Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-07-24
PApUCAH AND MEMPHIS.
FINANCE AND TRADE.

In FINANCIAL MATTERS everything
is too dull for any novelty to arise to
arrest attention, except the strange
prsnks and vicissitudes OF gold, and,
therefore, everything that indicates
what the immediate future may be is
regarded with great interest. The pros
poets Of the bread stUtfs markets. seem
TO carry our coming prosperity with
them. The present appearance Of
- things indicate low prices for cotton at
the opening Of the new season, but grain
is on the ascending scale. The following
from the New York Bulletin, OF Tues
day, touches this subject: 1.-The French
crops have suffered very severely from
the heavy and protracted rains, and not
alone in the flooded districts, but
throughout q large surface Of the
country. Accounts represent the south,
southwest, southeast and center as hav-
ing suffered heavily from beating-down
audi from rust 50 that, in those sec
tions, neither the quantity nor the
quality are expected to reach "a small
average This condition of things
doubtless formed the basis of the very
active foreign demand, especially from
France, which has affected our wheat
market for the last two weeks. In north
Germany, there had been, previous to
July lst, several weeks Of rain, beating
down the crops, and in localities the
rust prevailed, which had caused at
Stettin q moderation OF expectations
as 10 the yield. The advices from the
Black ses provinces Of Russia are par
ticularly discouragiDg. In the govern
ments OF T5ganrOg and NOvOtcherkask,
locusts had appeared, after a drOuth Of
five weeks with one hundred and four
degrees Of heat; and both the winter
and spring wheat crops are reported
lost The hot weather which has
caused so much injury in southern Rus
STA appears to have extended westward
through ROumania and southern Hun
gary, sfiectiDg very iDjuriously an i'm
portant grain belt Of country. Reports
from Jassy, of June 2Sth, say the win
ter wheat is destroyed and similar re-
ports come from the more southern
points Of Hungry. 10 England heavy
rains have damaged the crops. 1t is
this change in the European harvest
prospects that has been steadily
strengthening the English and CONT
mental markets, ard the result has been
seen at New York in an extraordinary
export of wheat and an equally extra
ordinary advance il prices" Exchange
in our market is about stagnsnt. Gold
closed on Thursday night at ll23, and
by noon yesterday had fallen to lll4; in
June it was up TO ll7s; here brokers
would offer no more than ITO to 1l03.
They said they could not tell down to
what il might drop. Nothing new tran
spired in the home securities, and were
peat quotations, remRrking that fire and
police is weak at the figures, and some
dealers refuse to buy. Shelby county scrip
IS; fire and police scrip at IS; school
scrip at 9099l, bank Of Tennessee new
issue, 20; State notes, 5000.
THE COTTON MARKET wss very quiet
yesterday, hut showed some signs Of re-
cuperstiOn, the official quotations re-
turning TO the figures they showed on
the first day Of the week, middling l43c,
New York and Liverpool were both
firm, but what still more added to the
confidence displayed in our market-a
confidence that led several factors to
cover up their samples and decline
transactiOns-wss the condition OF the
river here. II is bsnk-full, and tele-
grams stated that several streams
in the Mississippi and the Ohio
were again vomiting floods Of water-n
these rises continue, and q further swell
comes on what now fills the channel,
there must be overflow and loss of plant
Cd cotton, with an accompanying r's9 in
price. Under these influences the tone
was very stiff, and the official
quotations at the close showed i'm
prOvement in the figures. The closing
kilograms were as follows: New York
firm at l4Ec. New Orleans dull at
l4ic; sales, l25 bales; receipts, 50 bales.
Liverpool firm at l5-l6d; Orleans,
Is l6d; sales, 10000 bales, Of which
$500 bales were American. Ss-
vsnnsh, l4c; Mobile, l44c; Charleston,
II 9-l6c; Galveston, 14c; Wilmington,
l4!c; Baltimore, 14sc; Norfolk, l43c;
Boston, Isle; Augusta, lac. Gold at
New York, three o'clock, 1923. The
following are the official quotations OF
the cotton exchange:
80
Isn ~