Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-11-23
DEANCE and TRADE.

The FINANCIAL POSITION has under
gone no change during the week Just
ended, except teat money, which was
becoming supeIfiuCUIy abundant, Is no
longer so, hut there Is enough for all tue
banks to lie comfortable" and accom-.
mediation IL within the reach Of those
entitled TO borrow. Tee western cities
have sbunds nee uf fumes; Chicago aud
other psPers speak Of money accumu-
Eating Ia the banks. The Nashville pa-
gers show the hanks there 10 be exces-
siVely tight Ieiu,ing al applications for
loans, and STAINING every nerve to meet
The demand for eastern exchange, the
buying rate Of which is 81 per $1,000.
here exchange continues 20 be abund-
ant, finding good employment for bank
funds, Bus the nesT sources Of currency
supply being exhausted, and q greater
eElense and loss OF time being involved
IN importing currency, il has bsen found
Necessary u make q corresponding
charge ~ the rate, and we report it the
same At all the banks-nUying on New
York ! discount, where three DAYS grace
Is required {; on New Orleans i dis
count az before; the selling rate, for
both south and north, par.
Gold has been steady the last day or two
and up 10 noon remained as quoted on
Saturday; brokerl here were offering
1l39Gll33 for 10. In stocks and bonds
there has been nothing Of interest doing
all week. Police and fire and tax scriD
are lower, also State warrants: Shelby
county warrants remain firm at the
rates to which they settled s week ago.
Charleston railroad stock has been
neglected, and there is a thousar,
shares, or any less quantity, now c,.caSI
sib.e at II. Phoenix INSURANCE stcTH T.
inquired for; Memphis gas stock is no
longer receiving attenti. n N = H'
T.. OC III. kEvIE" =. Che cotton market,
e., "S Va rev ssted middling cotton In
II sic at l3sc, next day Il was
13r x, on Monday l3ic, on Tuesday
J-l6c, on Friday 1Gic. New Orleans
week ego quoted l2sc, which declined
next day 10 l24c. Liverpool at the same
time quoted ed, and 80 remained.
Memphis this day week quoted 1890, on
Thursday it declined to l2i. This state |
ment shows that changes have been
slight, and that at existing rates cotton
hss been very steady. TIE receipts at |
Memphis are largely increasing above |
those Of last year, snd the shipments |
save been Ia heavier proportion thar |
the receipts. Receipts continue to be |
OOO at the same time last year, aud still (
less in the yesrs preceding. This-with /
the monetary embansssments existing. !
especially in Austrian, Prussisn, and |
Elglish Indian trade, with heavy bank. !
rUptcies at times in England and |
occasional ones in Francis suffi-
Cient to account for the lower
price If cotton as compared with
last year. In connection with the
yield Of the present season, the follow
ing from Smith, Edwards & Co.'s Liv-
erpool Cotton Circular, which estimates
our present seasons crop at 100000,
Gays; 1--WE hear already of the arrival
OF great quantities .Of the lower grades
AT tbs ports, and We have no doubt as
the season advances that this will give
middliug and above a decided sdvan-
tsge-the consumption Is nov running
very much upon clean American cotton,
and it must be thrown off 1t to some ex,
tent as the season goes On-ss we have
already indicated, crop Of 100000
will scarcely be sufficient for the wants
OF the world; il will cause a decided re-
ductiOn in stocks, and will undoubtedly
raise the level Of prices sooner or later;
Indeed, we think even a yield OF four
3ad quarter million will scarcely keep
cotton down 10 its present low level,
which is rather below the prices current
for five years before the American war.
At the moment the enormous re.
ceipts at the American ports have
a depressing influence, bat we co.,
slider them to be of very little
value as q guide to the size of |
the crop. There seems every reason to
believe inst We shsll carry lighter stocks
ali through the season than last yeSr,
and it will become Increasingly apIar-
ent that very large crop will be need
ed &c keep down prices. The general '
trade Of the country is now showing dis
tinct signs of revival. Manchester will (
no longer be q source of weakness TO
this market, but probably the reverse, '
and we think that mole or less the same '
conditions will be experienced Sll over ]
the continent. We have very little 7
doubt that Oh the basis of present prices {
for the raw material good time il be-
fore tue spinners and manufacturers.
We expect the deficit to England will
increase and people will be impressed
with the strength OF our statistical posi-.
ton. Already there is a deficiency OF !
19O, 600 bales in the stocks held In Cat
Britain and the amount sfioat, p',,,oWinv {
for the excess OF stock found a. the end
Of last year. The Who'll. OF this aud
probably q good deal ..aora vii, be shown
ia our stocks st TIE end Of the yesr; in
deco, we shah probably end the year
Win shla' 1er stock in the ports than at
any cotrfApOnding period since 1901
sipts 10 Memphis during the week
en.dng Friday aggregated q, 1874 bales,
against %, $50 bales the previous week,
and Is, 029 bales the corresponding week
last season. The total receipts since
September l, 1875 are 135, 926 bales,
againstlll,7 III at the corresponding time
lastseason, showing an increase Of "A, 200
bales.
Shipments during the week ending |
Friday aggregated 20, 3zl bales, against
Fl, 500 tales the previous week, and 10, 004
the corresponding week last season.
Total shipments since September LIST
are l04, 592 bales, against 1864 bales {
the same time last year, sn increase of
q. 23S bales.
The stock on hand was SO, SAG bales, |
against % 593 bales last week, and 81, SSi
at this time last yesr. .
Sales during the week were II 800 l
bales, Sgainst Is 900 bales the previous {
week, and 10, 700 the corresponding week Z
last year. OF the 1850 bales sold this |
week, spinuers took $3.50, porters 500, :
spectators 1850; against $500 bales to .
apinners, goo 20 Spectators, and 1900 TO l
exporters tne same time last year.
ThS following shows the course Of the I
Hemphis market and the price Of mid !.
ding cotton from the opening OF the
season: )