Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-09-01


was a rapid depreciation In the value OF sll-
yer, that metal, not gold, being the circulating
medium and standard OF value In INT se coun-
tries At later da e another trouble wa
added some of the provinces subject 10 the
Turks arose against their sway, aho u se. eIa
wa. in consequence, among some OF the great
powers, was consi Ter d imminent ION
Iueic.ai failure, closing or limiting the
hours of labor in the IT anufactoines,
ard reduction Of pay for labor, foiIo Seo. 1ne
dec rease of pure basing power among toe peo,
ri Increased the trou Dl4; stocks were iouno
10 be too large for the demand, and the effect
shrinking In the value OF eonm n, hasr
its full share of the evil. Quite at the IstIer
end of the season when good udings Oh tne
CONDITION Of the growing crops cause9 an and
portant improvement to appear upllA ely, anu
when most persons in the trade has maze Up
their minds that Memphis would have 10 car
next season, q change came. Liverpool awoks
from its languor and became buoyant a. so.
vanced prc. with sales as hlgn as ZOoOo Gai pare
of cotton a day. Our market became ANNA
ted, shipments increased, and the STOCK OF
1900 bales with which June opened raplo1y
melted down at tue presence OF tine sun CT
pr y perity so that we enter the new season
with o larger a stock than we can very Wea
deal with In the 1lTst weeks of the new season.
4 he great cause for this happy cnange was an
advance in the price of silver, which rom
1870 an ounce in London gradually Worke9
It's way up TO 5215d. This advance improved
the condition of East 1ndlan anu , 1SneI esss
ern bills, change that Ie1eVeu Mancnestei,
and set the cot;on-mills to Work with renewed
hope and emery. The prevalent low price, OF
the season, however, have been pOrne VILE q
wonderful degree Of fortitude by the cotton
growers who we e able to stand the pre- sure
because they had, TO very unusual exNnI'
stantials of life for Themselves, for the
labor IL ey employed, and for their catle'
During the growth OF the crop now maturing,
this maintenance process has been car
r. ed out to q still further extent, and that pro-
gress increa ses the power OF the cotton grow
sr to endure pressure. It is also increa, ing
n Z raj at when
employed, by maDipUlators OF the markets,
thus adding to the Independence or his posi-.
ton The study of the past becomes prophecy
of the future-takiOg the cotton history OF
tue year, as detailed IN this review, ana oo-
serving tie general tendency OF events OF
Iste years, what appears TO be indicated re-
spsctiug the future of the cotton producing
bu iness? The Indications are Chat Tue pro-
duction of cotton Will Increase, anu G salaI
moderate prices wi be the rule In average
future years. A correspondent OF the CnaTles-
ton Is. CT Bulletin, writing in March Jsht,
clearly lays tue STATE OF tne case 9eloIe tar
cotton grower, he says: tine steady regular
more Sc in the cotton yield OF the soutn nas
been the product of the southwestern states:
Large as 1t How Is, 1t is yet small as compared
with Whatit will be Wnen the extensive fer
lille lands of Arkansa5 AID Texas are more
fully devt lOpeu. II will be only rev years
before 5000 COO ba eS will be considered mod
crate yield Tor the south. In view OF these
facts, our planters would do well TO anticipate
only very low prices for cotton IN the nature.
1t rs quite probable that next season prices
will rule perhaps q cent per pount lower tnan
they have done his say, about Ii15c for mid
ding in the Atlantic ports; and as crop OF
co ton does not average in quality more than
one cent rer pound below the standard OF
mlddling, planters should not calculate upon
the probability o. Their gross sales at the ports
realizing an average of over l0%c, which
would net them, after deductiag all expenses,
about 80 per pc md on tner
Pros 1 in the lace, and makes his ar.
rangements accordingly, will not prob
ably have reason to regret having
done So" This statement will awaken
respondent feeling with many readers, but
it is rare that ficulty IS unaccompanied
by some compensattng influence, and the gen.
erous influence evidently exists in this 10
stance. The Unite1 States is not the C1lty cot
tou-grOwing countryin the world, but II is the
greatest, ana it has more advantages than any
of its rivals. The higher price cotton Is in the
United States, from short crops, or otherwise,
The more successful y other growers can rival
it in The markets of the world. If, tnen, events
indicate continued increase in the nual
production Of American cotton, ana That In
crease involves decrease in price, the de-
crease inSureS our successful competition Win
India, Brazil, Egypt, and elsew here, / Il gro "
ing cotton. During til present season cheap
low qusltty American coltonS have largely
taken the place CT Indian G. ttUns, that would
have been used had those cottons been dearer.
