Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-08-29

FINANCE AND TRADE.

Our COTTON MARKET review last wet k
quoted middling cotton In New York at
1919; it declined during the week to
- l-l6e; New Orleans quoted IlJc, de-
clined to ll3c; Liverpool quoted 6S.l6J,
declined Sd; Memphis quoted llsc, de-
clined to IL 7-l6c. We see by this state
ment that cotton Is again tending down.
ward. The demand has also slackened,
and, Notwithstanding The more sfavoI-
able terms foT the buyer, the demand
has been lighter and sales smaller. IL is
gratifying 10 see in Memphis, however,
that the stock, so formidable six weeks
ago, is bow less than 5000 bales; In 1874
st the same time, the stock was $40
bales; we have, therefore, nothing to
lament about on the score Of stock. The
weather remains favorable, and the gen.
erai accounts of the crops are good, with
snticipatioDs Of full crop. Ia Europe
the dropping condition Of trade is very
much against our market The purchaing
power Of the people is reduced and the
consumption Il goo is WITH 1t. In our own
country, bouutiful harves's plethora of
money in the banks, and reviving con-
fidence, all point to bstter times at
hand, bat the depressed condition OF our
European customers is g depressing
speck In the view before us. The ! st
weekly review Of the New York BuILe-
tin said an unsettled week had left oper-
Rtois In a state Of uncertainty; the bull
interest had lost its grasp. With the re-
port OF the agricultural bureau there
came q falling off. "This was soon fol-
lowed by = corresponding break on
August and September, End appearances
which seem d 10 indicate that the cliQ1
hal about done With these months, and
though possible transferring their stteu-
ton TO October, were unable ID exercise
their former pSwer over the general
market. Toe spot movement which
promised well early, had also fallen off
materially, AID tbs crop and weather re-
ports proving less alarming, 1t was not
difficult to depFess values, the more 90
as there was the usual number Of easily
frightened operators, who at the first
appearance OF DANCE quickly u Iloaded,
and all recent ehoIts have exerted
themselves TO make the shrinksge go as
far as possible. The attention OF the
trade generally now centsrs almost ex-
clusively upon the crop and, while no
really settled convictions are enter
tanned, opinions are commencing TO be
a little more freely expressed. Many
held to the ides that the dam sge through
certain sections of the Gulf sta es by
rain and worms will Il tImately prove
quite as serious ss indications have led
10 suppose, snd are supported in this
view by letters from reliable eources st
the points named; while against this,
advices Of late date, and from what msy
be considered quite good authority, are
more cheerful IN tenor, and assert that
favorable weather can yet pretty well
neutraIizs all evil effects. This and the
condition OF the plant In the Atlantic
States checks operators for q decline, but
scarcely stimulates them into any free
movement, as even the most furnishing
crops would still have many dangers to
pass through before it could be consider
ed as entirely safe. We may therefore
expect a fiuctustiDg and feverish msr-
ket for several weeks, as indications pro
or con on the above subject are deVel-
oped." The last Liverpool Circular Of
Watts & Co. shows how greatly the cot
ton markets. affected by the fluctuations
of silver; Ii says: "a few days ago re-
lapse in the value OF silver, and q cOrre-
spending tr p in Indi2n exchange,
checked the tu 1yaGcy of the market, but
the pause was OF short duration, and the
disturbing cause Gully temporary. On
"Wednesday last 1adia council drafts
were sold at Is 7sd against Is 6sd fort
night before, ana this at once Produced
\ better feeling both here and in Man.
chester. 1t has since transpiTed that
these council drafts Oh India were bought
by French bankers, and that there were
tenders very largely iD excess of Of
ferings-some four or five times as large
which indicAtes stroDg demand for
remittances to the esst. The course Of
Indian exchange seems destined to ex
ercise leading influence on the cotton
trade generally for some time to come,
and, as illustrating a Manchester solu.
ton OF this perplexing question. We give
the following extract, taken from the
Manchester Guardian of this date, which
may interest II readers: we recently
drew attention in our leading columns
to the undue depression in the eastern
exchanges, which the unsettlement in
the price of silver had brought about,
and pointed out that sooner or later the
speculative dealings in eXchsT ~ by
which the depression had been occs-
stoned would be reversej. The Ie,uits
of yesterday sale Of Iadia bills seems
to show that this reversal has already
begun; and 1t will be interesting to see
how far the resctionsry movement will
go-whether the rate of exchange will
rise to q point at which il viii remain
comparatively stationary, or whether
the recent advance will he succeeded by
q series OF fluctuations. The latter seems
the more probsble caurse.'n While sc
koowledging the improve mem, the Cir
culsr is timid in its autic patiOns, and
says: at would seem to be doub ed by
many If even the present movementca can
be maintained without continuance OF
activity in Manchester O. which there is
no certain Indication"
Receipts in Memphis during the offic'a al
week aggregated 6lS bales, against
52S bales the previous week, and 123
bales the corresponding wsek last sea-
son. The total receipts since Septem-
Der /, 1875, are 4S6, 2Sl, against 32l, 6sS
bales st the corresponding time last sea-
son, showing an increase Of l64 1913 bales.
Shipments during the official week
aggregated 1888 bales, AGAINST 364S BAL
the previous week, and ISL the corre-
spending week last season. Total ship
ments since September LIST are 4S2, S79
bales, against 324 S45 b6les the same
time last year; an increase Of 15S, lS4
bales.
The stock on hand was 5S74 bales,
against 1873 bales last week, and 2S74
bales st this time last yesr. ----
Sales during the week were 1925
bales, against 1900 bales the previous
week. OF the lI25 bales sold this week.
spinners took 1850 bales; exporters, IS
bales; speeulstOrs, - bales.
The following shows the course Of the
Memphis market and the price of mid
ding cotton from the opening OF the