Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-07-18
Memphis Appeal
DAILY AND WEEKLY
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Weakly (postsZe ......-.....2 50
Weskly flor CIabs Of Five OF more post
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FINANCE AND TRADE.

FINANCE AND TRADE.
In FISANCrAL AFFAIRS there has
bsen no change during the week, ex.
cspt a little more call for money for
crop raisers. Exchange was in small
supply aud demand at par buying on the
east and north, where three dsys' grace
are claimed more; selling al premi-
um; on New Orleans buying at l dis
count, selling at par. Gold quoted 1l1l
I'm New York, 1l0i here. The New York
Post reports money extremely easy st
I!92l on call, and adds: "For money
the demand is very small, money lend
ers are very much puzzled how to fiud
employment even st nominal rates for
their money! The New York Bulletin
states: "At all the confidential money
centers exchange on London rules very
high, the rate st Paris being % 30. To
no other reason than the movement of
gold from the continent TO LoI don can
be ascribed the advance to per cent, of
the discount rate f the Imperial Bank
ofGermsny at Berlin. no one imagines
that the act Of 1875 can now be safe
ly relied upon for the confumms-
ton OF resumption at the
period which il specifies. Eighteen
months Of the four years Of preparation
hsve been permitted to elapse without
the accumulation of q dollar OF gold re-
serve in the treasury-nay, with the de-
pletion Of about sos, coo 900 from the
stock held when the act was passed-snd
it is simply an utter impOssibility to &C.
quire the necessary amount OF reserve
within the thirty months that remain.
For this reason, il for no other, the |
achievement OF resumption under the
existing act must be abandoned as hope |
less" Nothing of interest has been d: -
ing during the week in stocks or bonds. |
Memphis gas stock is held st 81; l5OU |
Uuion and Planters stock sold at So;
1000 Planters insurance stock was offer. |
ed at IS; Phm nix was offered at IS and |
Washington at is; 80 shares Of Ph9 ak |
sold st IS.
BsItrs. SeIsng.
Memphis tax scrip.....-......- --..-56960 6l@62 !
Memphis tax scrip, lS75....-.-..-....b59a 6S9ys
County 7og6O |
Arkansas State scrip.-.............55a57 60So2 1
OUR CoITOF MARKET review at the /
close of last week reported middling cot
ton selling in New York at ll4,, 1t so re-
mains; New Orleans, lltc, which has
not changed; Liverpool, 1916, now
advanced to sgd; Memphis, 104c, now
advanced to 10Ic. This statement shows
that cotton has been very steady during
the week, that the little change there
has been was upward. This is encour-
aging, as il indicates that the war in
Eur0De is now viewed with less alarm,
events indicating that 1t will probably
be confined to the Turks and their vic
Tins, the larger powers looking on and
neutral. This is q relief, but it does not
make cotton active, or promise that 1t
will be. England is crushed down with
bad trade, mills are shortening hours
and reducing wages, but goods hang on
hand and the demand for them shows
40 signs OF animation. Holdsis Of cot
ton are more confident than they were
a week ago, but nobody looks
for sny material advance, even
under The best OF circumstarcs IS,
rs long IS the news Of the growing crop
continues to be as cheerful as at present.
This week heavy flying rains have been
shaking the parched grounds in many
psrts, to the great advantages OF the
growing caro-. The last weekly review
Of the New York Bulletin said: "As day
after day brought its decline, especially
on actual cotton. the heretofore most
saBguDe believers in recovery seemed
to be overcome with sort Of apathy
which prevented both action and argu-
ment, and induced aquiet submission to
what appeared 70 be the Inevitable.
From abroad the accounts have been
verv discouragiug, the naturally slow
condition of affairs being greatly inten-
sified by the growth of the wSr-cloud in
the east. while the domestic situation
has shown extremely light eonsumptive
wants and generally favorable advices
from ali paris Of the producing district,
both a TO progress and quantity OF crop.
In short, the legitimate influence OF pos
tive supply and demand, shorn OF all
theoretical "points," seems to be tae
bsse upon which current opsrstlons
are planned, and the result Is
favorable to buyers. The Eagilsh
manufacturers are handling supplies IN
very allow. cautious manner still, and
Notwithstanding the recent decline on
cotton, there is constant complaint OF
want of margin on production, with |
threatened and accomplished reduction
in running time, and the same holds
uood on home account. OR spinners
Continue to be slow, cautious aud indif-
ferent BUYERS, taking absolutely nothing
beyond the most urgent necessity, while
many OF the smaller mills are quietly
shutting up, and now and then Isrger
concern, because there Is no money ID
it, Under the circumstances therefore,,
fha supplies In sight are considered as
inst a little more Than owners will care
10 carry, especially with only few
weeks intervening before new and NJ
doubt pretty full crop will be seeking a
MARKET The decline in silver-whieh
has tIie week quoted as low as 464 In
Tondon and 81 gold an ounce In New
YoTk-has assisted to embarrass cotton.
WATTS & Co.'s last Liverpool circular
said. HSome favorable prospects have
heen counterbalsnced by further seT1:
oI,s decline in the value OF silver, ana
consequently in the rate OF exchange 10
Bombay and Calcutta. The decline ID
exchspRe at Bombay and Calcutta dur
inc the week has amounted to rather
moro than q Per cent. Such heavy
decline ga this not only operates great
Iv to the prejudice OF those who nave
shinnsd goods to IndiG, China and other
countries where silver is the monetary
basis. but II upsets all calculations as
10 future operation. Hence business
AZ Manchester has this week been very
duII. and spinners in conse quence hsVe
hnught but little cotton in tnts market,
Ar0ther prominent source OF depression
ia fouad in the continued pressure 10 sell
future deliveries at prices relatively
lower than spot quotations. For IN
stance, mlodllDS uPlahuo oAS ~"
ted st s 8 I6J, or l-l6d more than Sep
tsnber deIiy, rles can be bought for; il,
Therefore, holder ofeotton thinks prices
will improve, there is not only 10 .i Ia.
ducemsnt for him to hold, p9t p3sinve
lndncaInent for him to SELL ana mus
ssve not only the difference Of l.. I'D in
,srices. hut interest and charges for say
zoo mouths and half. The low grades
~ American cotton, such SIS range In
vsIne froln AID to std, mas, for the past
week or two, been in fair demand: 1t
Nsnchester, is running largely on the
lower qualities of goods and yarns, ana
tha sfoak OF Surat here being limited,