Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-07-13
FINANCE AND TRADE.

FINANCIAL AFFAIRS during the past
week have offered very little for re-
mark. We are now in the "desd sea-
SOM between the Fourth OF July and
September, and little is to be looked for.
1t IS noticeable that there is much less
inquiry for money than had been ex-
pecJed st this time. The reason is both
obvious and gratifying. The splendid
and varied crop is already beginning to
make the agriculturist largely independ-
ent Of the banker. With plenty Of po-
tstOes, apples, wheat, oats and garden
productions he can, from his own re-
sources, supply wants that usually sub
jsct him 20 the misery OF borrowing.
The whole course Of events shows that
the planters way 10 independence and
prosperity lies in varied crops. All that
you can raise for your fsmiiy's cOnEump-
ton, and al you can pay away in labor,
raise. That done, raise every fibre Of
cotton that hard work and skill
ful management will procure, but
always the necesssries first. Exchange
is dull in the extreme; small demands
and little offering, with shipments of
currency to preserve balances. We still
quote New York buying at par, but
when three days grace is required of;
selling 81 premium. New Orleans Is
! discount buying, selling at par. Gold
during the week has been fuctu8ting,
owing to the issuance Of government
bonds 10 buy silver for coming into
oil al. los inc No
York quoted gold at II539l15k; brokers
in Memphis were offering lis. Shelby
county scrip has been on the upward
turn, and is now strong at 74(G75. City
fire and police scrip has been strong all
week, and we quote it looking up at So.
School scrip is in small offering, and is
taken at S7GSS. State notes are firm at
81. For Tennessee new issue 20 is given;
a $500 post note sold at that figure yes
terdsy,
OUR REVIEW OF the cotton market
last week quoted New York 15Sc, and it
so remained until Thursday when the
quotation advanced to 155c. New Or
leans quoted 15sc, but declined to l54c,
st which it remains. Liverpool quoted
Z S.l6d, but declined TO I'd on Saturday,
and on Tuesday advanced to It'd. Mem
phis quoted 14!c, but on Wednesday ad-
vanced to l44c. This statement shows
an advance in New York duriEg the
week Of &c, decline Of &c in New Or
leans, decline OF 1.161 IN Liverpool,
and an advance Of 4c in Memphis. This
again Develops 3 steady market, but
4 ~ II -rs 4, l. -
some reaction, and the feeling in the mar
ket wsa decidedly stronger. The stop
ping Of one Of the large cotton mills 10
New England, and the IumOr that
Others will follow, must be taken, how
ever, as an offset against any buOyant
expectations. Ia saying this we are
once more exposing ourselves, as has
been frequently the case this sea-
son, TO the accusation of being
bears. As We neither buy nor
sell we are calm, unimpsssiored
lockers on. When strong current sets
in, as il did last March, for instance, and
cotton was bought at l6tc that has since
sold at l53c-it was nos cur duty TO rush
in and fan the fire, but to give cOOly,
and "WithOut fear or favor" the exact
state Of things as we knew them to be.
We did SO, and were called "bears."
Why2- Because we were on the side CT
the bears? Not at all, but because the
turn OF the market was toward lower
prices. We are approaching the end Of
the cotton season, and the position We
have taken from week to week can now
be iudged-the verdict Of the event is in
our favor. AS far as the present glorious
aspect o. the crop is concerned in the de-
cline OF cotton, we could discern nothing
we can tell, but not fOretell-our judg-
ment was formed on events as they &C.
cured, not on such as We could not
fOresee. The duty Of The reporter lie to re-
port exactly what he sees before him, to
take no sides, - imagine nothing, not
10 advise the reader TO sell or buy, but
u stale facts as they exist, so that each
reader shall be in q position to judge
what mode of proceeding will be best
for his interest. The reporter furnishes
the facts for sll-buyers and sellers fur
uish their own Opinions-whether the
facts suit the bear or rejoice the bull, is
no business Of the reporter. In our mar
ket The stock Is low very small; most Of
il is owned by speculstoTs, and planters
have little peCuniary interest in it. The
only demand we have comes from spin
neTs. The important failures that have
occurred in England are telling disas-
trous in the Liverpool cotton market.
The New York Chronicle has Man.
chester report which says: ALTHOUGH
the losses in the India and China trades
have been continuous, snd ct some pc
RODS heavy, they have not, on the
whole, been great enough to produce
the lOOked-tor catastrophe. Ii should
rather be expected from the sudden
stOppsge of the channels OF discount
than from any other cause. Against
this consideration is set the low rate OF
money. which is now flowing quickly
into the banks, and will certain
" fnl its way out again TO the
relief OF those who require it and who
are entitled to il. In discussion
Of the prospect stress is also laid upon
the fact that there is no sudden ISL IN
the value Of any commodities, While
food Is cheaper than 1t has been on for
mer occasions when we have suffered
from panic. Some apprehension now
ever, is felt as regards Liverpool, cotton
having been but weakly held there OF
late. To-day there is little sign OF CIV
ing way, but a decline may be looked
for there, perhaps, with as great Justln-
cation as in any other quarter vi
course the present complete suspension
Of business, and the inactivity there mas
been here for some time past, together
with tire timidity and caution now prev.
sIent in making deliveries Of goods, fill
up stocks in this market pretty fully
but as yet there is no practical sign OF
weakness in the position Of piece goods
nor any desire to press sales: Both buy
ers and sellers seem resolved Tor the
present to remain Is inactive as they
possibly can. The market for export
vans has been completely par
aIyzsd by the failures, no one
-ri.Eirr 20 do Lhusiness till their