Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-03-07
FINANCE AND TRADE.

Our REVIEW OF the cotton market
last week reported middliDg cotton in
New York q. l2lc, which fell on Mon
day TO l2sc. New Orleans vas reported
a. 1T sud 50 continued throughout the
week. Liverpool quoted 3-l6j, which
on Wednesday fell 20 6 l-I6J. Memphis
opened the week at I2c. and no con-
tinuei throughout. This statement
shows q decline ia New York during
the week Of 2, and in Liverpool Of ID.
The week was one Ct gloom; the only
changes in Pre- s were in & downward
direction. There is every probability
that, during the week just past, cotton
was lower than it will ever be sgsin
this season, as 1t is the general opinion
that "b0ttom has BEEN touched" and
that prices viii now take a steady up
ward direction. Large receipts continue
TO be the principal cause Of the low
prices the result Is anxiety to sell,
which leads to cJncessions. The large
amount Of low cottons In hand, which
are obtslnable at very low prices, has
helped to downward tendency. The low
point Of tue season is now probably
passed, and a more hopeful spirit is con-
sequently seen among holders, while
buyers are more attentive in their in
yestigstions Of samples. The COM
ing week will probably see some
Increase In receipts, as boats
that made Msrdi. Gas trips will |
be returning, each with as much |
cotton as it can pick up. The LAST weekly |
revieW Of the New York Bulletin said Of |
the cotton market; "a respondent, de. |
morslized feeling seemed TO prevail dur |
ing a greater portion Of the week among |
those who had retained lurking faith |
that depressing influences had exhausted |
themselves. The pressure was for time |
so severe as TO cause some fear Of q panic. |
II Is naturally set down as q positive |
fact that bulls 90 both sides Of the wa |
ter have lost money heavily since the |
turn Of the year, and though as yet Meth |
ing but TumOr is heard, there appears |
nervous dread OF some sudden disaster. |
Yet, on the other hand, we find many /
Of the more careful and conservative op- |
orators who claim that any sharp reac-
ton viii send dismay and ruin TO large
extent among those who now appear to
have all the advantage of the position.
Too much cotton and weak Liverpool
were the depressing influences. The
longs have unlcaded to large extent;
the bears have covered, gone snort, COW
cred again, and gone short again, work.
ing for safety on quick turns, but con-
stsniy aiding the decline" We find
general disposition at this time to admit
that the SEASONS crop will amount fully |
to 4 500 600 bales That unsurpassed
cotton authority, the New York C1iroz-
tcie-whose agent, MIR. E M'Fee, is
now in Memphis on business connected
with that paper-in an excellent article
on the way cotton returns should be in
terpreted, observes that the bureau re-
ports at the end of December 4, 100000
as the probable crop, with small prob
ability that it will fall short of or exceed
that amount more than $4,000 bales"
The Chronicle, after giving the bureaus
returns close investigation, concludes:
" II we accept the bureaus figures as
correct, and adopt its new interprets-
ton OF them-making them a COMPARE
SOD with last years crop-the only re-
suit We can reach from them is that this
crop ia shout 4, 100000 bales" Some of
our calcula.Ors look beyond even that
figure.
Receipts in Memphis during the official
week aggregated II, $50 bales, against
IA, 77O bales the previous week, aDd 1858
bales the corresponding week last sea-
con. The total receipts since Septem-
Der l, 1875, are 409,6 CPS against 2S7, COL
bales at the spOnding time last sea-
son, showing an increase Of l22, 625 bales.
Shipments during the official week
aggregated 1G03I bales, against
10 S25 bales the previous week, and
l.. Gas the corresponding week last sea-
son. Total shipments since September
lst are $40, 956 bales, against 239, 3i5 bales
tae same time last year; an increase Of
III ,62l bales.
The stock on hand was II ,232 bales,
against IS 5l3 bales last week, and 53,-
4S7 bales st this time lsst year.
Sales ddTing the week were $500
bales, against $500 bales the previous
week, and II, 800 bales the correspond
ing week last year. OF the $500 bales
sold this week, spinners took 1850, ex-
pOrter5 $3.50, SPECTATORS 1900; against
5000 bales to spinneT5, 1900 to specula-
tors, and hoo to exporters the same time
last year.
The following shows the course of the
Memphis market and the price Of mid
ding cotton from the opening OF the
season: