Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-08-15
FINANCE AND TRADE.

Our COTTON MARKET review last
week quoted middliDg cotton in New
York at l2c. 1t advanced during the
week to II 5,16e; New Orleans quoted
llSc, advanced to 1IEc; Liverpool
6l-l6d, sdVapced to 16d; Memphis
HE, advanced TO 1ls3. This statement
shows a more prosperous week than we
have had for long time. There sp-
pears to be no special improvement in
the generally dull state If trade in Eng.
lana, and the most active cause OF the
chsnge-which led to sales of 20 600
bales a day in Liverpool, with buoyant
markets and advancing prices-a rpesTs
to have teen an important rise that
took place in the market value of silver.
That metal fell q short time ago to 463d
an ounce in London; on Thursday last
it had risen TO 5lai To the great H.
dian trade carried on by England this
change is of the utmost Importance, as
silver is the standard circulation in that
country, ard the depreciation in price
had been mgss dis stTuus to its trade
The general crop accounts OF the month
are good, but the last ten or twelve DAYS
have witnessed constant showers, and
on Thursday q steady, and often
impetuoTs dOwDpour, which continued,
without interruption, for more than
twenty four hour. Serious damage to
the crop Is expected 10 result; this ex-
pectstion adds greatly to the firmness of
buyers, but the market generally, go far,
has shown no signs of being affected by
the,westher changes. Should the looked
for damage prove to have occurred,
fhgra mill NO nd rIaTa
ment Of strength in prices, the effect OF
which remains yet to be seen. The
monthly reports Of the various cotton ex-
changes have been published. That
from Memphis gives favorable state.
ment, but expresses fears from the rail-
that set in after the details on which the
report Is fCu ded were written. The
Augusta report ssys the crop Ia thei-
district is in very fatteripg condition
rs q whole. That Of Savannah is favoi-
able, with expectation OF increase ovtr
the preceding year. That Of Mobile re-
ports q generally favorable condition,
the upian1s, however, better than the
bottom lands; cotton doing as well as
last year. Ia south Mississippi doing as
well as last year. The Montgomery
(Als.) Bulletin Of Tuesday last reported:
Never in our lives have we heard such
conflicting reports about the cotton crop
as we have b. ard this year. Some say
their crop looks we'll; others, tolerable;
Others, worms esting up everything;
others, worms webbing up; and 50 it goes.
We hardly know what to believe. But
the general impression seems to be that
on rich land tbs cotton will be failure,
but that on poor land Will turn out very
well. We hardly thiDk there is as much
danger az some would have US balieve.n
Watts & Co.'s Liverpool circular re-
marks that "the advance in silver and
excharga, and the cOnseqce 1t improve.
ment RI Manchester came in the very
nick oftime. But aside from cotton there
seems to be- q tendency toward improve
mants in many dep rsments OF trade
and commerce. Here and there we can
see signs that the people think the PEN
dulum has swung far enough In one
wsy-ibat the tide is iUsGiGg-that re-.
action il near at hand. In other words,
confidence is apparently at the point of
restoration, bus recOv ~ must necessa
rally be SLOW" Toe last We ekiy review
OF the New York Journal Of Commerce
said: "We iud portion OF the trade
more inclined to express their confidence
In permanent upward turn Of prices,
and to assume that cotton he's seen its
lowest value for some time 20 come. The
arguments which have induced this
change sre to the effect that the market
has hal the ful iUflaercs OF the most
encouraging crop accounts almost from
the planting of the seed; hiss passed
through the ordeal OF We rlike indics-
tions in Europe, and has bsen under the
bape Of protrectsd and unusual depres-
sion in the consumptive cali both at
home and abroad, aud mes, in conse-
quence, have about eGhsustl d 81 weaker
ing features, and declined TO the extreme
fraction warranted by the circumsts aces.
1t is clsimed, therefore, that any de 3ided
new influence may naturally be expect
ed to prove stimulating. Tlis month
has been the main skirnllsh ground
with several hints Of 'cCrler,p or at
least a severe twist TO come. and for g
time the later engagements, last week,
were apparently MY dragged up by
main force"
Receipts in Memphis during the Official
week aggregated SIG bales, g4inst
326 bales the previous week, and l47
bales the corresponding week last sea-
son. The total receipts since Septem-
Der /, 1875, are 4S5, l25, against 32l, 782
bales at the corresponding time last Sea-
son, showing al increase OF 163, 1877 bsles.
Shipments during the official week
aggregated 5034 Daies, against 3l49 bslts
the previous week, and l03 the CORE
spending week last season. Total ship
ments since September lst are AIS, 1913
bales, against 324 377 bales the same
time lat year; al increase Of Isl ,62l
bales.
The stock on hand was ii ,699 bales,
against Is liz bales last week, and 1884
bales at this time lsst year.
Sales during the week were 4200
bales, against $500 bales the previous
week. OF the 1900 bales sold this week,
spinners took 1850 bales; exporters, l450
bales; spectators, 400 bales.
The following shows the course of the
Nam bis Yosrkat and tho nrice of mid