Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-07-16

The COTTON MARKET yesterday wa
without animation. The demand wa
very slight, little desirable cotton was
offering and that was generally held al
figures beyond buyers views. The tons
of the kilograms was generally fsvOra-
BILE al unchanged prices We have re-
ceived the monthly cotton circular fol
June, OF Smith, Edwards & Co., from
which we copy the following: 1.-The last
two weeks the complaints from Man
chester have been louder than ever;
business has almost come to q standstill
aud consequently spinners have retired
from the market, and only bought from
hand 10 mouth, The Manchester mar
ket has been the Key to the situation
lately. The depression there has become
worse than has been known for many
years, and low as cotton il the price OF
goods and yarns is relatively much low
or. Indeed, We believe we are within
the mark when we say that q further
fell Of Id per pound in cotton would be
required, without any decline in Man.
chester, to pat the trade on rs good q
footing as they occupied st the begin
ming OF this year. We hear on all
sides the loudest complaints of the diff.
Guilty OF moving stocks OF goods; it il
said tha such an accumulation has not
teen known since 1860, and with no
profitable outlet in any foreign market
The prospect Is not cheering. The most
serious feature Is the renewed heavy fall
ia Indian exchange. which has dropped
{ per cent. In Il fortnight, and when ii is
remembered that not Only all the eas',
but most OF South America, use silver
currency, and that Temittances to Man.
chester are reduced paFi-pGSSu with the
fsIl of exchange, il can easily be seen
now cruising is this blow falling on an
IMPOVERISHED trade. We confess we see
no remedy at present. The time has st
last come when 3 resort TO short time
cannot be deferred any longer, and we
have little doubt that some reduction of
consumption will take place this au
tumn, though probably not enough to
give effsctual relief. 1t is quite evident
that from no other source can any help
be expected. We think matters are
getting worse In the great manufacture
ing ceutars, and there is no sign Of re-
ViYsl vet vieible. Were trade in 8 sound
state, we have no doubt whatever that
s considerable rise would CcCur this au-
tumn, but we cannot ignore the deploT.
able state into which MaDchs SER has
fallen, and which will untersct to q
great extent any apparent shortness Of
cottoa supply. We incline to think we
heve somewhat overrated the consump.
ton. SpInGers have held more cotton
than was supposed, and it is possible
that the consumption Of the kingdom
Is not at present over 90, 900 bales per
week, including SO, 600 to IS, 900 Ameri-
can. From all appearances we should
thjnk that the consumption will be- les
sened somewhat further by short time
So the autumn; hence the deliveries from
this market TO the trade may be no
greater than they were in the second
half OF last year, and the export consid-
e,,sbIy less. The apparent deficiency of
2I0 $40 bales In the visible supply for
Great Britain may therefore not pro-
duce tlgat shOrtness OF stocks In the au-
tumn GENERALLY counted upon. At the
ssme time there are real elements of
strength in the market; it is remaIka-
bic fact that we nee any ef1ci6ncy ct sll
for this country at the close of an enor-
NOUS crop in America, and it leads us
10 Look for q change u the situation
should any serious mishap occur to the
growing crop" Quotstions st the Mem
Oh;s cotton exchange were as follows: