Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-02-22

lUkif AullH anu 81 . VIII 10
quotsble change, but with q downward
tendency. The Inquiry was light.
Smith, Edwards d CJ's monthly cotton
circular for January has the TO lowing:
The past month has been one OF great
depression in the cotton market. Week
by week the receipts have kept up, show
ing IA enormous gain on AIT year, and
gradually raj sing crop estimates. In
Manchester trade has been very quiet
during the past month, but no depression
has been witnSs Sed corresponding with
that in Liverpool; the large orders CIV
en- out in December have kept producers
we'll engaged, and there has never been
much pressure to sell; hence the great
er part OF the decline IN cotton has
gone 10 improve the margin Of spinneIs,
who are now as body doing very well.
One uDfzvOrab'e feature has 10 be noted
10 regard TO the eastern trsde-the rate
Of exchange with India has suddenly
dropped u pfr cent. further, causing
mucn disappointm snt to merchants who
have remittRnces 10 receive. This con-
tinuOus dropping OF the Indian exchange
renders all calculations uncertain, aud is
a great drawback to profitable trade.
There Is nothing to keep up high rates OF
d discount, except the drain OF gold to
France and Germany, but 1t Is probable
that for 8 time very low rates VIII be
prevented by that CAUSE. The maj 1Tiiy
OF crop estim stes are Eetwt en At and AZ
millions, and holders are greatly disap-
pointed. The long succession of adverse
markets experienced for years past has
quite unnerved the community; each
decent in values to point that was pre-
viously thought safe has paved the way
to further fall, till people have at lest
lost all conf ieuce in their judgment;
hence the maTke. has 10 stability, and
1t is difficult at the moment to see what
Will rally il. Several circumstances are
against the market at present. A very
heavy import has recently taken
place, and much cottoa is near
ly due. a large amount ia going
from ships side to spinperJ, who are
consequently rendered Independent OF
our market, so that we cannot couot
upon an adequate demand Oh the epot
to relieve bolcers. Then, as usual, there
is the pressure OF delivery contracts fully
due, with loss Of III per pound upon
them, and few capitalists willing to In
teIvene and hold cotton with hard Cash.
In former years America used TO help
this market In the spring by running up
prices there and sending orders to buy
here, but now the Influences from Amer
lea are all contrary to the market, and
large selling orders STRIVE from dsy to
day which push down the price Of deliV-
cry contracts. the consumption of
American cotton this year is going to be
extremely laTge--indeed, we will VEN
ture the opinion that at present prices a
crop OF even 4, 500 600 bal g will disap-
pear within twelve month";. SpinDers
both here and on the continent are CIV
ing up East Indis cotton TO great ex-
tent and substituting American. the
chespneEs Of low American cotton,
which will increase as the year goes on,
will more and more draw the trade off
SurRts, which are relatively dear, and
we think il is not too much to assume
that at present prices Europe will reduce
the uee OF East IudlG cotton by 800, 900
or 400, 600 bsles. There IL, besides, the
natural increase of consumption at these
low prices, which mean profitable trade
to the spinner, and we think thAt we
are within the mark when We say
that 100000 to 100000 bales more
American will bS Consumed In
Europe this year than last, The
movement from Bombay is unusually
email; the receipts to date are 81 900,
against 12i 600 bales last year; the crop
Is undoubtedly late, and the opinion is
growing that it will be considerably
shorter than last. Hardly any transac-
tiOps have yet occurred for shipment to
England. We never knew such apathy
in toe Bombay trade, and apparently 1t |
will be long before the crop is fairly set |
ia motion. We certainly expect very |
large deficiency in the shipments from |
Bombay before the moDsOOn-sufflcient |
TO cOunterbslancei in great measure the |
excess from America. We therefore |
think the early spring months will be |
the weakest time of the market. We |
feel very sure that il no rally occurs be-
fore summer, and planting in India
takes place with Fair DhOllerah ruling |
ut AID per h., We must look for great |
decrease in the growth of cotton in In
lia. Toe production of Bengal cotton |
has rapidly fAllea off in consequence Of |
low prices, aqd we shall ses the same re- |
suits with Surats." Quotations at the |
Memphis cotton exchange were as fol- |