The reason is because the American low cotton
has staple that the India cotton OF highers
grade, in other respects, cannot SHOW The
result, therefore, of a full supply 10 the mar
kets of the world of American cotton Will
be the withdrawal from 1t of growers in rival
ward whaU will pay them better than cot
ton. In the end this will give the United
states the practical monopoly OF me Woflds
cotton marHet That monopoly, once Sc.
cured, improved prices OF cot on will ollow
the absence OF rivalry, ana what appears 10
day to threaten us as a danger, becomes the
very means OF our salvation, a ultimately
of the possession of the empire of the cotton
trade of the world. Let our farmers grow
their own breadstuffs and their own meat;
let southern mills grind the corn and meal
required Tor southern consumption; let south
ern cOtton-iactOries spin cotton grown on the
spot so that large portion of our cotton eX-
port shall be in the shape of yarns; then pros
perity will bring wealth, ana the vat re-
sources hature has placed in our hands will
build up Tor Us Il future that Will Transcend
our widest hopes, and fill up the measure of
oar most eXtravagant ambition. DlrlOg the
season just closec, the co, ton dealer has hal
valuable resu 6 tn1as I've follower Inc esta,9
Iishment, ana especially the cooper att0n, or
lhe various cotton exchanges, The kystemat-
ic supply of information; the close details
given OF the progress of the crops,
OF the state OF The weather, and of
the bearing of occurring events upon the
cotton markets. have been Invaluable to the
grover and the merchant. Freed, TO a e eat
late facts iIom eve y part OF the world with
whicn their business is concerned, the cotton
grower and the coJtOn &c Ter have co1duc, ed
the details of their operations with CORE
spOnuing confidence, ana business TACT co.
lightentd by business knowledge, has had ev-
eIy opportunity OF commanding success. Our
own GOJtOil tAcEE0S6, unuGT ln0 admirable
and spirited management of Superintendent
ToCf, las proved R most valuable auxiliary TO
Memphis trade. Under the watchfui manage
menJ OF the chairman of the statistical com
mittee, Mr.. Gates, tie Mem phis monthly cot
ton reports have proved to be more complete
and method C Al thG n thoSe OF any other cot
ton center OF the MON. The years returns
show that the cotton trade at ID Memphis DUNG
the season, notwithstanding adverse infiu-
encts, has been prosperous. The receipts were
very large, and SO excellent the ktap.e of the
cotton, and the proportion OF superior grades
SO great, Lhat the desire to pu chase at our
market was never more strongly manifested
than during the season just ended.
September.
The last month of the previous Sc son was
troubled with fears from floods, the water on
the river being at the danger line" as they
did Lot pass beyond III t m ark, TIE damage 10 |
the growing crop was not serious. Tidinss of |
early frost from Minnesota down to Illinois, |
cau-t d fear also of arly frost cutting of cot
ton. The first new bale arrived on the first of |
August, and the econd on the second, both |
low mil dling, and sold by auction at SOC. The |
first was from Helena, the second from Delta, |
Mississippi. Middling cotton in Memphis |
Dps ned August LIST at l414c, and closed at 141sc,
cotton buslnes, during that month was very |
Hull, the stock was low-S0C0 bales at the |
opening, 800 at the close of The month. Sep |
TENDER opened with little ding, kilograms |
the weather splendid Tor cotton,
which hot sun matured rapidly. The pros
pects Tor the cotton business W, re good and |
money to move the staple to market. The ten
iency of prices was downward, but the low
stock, and especially the scarcity OF desirable
cotton, checked the decline. The |
crop being late, receipts were light,
put the bolls opening rapidly,
t was expected that when the
eceip5s fairly oegan to come in they would
Do rapid, SO as to make prices low up to New |
Years. Ttdlngs from England reported a poor
demand for manufactured 6 )ods. The secood
week OF the month saw dali and decltning |
market, mtddung was 1879 in Memphis at
he opening of 1t, and 1876 at the close. Lit
le OF the cotton arriving was under middlipg |
IND low middling orders were often fIleu
With that grade; arrivals wer9 slow. The sea-
ports showed free receipts, mostly from Gal
7estoD, where CO ton was forward. Picking
Vas rrported very active, but receip were
lot sufficient to fill the orders on hand; this
made prices hrmer here than IN other mar
let's. After two weeks very favorable wealth
II rain set in with cold so mat on the morn
Dgs of the 9th aud Dist there was ISL !ght
rost" reported. This encoural ed the thought
hat Wlnier would ret in early and cut off
ottOn 70 that there were not wanting pradic-