Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1876-09-01
FUTURES IN COTTON.

The once prevalent custom Of dealing
in futures proved this season to be most
disastrous and pernicious. 1t is a mis-
erable fraud and delusion, and should be
banished from every Exchange in the
South. These futures, so-oalled, have
rarely ever been realized Those who
buy usually give more than the present
price OF cotton, and take their chances
They bet against the men who create the
scheme in New York. The South should
sell cotton, and not buy chances tn :
those who control the market will ALLOW
them to win in game controlled by the
dealers. The man who buys starts IN at
loss of two dollars or two fifty on the
bale, and nearly always gets left. The
Southern people should control cotton
sell it and not buy from New York gsmt'
lers. We ought to know what produt'
ton costs, what we can afford TO take
and then sell. The scheme Of futures
has been but little patronizad and is ra-
pidly killing itself off, New York is The
only place where transactions actually
take place. St. Louis, Nashville and
other places made the attempt once, but
soon gave it up in disgust. In 1875 the
planters. of the South lost millions Of dol
lars By dabbling in futures. Not one
half the usual amount has been handled
on Southern account this year. 1t is iu
fact doubtful whether more that 750 bales
have been handled in Memphis since the
Cotton Exchange was established three
years ago. Ready buyers are ouly found
in New York; hence the failure Of the
system in other places The unwary onl5
are caught by such put up jobs.
CHEAP CORN.
Asaa evidence that great aud per
maneut change has been gradually
wrought in this section it is only neces
sary TO mention the fact that in Hay
wood county, not more than fifty o.
sevsuty-Gve miles from Memphis, las
years corn can be bought in bulk from
the crib at fifteen csnts per busheli a
the same time pork, which depend
greatly on corn, is offered at five cent
per pound net. There is an Obundanc
Of corn and killing hogs in the countie
Immediately adjscent to Shelby. Tn
colored population takes an extraordint
ry interest in this particular line of Ell
, terprise, and as matter Of course deprc
dations Of all sorts are less frequent tina
usual Many Of the colored people hav
corn and hogs to SELL instead Of haun
q to depend upon uncertain chances of th
market and tie laws Of supply and d
mand
MEMPHIS AS A COTTON MARKET.
r The total receipts Of this year amouo
3 to 4S7 ,37G bales. This makes Memph
. rank third in the markets Of this countr
: New York being first and Savanna
J. second. It is well known fact Tbs
f while Savannah receives more coiio
!, than Memphis, our city sells l500C
c bales more than Savannah per aunun
c and therefore is really the second ma
e ket in The country. savannah will lea
& US about rs 600 bales in receipts thisyeg
). While We give her total Of say 525, on
, bales, her actual sales have never e
! ceeded 800 600 bales Against his '
have receipts ls7,s16 balef, ehipmer
rs i,5i5 hal,s, All Of which WIS actu
IT sales This is an increase over last e
c. in sales of ll9,625 bales, and in chi
is ments 1885, 1892 bales.
d The feature of the season has been d
r preston and downward tendency, hai
If alike upon producers commission me
d chants and all who have had anything
J. do with cotton. About four weeks a.
n there WAS little rise, and the stock {
-e hand OF "a, 900 bales was worked down
i.1 5,lO3. This greatly relieved the mark
ie aud made money easy But for this '
,r would have carried over into the ne.
10 season fully $4,000 bales, or four tim