Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-08-03
FINANCE AND TRADE.


FINANCE AND TRADE.
MEMPHIS BANKS have had another
monOtGuOus week, and the situation
difTers iu no respect from what it was
week ago. The shock caused by the
bankruptcy Of Duncan, Sherman & Co.
caused operators TO suspend what .il-le
CpeTatiOus were going Oh, for dSy or
two, but everything has resumed the
habitual routine. The New York TFi.
G,u1e makes the following remarks:
avail street aud the exchanges fell
back yesterday into the midsummer
quiet which prevailed before the failure
OF Duncan, Sherman q Co. and the
Commercial Warehouse company.
That go sharp 3 shock to confidence az
was caused by the suspension Of great
banking-house should be followed 90
speedily by q restoration Of tranquility
among those persons not Immediately
involved in the firms misfOTtunes is
proof OF the general caution with which
business and banking are now conduct
ed - In exchange the merest nothing
is doing, and rates continue as they
have been quoted for months; on New
York buying at par, selling at pre-
MUM; on New Orleans buying at
discount, selling st Iay. In the local
secuTicies market nothing OF note has
tI9nspired. There is occasionally q
quiSt Inquiry after Charleston railroad
stock at Sc, and Memphis gas stock is
occasionally inquired about. We quote
Shelby county scrip at 1901 fire and
police weaE st S69SS; school notes So
State notes 1880; Bank Of Tennessee,
new issue, 20. An expected trapsference
Of an esteemed bank official TO new
position will, We learn, be contaminated
this week, probably on Wednesday, to-
morrow. God i very chsngeable and
ErJkers ecarcely know what TO offer for
it so As to avoid loss, ILL., was about the
outside; in New York the quotation
was as low as 1925, bat closed at 1928.
OUR REVIEW Of the cotton market
last week quoted middling in New
York st l4Ec. which on Monday became
I4lc; on Tuesday 143c, on Wednesday
l4tc, on thursday I44c. New Orleans
closed the previous commercial week at
145o, but began the week under review
~ I4fc, which il retained throughout.
Liverpool quoted at the end Of the pre-
Vious week 8 l5-l6d, but advanced next
with a rising tendency, Memphis
closed the previous week at l41c, but fell
on Tuesday to l4bc, which figure it has
still retained. This statement shows
the market in very low condition,
owing 10 the failure OF Duncan, SheC-
man & Co. and other unfavOrable in
hueuces, especially the closing Of Eng
lish mills, but we find that the bottom
has been touched, and thst there is al
ready a reaction. New York during
the week declined &c, New o.
leans &c, Liverpool advanced 10, |
Memphis declined !c. The advances
toward the end Of the week chow that
we are on a better footing, the improve
m.nt in Liverpool is especially fayO-S- |
BILE. Ia Memphis We have little over |
5000 bales on hand and our market is !
therefore very quiet, but during the |
week holders have had strong conf |
dence that prices had seen their lowest |
and would tuTn favOrably, and for two !
thirds of the week their figures have |
been less sustained. The failure of Dan |
can, Sherman & Coz, a great cotton |
house in New YORK, fell Ike bombshe}l |
upon the trade, but it soon appeared |
thAt-owil 10 the time Of the year it /
took plsce-,sll accounts between that /
concern AM the south were closed, and |
whatever 4 '1vOrsble Influence j. may |
have caused is fast disappearing. Tue
NeR York BU tCtin says OF il: at is /
now generally understood that the fail
ure + dua to causes which do not equal
ly affect other banking firms, ana there
fore the FIST shock to confidence is DIR
appearing, and The event is looked upon
Us one Of the later fleets of the EpecU'a-
tive banking which months ago brought
down weaker houses " Another inhu-
ence that has some eIf-cL on the mar
ket is the condition OF the westEes. July
has been o wet month throughout, il is
thirty 40 or thirty-three yesrs
since the valley or the Mississippi
had as much rain in July a. this year;
the whole country, especially tie west,
Rnu Europe ami arts OF ASIA are sui
fariug frUm the same cause. As we
write, August opens with raiD,and dark
clouds, ike ,thOs, { OF March, dim
the sun and make the horizon inky
bl sck. The river has continued for two
weeks bfimful, bat without iuuBdstiOn.
Low lands at the mouth OF the rivers
and bayOus are under the water, and a
good deal OF cotton and corn is lost; but
still our prospect is good and the yield
will be fine unless an increase Of bad
weather should bling about an absolute
oN inflow. There is sufficient influence
=. the uncertain cOnditio OF the river,
sor it to have stTeBG thenipg tendency
On the market. Ia Liverpool the con-
ditiCu Of cotton is deplUrable, but the
figures We have gwen above show that
has set in, q matter of
much rejoicing 10 cotton holders. The
following, from Watts * Co.'s very eI-
celleRt Liverpool Cotton Report Of July
10 b, sh0Vs the feeling there at the pc
riOd Of strongest depression: during |
the past week the demand mas been
very limited, and the pressure to sell
greater, consequently prices have been
very irregular and lower from
DIV to day. Toe market |
hgs bsen dsmoraliz=d this week by the
excess. We stock here and the inability OF |
holders 10 sell enough 10 meet their |
pressing engagements, continued uafs-
yorable accounts from Manchester, ap' !
prehension Of . strike among the opera
lives ia the Oldham AID Ashton |
would necessitate the
opening Of many mills-veTy favorable
sdvices IN regard 10 the growing crop IN
America aud the downward tendency OF
futures st New York. Prices have now |
yoae down about an 81 per pound lower
for American than at any time in the
past fourteen years, and lower, We sup
pose, than snybOdy expected. The i'm
mediate causes that have led to this re-
suit are, first, the tremendous accumu-
ation Of stock IL this OF e market,
and secondly, the recent enormous fall
uTes IN LOudgn and Manchester OF firms |
with the East India trade,
which have for the time being parslyzed
business at Manchester, and caused such
IN accumulation Of goods and yarns that
the question Of a resort to short time and
diminished production, as a necessity /
under the circumstances, is seriously
The report adds: ave
have a total deficit on the second in
stsL Of $50 600 bales a. compared with
the same date last year, and tais, too,
the short time move
meut ia = America the last three months
Of last year. In other words, noJwi =