Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-06-22
FINANCE AND TRADE.

= IN - ~ " AN ~ L ANhDZe
FINANCIAL MATTERS are as dull as
they necessarily must be at this lime Of
the year. The banks are well Off for
money, with few calls for loans at pres
ent, bIt a heavy demand looked for.
Exchange is in small supply and de-
msnd; buying on New York, and the
east aud north, at par, selling at I pre-
MUM; New Orleans continues to be
irregular, generally taken at / premium,
but at some places at !; selling at par.
Gold has been on the advance during
the week, and now quotes as high as
ll1l; here brokers offer 1I65 Few To-
cal securities have changed hands this
week, including city fire and police
scrip al IS, selling al 50; Shelby county
scrip strong at 7lm72; yesterday Is
shares Memphis building association at
s i6, $50 paid in; a few days ago $1,000
city gas c1mpany's stock at sos; Plant
ers and Union bank ut 50; Bluff City
insurance at IS; PhR nix insurance at
81; Nlcolson pavement scrip nOmiDally
50; TCnnessce new State issue 20. The
New York Buletm says Of the
Jagues Cartier bank in Montreal,
which has suspended and had capital
two million dollars: "Ths business Of
the bank has been chiefly with the
French population; il has been extended
and short Of money for several months.
Ia London more failures are expected,
the effects % the dull trade Of the past
two years beginning 10 crop out" In
d laa ~ 70
UTes, covering liabilities to the amount
OF sixty millions Of dollars, all within
two weeks, will awake caution among
the English banks; money will seek
refuge IN the banks, credit will be great
ly limited, and the fabric of English
credit tiled to the utmost. The New
York Bulletin says there is nothing in
the condition % foreign exchanges to
affect the Bank of England, and our
own large exports of gold will help to
swell its bullion resources. In any
event the affects OF the present condi-
ton will be depressing in England. To
a certain extent we must suffer from
English disasters, linked in with that
country, in our cotton trade, as we are.
But England will be brought into the
condition through which we have just
passed; this will cause a decline Of prices
that Will tend to eguslize trade be-
tween that country and this, to our adj
vantsge. We shall also reap financial
advantages, as capital lying idle in the
banks VIII seek American Investment,
lower premium Of gold will follow,
with more facilities for the, resumption
of specie payments.
OUR REVIEW of the cotton market last
week quoted middling in New York at
l5sc; the next day it declined to l53c;
on Monday il advanced to l53c; on
Tuesday again declined to l5s; on
Wednesday, to l5tc, and on Friday to
SEA thorough week Of declines. New
Orleans quoted q week ago 15c, and 80
continued throughout. Liverpool quoted
Z 9-l6d, hut on Wednesday fell TO 74d
and on Friday 10 7-16d. In Memphis
the quotation was l43c, which on
Thursday became l43c, and on Friday
I43c. This statement shows a decline
in New York, during the week, OF fc;
Liverpool, I'd, aud Memphis &c. The
history OF the cotton week lies in these |
figures; the great cause Of the fall in |
prices is the ample stocks in Liverpool,
the disposition TO use them up before
making further purchase, and-the
cause Of all the weakness-the continued
wonderful news about the condition Of
the crop. Cotton is growing in sbund-
ance; there has been a % per cent. acre
age increase over lest season, but what
the increase in yield is to be remains
t. be seen. From Tennessee to Texas,
aud from Arkansas to the gulf, there is
only one report, and that report il a
shout Of triumph for good crops in pros
pecs. In our market the demand is
Slight at the end OF the week, but orders,
considering the condition Of things,
have been plentiful; but the small stock !
we have on haud-9400 bales-made il |
difficult 70 fill them in some cases. The |
"hOpe against hope,n the "strong conf |
deGce that knows no submission" have |
given way to 'rcumstlnces. Among |
the sales Of the week was lot Of cotton |
that was bought 10 March at l63c; since |
then the owner hsd paid storage, insur- |
auce, and other expenses, sure il would |
bring him 20c q pOund-it sold for l5c. |
Instances Of this kind are hard even on |
the Htifiest grit; the decline is the more !
marked as il occurs in the face OF rising
gold. The first cotton bloom Of the sea- |
son arrived here on Friday; il was from
the plantation of Warren & Russell,
Coshoma county, Mississippi. Last
wear the first bloom was from the neigh
IJrho0d Of Memphis, and was received |
on the sixteenth, two days before
the first bloom Of the present !
year. The New York Bulletin, Of
Friday reported: "Private accounts are
al more or less unpromising and Of a
character u induce great caution, and
the policy 81 buyers is evidently to let
cotton al0ue until they can see In cir way
more clearly. At the opening the stead
ier sdv .crs from Liverpool induced a
sympathetic feeling here, and drew out
some demand II cover, not only among
our orEn operators, but on orders from
the south. This was followed by rumOIs
Of a weakness in the foreign market, and
the tone became tsme.n The English |
BANKRUPTCIES, especially the Manchester
one, had vc-y heavy effect upon the
market, referred 20 by the Bulletin,
which says further: "The occurrence OF
"a series uf failures in the most important
branches OF English trade, and the weak
ness especially apparent in the great east
rrn trade Of Manchester, IS a matter OF
serious impnrt To the cotton trade. This
breakdown IN English credit argues an
rEusaund state Of trade in that country,
which can he TemedIed only at the eX-
peuse an inevitable collapse Of general
business, resulting in the return 70 gen.
c~suy lower scale Of values; and with
such break tine great cotton trade Of
Lancashire must svmpsthize very di-
rsetIv. This IS J matter which, 10 cur
view. bears more iufUeutislly on the fu-
ture OF cotton than even the considers-
fiarz o. euuriy.u The Liverpool Cotton
Report Of Watts d Co, Of June 4th, has
the following report Of this and next sea-
sons probable crop: 1.-The following Ia
lie shows the agricultural bureaus acre.