-
ernool. not that TIE actual losses TO SELL
era of eli. ia and yarn have been so
heavy. Int the Unsetllement OF con1-
deuce is unuraLedented. The knowledge
tEar the eastern trade has been conduct
cd AZ q constant loss for several yeas
causes great fears Of further catastIo-
ubes. anu the hesvy losses sustained by
lenders OF money IN London maze them
yup-uglly timid, aud a large part OF
.fqncbester business is cut eli foT the
nomeut by the difficulty OF obtaining
the usual monetary facilities. Stocks Of
cloth and yarn are now very heavy
scants don't know whom to trust, aud
are in. some cases refusing to cell except
f,tr cash. Il will be 3 considerable time
bafcrs the air gets clear and business re-
s,,r,as its usual course. 1t cannot be
d.Ibtsd that recent events will check
sneoulqtiye activity in the country for
I6rg time 10 come, and cause prices to
mic lower than would otherwise have
heen the case. The great accumulation
~ money in the BANK OF England Will
,,r-bsbly force the rate OF interest very
low. the difficulty OF employing money
IN safe channels will combine with
this, and perhaps give long
lime Of very cheap money" Speak
jpg.s iofs the crop prospects, tue
circ9is- goes on to say: 1.-The question
III supp'y mss been oyerridden by more
= -aziTil considerations, snd the future
- or market depends for the moment
80 anon the restoration OF confidence
-, the financial world than upon any
hing else. Il is very evident that lower
4 - p,uss rule both for cotton and IT,
-,cfs ri1ru we all thought safe short
49, -. n hss become apparent 20 The
49, ss-.,.,rnuptT that We have been
tradino Al 20 high Irltes. Cotl0L mas
49,, +I3rppd into cloth al cost thag Las
". -, rec,,y cred from foreign markets
., .oy,areI ,asrz past. Some one ~ he
hi, hos slwevs bcen losing money,
and II was long d mystery no" tue trade
-. 1T ,,.in0. but now We see toat IN
raeIitv the losses were paId by tLe
money Of the London banks! This state
II things must come TO an END. lie
trade must be made to pay, and Gy Inc
;svr Of average q period Of low prices
must succeed one OF high prices. The
r,-eslat outlook Is that ii We have sur
5c,aut cotton supply in the future, IL
viii have to be sold at low prices II
Iii, zoos not soon come. The great
,,oi,1t in favor OF the market Is that
sninners are bsIe OF cotton. Whenever
i. 100 business sets in al Manchester
.4b2-a must be strong demand mere,
80 there IL no doubt that II bad crop
arr,ssuts come from America the Nhoie
f.ca of the market would change'
Notbiug but a cotton famine Will draw
"a m 10 a high price again, and prooa-
5Iy Ea shalI look upon 81 a. a high price
in the future, just as last year we looked
anon al. We think at present prices
saw in the neigaOorhood Of "a for mid
dling uplands-the trade OF Lancashire
csu be conducted probably but so great
IA Inc weakness and d'scouragement
that il is impossible to say what the
lowest din of the market may be-" Here
ere S7ne hitter things for cotton grow
ers, but they cannot be unsers'ood too
those who have varied their crops
& vesr nave res = IN to rejoice There
-. been considerable apprehension all
usz,,, l. Of hOods, owing to heavy
a. - ; a swelied river that has al
Ia oll-,5- 'aaaT,o,-ed with water some Of the
ely ,o Test t,,,r Of cultivated ground.
.e,g - lite lite. news Of falling supper HVer