Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1875-11-09
FINANUE AND TRADE.

FINANCIAL AFFAIRS during the
past week have developed nothing
new; the characteristics Of the market
remain unaltered. Exchange ttill con-
tinues in large supply; during the past
three weeks our sales OF cotton have
amounted TO $1,000 bales, which, at $50
T. 500 bale, inv olives the Use az sn i'm
mease amount OF monty. One bank
alone, during the week enuIDg on SatuT-
day last, naudled within a SIN all sum Of
$500 90. Rates remain firm al J dis
count buying on New York and through
OUT the east and north, discount on
New OFleans-on both directions the
selling rate is par. Money continues TO
be abundant so much 30 that the
"curbst lnersn complain that scarcely
q bit Of paper reaches them, the
hanks making loans so freely at 10
per cent. per Anuum. Gold has
been on the decline sill week;
yesterday week the New York quota
ton was lis; at noon today, lis.
Brokers here we're offering 1l3i@ll4;
some lots were taken at the latter rate.
In local securities there is quietude all
around. County is very heavy from the
amount on the market, but yesterday
u
mRnent investment. Fire and police
scrip is also heavy, owing to its Rbun-
dance, and the quotation has declined
during the week. Memphis tax scrip
has remained steady at the present quo
tRtiOn. A couple of lets Of Memphis
gold bonds have been on the market,
but no buyer will touch them. Mem.
phis snd Charleston railroad bonds are
firm ST {, with nothing doing. Mem
pnis gas stock il still without move
ment. although lots are to be had at &c.
State warrants are inquired for and
firm.
DUB REVIEW Of the cotton market
last week reported middling cotton in
New York at l4sc, next day it fell to
1872; Wednesday to l3sc, on Thursday
10 1915, on Friday to Is 5-l6c. New Or
leEus quoted 1910, on Monday 1t fell to
l2sc. Liverpool quoted I'd; on Thurs
day it fell to 8 l5-l6d. Memphis quoted
l2tc; Oh Friday it fell to II 7l6c. This
statement shows q decline at each Of
the ABOVE markets during the week.
New YORK fe Ice; New Orleans, &c;
IaverpoUl, l-l6i; Memphis, l-l6c. The
heavy decline ia New York was more
apparent than real; the gambling Oper-
ations OF the bulls and bears had sup
ported the quotations entirely above
the rates the regular operations OF BUSH
ness rendered Just, ana when the artif1-
cial state OF things produced by the clos
ing out OF corner" that existed was
over, the quotation in New York natur-
ally decreased to a parity with the other
markets. Cotton, however, during the
week has been scarce, the kilograms fire.
quebtly reporting markets as "duil"
or weak This has led
TO concessions, al which buyers
have bought freely, sales IN our market
reaching IS 900 bales, while no previous
weeks sales Of the season had been over
1900 bales. The declining tendency has
been owing to the full supply Of cotton,
the receipts at the United States ports
being ll6 coo bales over the same psriod
last season. The excellent weather for
picking, aud the cessation OF political
troubles 10 Mississippi have disposed
buyers to expect a still further proper
tionate increase, but tidings reach US that
msy greatly modify that opinion. 1t is
said hat the splendid condition of the
cotton plant, owing TO the summer rains,
has misltd estimAtions to Overrate the
amount CT cotton produced, and that
the next monthly reports Of the various
cotton exchanges will show that there
has been "m0re leaf than lint, F" and that
the total cIOp viii not reach the amount
hitherto considered probable, should this
statement turn out 10 be correct, cotton
will become stronger. Watts & Co.'s
Liverpool Cotton Report of October 221,
says: The Oc;oneT report OF the v ash
ipgtOn Agricultural bureau came to
hand, Representing the condition
OF the crop only some l to 2 per cent.
wore than indicated by the previous re-
portland some IA per cent. better than
shown by the October report Of last year
which was much more favorable than
aDficipated This gave a backward turn
to our market, aud the depression was
further intensified by the continued very
heavy receipts at the American porls
and the asIe3t of the London money
market. The relatively large shipments
from America to the continent 80 far this
season are now attracting q go ID deal Of
attention, and tend to improve the posi-
tio1 of our msrxet The excess in these
shipments 10 the continent so far, as
cam Jared with last yea during the same
peroC, amounts to A 300 bales (6l ,5OO
against 7,2O0) whereas there has been
an actusl falling off il The shipments 70
Great Bitin Of 80, e0O bales (S7. 200
a,,...v. .-v,5y0). In this connection II
should be bCrae in mind that one Of the
prominent causes of the recent extreme
depression here was that nOtwithstand-
i.---c-ican crop OF the past sea-
son turnea out 33S, 600 bales less than in
1891. there wSs an increase in the ship
ments To this country Of rs 600 bales"
Receipts IN Memphis during the week
ending Friday aggregated q ,7O3 bales
against 10 759 bales the previous week,
and ISi26 bales the corresponding week
last season. The total receipts since
September /, 1875 are So, 1902 bales,
against 79, O20 at the corresponding time
last season, showing an in5reRse OF 6252
bale-
Shipments during the week ending
FRI az aggregated Is, TT bales, against
1882 bsles The previous week, and II, SSS
the corresponding week last season.
Total shipments since September LIST
are 63,5lS blles, against SO, 4U5 bales
the same time last year, an increase OF
Alb bales.
The stock on hand was "a 356 bsles,
against l9. $50 bales last week and Is 446
Al this time last year.
Sales during the week were Is 800
bales, against Is 600 bales the previous
week, aud 10 200 the corresponding week
lat wear. q. the 1890 tales sold this
week spinUers t1OE $500 exporters IL, 9OO,
specul r. 900; against 1900 ta'es TO
spiaIers aud spectators, and %SOO 10
exporters he same week last year.
The following shows the course OF the
Memphis marie and the price OF mid
dlingcottJn from the opening Of the sea-
son: