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

/ OF feeling we have described, speculstOrs
| became active buyers and prices went NJ
to Is l-lJ- 10 our market. and when our re-
ceipts were 81 tDU bales below those Of the pre-
| viOus yea-, our stock was only 1000 bales be.
] .ow. smith, Edwards a Co.'S Liverpool Cir
| culf at the same time reported tue MancheS
| ter market to be without buOyancy, and coun.
ciled caution to spinners. watts x Co. LlV-
erpOOl Cotton Report said: Although re-
CENTS have fallen of. the effect on the market
| mas been disappointing" Why was this? Be-
/ cause the decline in receipts produced so lit
| tie effect on the American markets, and the
English dealers said that those who were on
| the spot must be best acquainted with the
real state OF things. In New York the tone
was continually reported as dull and heavy,
although accounts from there spoke OF orders
for futures arriving actively from the south.
The demand in our market for lOngsiapled cot
tons was greedy; dne grades and nice stains
were also IN favor. At the opening of FePiu-
airy. Ii tddling cotton quoted 1910, at the close
l55sc; lowest on The lst, 1870; highest on
the Z7tn, lj3sc. Total receipts at Memphis at
the close OF The month, 2S2, ,4S3 bales, against
352 40 the wear before. The sales of the last
week OF this month were the largest OF the
year, .GJO bales.
This month opened with advancing prices
from the Stiffness OF holders, who, assisted by
the plenty of money in the banks, were hold
ing the best Cottons for higher prices, expect
ing to get twenty cents for middling. The
first week OF the month saw the last swell OF
rece I pts Febraary p h were 7S.2S3 bales, March
5th SO,jlO; from this date they declined week
ly TO the end OF the Year. Elliston i Co. s
time. estimated the avefsge price OK upland
n1iddling in Liverpool, fOr the season OF 1915,
az Sd-nnnre IL the crop should prove less than
reached that figure in Sci tember and 0cto-
ber, and for two weeks in April, but for some
days in July was less than I'd, and this, al
though the crop was below four millions. The
bulk Of the stock in New York was held above
the market, and spots were dull; exporters
were buying very little, but shipments to Eu-
a a a a
previous season, New York being above par
ity with that market SpinDers were buSng
freely, but the aggregate of spot sales was
small, While the maTEet varied in tone with
the changes in. the amount of receipts at the
ports, as they exceeded or fell below the pre-
yiOus year. The favorite estimate of the crop
continued to be $500 900, and borrowing from
banks to hold was still prevalent. The de-
mapd was very active, but the stiffness of
holders limited sales. The receipts in Liver
pool the second week of the month were ll2-
900 bales against 5000 the year before at the
same time, with i2i,0O0 American in stock
against 346 JUU The year before a $4,000 aflOat
against $4,000 the year before. still the
spirit OF speculation held strong, and
confidence IN approaching high prices
was unbOunded. Watts Liverpool Report
said: The cOurSe Of prices, in the early fu-
tuTe, seem to hinge, in an eminent degree,
upon the extent OF planting in America the
coming spring" ON this the APPEAL re-
marked: Thus sentence is worth n tice, as
giving warning that the pIice of cotton in the
market Will begin to be affected by the news
about planting, as soon as such Intelligence is
alta nable." Tue New Ork Chronicle of the
twentieth said the duh accounts from Europe,
the larger ngures at which stocks were mann
tanned and the improved prospects for plant
ing, were circumstances which seemed to IA
VOr decline. Such things as these were ON
inOuS to cotton holders, who were sustained
in their faith by winter beginning very late,
by high water in the Mississippi, and by de-
crease, toward the close Of the month, of 1887
bales during the week, as compared with the
week before, and a total decrease from the
same time the previous year of 20I,9l5 bales.
The stock in Memphis was 5j95 below that of
the year bsfOre at the same time. Prices were
strong: Memphis quotations at the end of the
month showed I5E tor middling, wniie the
New Orleans quotation was l55 &C., and that of
Galveston l5tsc. At the opening of the month
middling ia Memphis quote l5}sc, at the
close l5tsc; lowest on the 9Th, lj5.c; highest on
the I'D, l6c, Total receiDfS at the end of the
month, 5O5,29 bales, against 3S3, - bales the
year before.
