Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-07-25

AZ ulscOunt, selllng at par. Cod quoted
lll4 in New York at noon yesterday
brokers here paid as high rs Ill. Dur.
ing the week there was nothing doing in
stocks or bonds worth recspitulatipg
and qu jtstions remained unchanged
Tennessee warrants are buying st 50
selling at par. City Indebtedness of IS7E
quote at SSGS5 buying, S7(G,S9 selling,
1876 is taken at 65967. Two or three
city currency bonds were sold Of 3S!; in
d. the middle Of the week Is shares OF
Washington Insurance company stock
sold at Is.
Buyius. SELLING
AeInPhis TAX scrip, old.....-.-.,...52 go $500
Memphis currency bOnds........-..SSai0 4O543
Memphis gold oonds.....-......-- -43Sl5 eli
Tennessee warrants. .......-tagS Id
aTkant as 7tste scrip -.,,......,...05gsJ7 60ss62
OUR COTTON MARKET review a week
ago quoted middlisg cotton selling ia
New York at 1lfe; it fell to IL lI-l6c
New Orleans quoted lie, and there re.
manned. Liverpool quoted 81 aud
continued uncaarged Memphis quoted
10Be, which was also unchanged. This
statement shows that the cotton market
during the week was steady, decline Of
l.l6c in New York being the only
change. The markets, however, ware
generally weak, duil, aud heavy ia their
tone; there WAS little life or activity.
The Europsa1 war news may be c0nsid-
cred as favorable, the large powers staud-
ing clear Of the c01tes', but the state Of
general trade is extremely Obscure ging
there, and although the statistical posi-
ton Of cotton is good, the prevailing de
preston takes all animation out of the
cotton market. The condition of the
crops also tends 10 keep prices down.
The Chronicles report prOnOunces the
week favorable for crops; showers were
general and their effect bene fetal. There
is little alk OF cateTpillars in one or two
places, but no serious damage is report
ed. Apathy has been the prevailing
feature in our own market during the
week. Orders have been few, as spin
neIs are buying only "from hand TO
mouth" were il not tbat an enteTprising
exporter has shown some activity in
purchasing, the weeks sales would have
been meagsr Indeed. Except
slight decline in ordinary cot
change ia this market. Buyers general.
ly complain that the offerings on the
tables are not what they LOOK for with
stock OF e, 600 bales Ct cotton on hand
and 8 new crop rapidly appToachingu n-
der favorable au.pices. Money is easy
to get and on low terms, and holders of
desirable cottons cannot make up their |
mind to sell st the present low rates, |
although they allege no reason for ex-
pecting favorable change That the |
bOuntiful harvest that now promiS g |
will do much toward reviviDg public |
confidence, and that if it be well got in, |
a better state of things will exist after |
the Presidential election has removed |
the political confusion, is the prevalent |
expectation. This does not relieve cot
ton, however, from the effects Of the ex-
cessive depression OF trade in Europe; |
IL those who buy our cotton are in diff |
culties, those who sell il cannot fail to |
feel the effects of the trouble. The |
weskly review ofths New York market |
in the New York Bulletin. says there is |
q want Of buOyRnt healthy tone, and |
when any slight improvement has been |
manifested, il has been the consequence /
of emancipation" That psper says: /
sour home consumption does rot in
crease to the extent it should at this Sea
son; the Gdvices from Manchester by |
mail, Just at hand, have all shown 8
more or less discOurSgiDg tone the crop
accounts, thus far, have Continued as
favorable as could be wished, and the
speculative element on the market |
grows smaller and affords less support
than heretofore On the whole, the latter
portion OF the cotton season Of 1875 is
disappointing, and patiencs to "grin
and bear itn sppsars to be all that is
visible for the cotton dealers Just now.
The following, frcm the New York Bul-
Jetin, of Thursdsy last, q paper of high
Authority, merits serious consideration:
Some Of the New England cotton
manufacturers have recently favored
material eurtailmept Of production or
total suspension of work, as S means Of
precipitating what fall ia cotton msy
yet have to occur, and thereby reaching,
at an earlier period, a safe bottom OF
prices; but il has been found impossible
to agree upon sny common action, and
the drifting policy is still continued.
Without undertaking at present to say
whether this passive course Il preferable
to active efforts to bring down raw ms-
terisls TO their ultimate bottom, it may
be safely maintained that the condition
OF affairs, in this aud other countries,
points TO the prospect Of a still further
fall. Not only here, but ia all the
countries OF Europe and in the
great Asiatic markets, especially
India, business is still sui ject to a
very severe depression. In England,
the chief manufacturing country, there
is reaction in progress like that through
which we hsve passed in this country,
which is likely TO produce, before il is
coDsumm8ted, q far more severe depres.
sion Of business than there exists at
present. The IUdis market, on which
Manchester is so largely dependent, is
thrown into ouch q condition Of deraDge-
ment, through the depreciation OF sill
yer, that there b no tfEIng what disSs-
ter to tine cotton good trade msy arise
from that cause. With such influsnces
affecting all the great maj kets for cotton
goods, and with every prospect Of full
average crop OF cotton, 1t would seem
inevitable tbat a further material de.
cine in the price o! cotton must occur;
and this prospect appears the more Gel.
tain from the fact that the crisis Of de.
preston in the European and AsiRtic
markets has no. yet eliminated, and
that the point at which affairs may be
expected TO take a favorable turn Is
Distant
Receipts in Memphis duuDg the official
week aggregated 45S bales, against
479 bales the previous week, aud l67
bales the corresponding week last sea-
son. The total receipts since Septem-
Der l, 1875, are ass, Sis, against 32l, 100
bales at the corresponding tine last SEA-
s0u, showing an Increase OF I6l 1923 bales.
Shipments during the official week