As we have feen, February and March were
two months of SpeCulatiOn-StrOng confidence
in high prices, to come as soon as the decrease
in the crop, as compared with the previous
year, should be fully demonstrated; money
was borrowed very freely from the banks to
enable holders OF cotton to stand out of the
market, until Jne "2Oc pound for middling'
was arrived. In the month we have now
reached, all these expectations met with dis
appointment. The month opened with some
advance, but exporters were less eager
Watts Liverpool Report said receipts from
Bombay were 100000 more than the previous
y l.
held 2l6 600 against $4,000 at the same time the
previous ear, and l50 900 the year before The
New Gerk Chronicle reported: There is an
uncomfortable accumulation at this pOiDt
and at current prices receivers have latterly
seemed rather more inclined to realize, while
Liverpool has been reported less active, and
speculative confidence, in a measure weak
ened.' Exporters VINO, in the Memphis mar
ket, took 200 bales during the week ending
March ~ h, took only 200 on that ending the
first Friday in April. The second week in the
month found ggITOn lG9yV. owing in
crease in receipts; Ii yHTIoCl, also, had large
tmportaticns, increasing their stock. Stiuthe
middle of the month found holders firm, and
patiently holding ont Ofthe market, with their
strong belief III higher prices unshak ken. Some
decrease again III receipts inspiring them
with new confidence. Watts Il Co.'S Liverpool
Report stated that they were receiving letters
asking why prices did not 60 up there, when
receipts were declining Their aOsWer was:
"The short and plain explanation is that Liy-
eTpOol Is OVerWeighted with cotton" adding
that the planting of a larger area in cotton in
America would check speculation, and afford
a basis Tor pear operations. Toward the latter
end of the month, although the receipts ere
notably lighter, the tendency of prices was
downward, Failing prices and falling receipts
WAS TOO distinct a warning not 10 open some
eyes, and system came into vogue of offer
ing lots on acOnCeSSiOn, Buyers who had no
orders telegraphed to the firms with which
they were connected, and in this way many
specuIatOrs "gOt out" that had expect d to
make thousands As the dismay spread "soft
SpOisp became more numerous, and the taIe-
gTaph wires were kept busy. The New YORK
Bulletin now spoke OF business as unsatisfac-
tory, buyers doubtful and showing lack OF
Spirit. The undertOne grew weaker IN our
own market, and there was greater dispOsi-
tlOn TO sell as the close OF April approached,
The last Watts " Co.'s Liverpool Report re.
cetyed during the month said the American
receipts were 245,OOO bales less than the year
before, but the amount sent out of them to
England was only 5000 less, while 100 600 bales
more than the pTeVig us year had sent to that
date, had arrived from India. The report
added that the downward tendency of New
NOIk futures was taken to indicate that the
weather was favorable, aud planters making
active eXertiOnS to grow large crop. During
this month cOitons below low middling and
stains, were IN request, but y ere so scarce, and
the better g AIDES 50 much negleCteT, that tuey
mad relatively the highest price. Liverpool
circulars sad the market there was over
stocked with the higher grades, and low cot
tons brought good prices. Texas cotton was
also entirely ont of favor; the dTOuth had
spoiled the staple, At the cOttOn-pGol In our
cotton exchange there were ninety estimates
and stiIl fewer over 300 900 bales Owing to the
OF a clique in Wall street, gold
was al III on the 2yth of March, and la on the
lSt of April. Cotton was little, or not at all,
affected by the change, Middling at the open
ing OF the month quoted at l5Isc at the close
on the 2Bth, l51Ic; highest on the
lst, bee. Total receipts at the close, 3l4 ;S1
bales against lO5,6II y ear before,
May.
The mon opened with weak and decIIn-
ing ms arkets, and as was the case the whole
season, whenever cotton was wanted il was
always river bottom that was in request; the
drOuth had caused upland, and also Texas
cotton, to have poor, short staple. The dis
appointment was great that prices had failed
10 rise, and considerable los was incurred by
spectators who had been holding cotton.
many OF them eveTsnce February, and who