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


:. Liverpool broke again; and quotes
below ga; New Y rk shook Ike Teep
1t was dull. irregular, lower 70 sell, and
every hing that was horrible; in our market
spectators are selling at a neavy discount on
what TN ~ gave" English cotton manufac
turers asserted that prices were lower than
for thirty years before. During the week end
Ing May nth, notwithstaudtng all TIE de-
cltnss there had been before, New York de-
cl1ned sc, New Orleans 5se, Liverpool 3-l6t,
snd Memphis sc. The bears In sew Iork
were oquent on "tOo murh cottou," and
failed net 20 coint out that all the foods in
the Mississippi could not stimulat the mar
ket. The following, from the Chronicle
OF the thirteenth, in reference 10 the
character Of the crop o. 1908 is
larger proportion OF low grades aud dusty
cotton than the season before, bat few crops
have ever had such average excellence of sta
pie, the great point of value in spinning"
Ellison & Co.'S Liverpool April report had
the following, which is also noticeable: "A
very trititng circumstance wonld bring In
buyers, and lead to a reaction more excessive
even than that witnessed during the irst
three weeks OF March. Prices are so low, and
the circumstances of the market are such,
that there is more need fOr cauuon n selling
than in buying" Mid Hing at tine opening of
May uOted in Memphis l2c, at toe cIOse lie;
lowest on q twenty sixth, lO5se; highest Oh
the first l2c. Total rece, pts az the close,
Az 9C6 bales, against 3lS, 5S3 the year before.
June.
The course OF cotton prices in June were not
encouraging to holders, no advance whatever
disappointing TO spectators. The first week
prices were ductuating. owing 10 the varying
aspect of Euro yeau affairs, The dethrone-
ment OF the sultan of Turkey led to hopes of
settlement and fun resumption of COM
merce, poor trade and frequent failures in
European cities, however, rendered this hope
doubtful one. Messrs. Ellison Il Co in their
monthly report, dated Liverpool, May Sth,
sp city seven causes which have adversely
affected the cotton market; ~ The dull state
OF trade in Manchester; ~ the unfavorable
tenor OF Indian Rdvices; 81 the unsettled state
OF continental affairs; (D the downward
course of the American markets; (5) heavy
imports and rapid accumulation OF stocks;
(6) large deliveries to spinners from the quay
and consequent small demand on the spot at
everywhere The New York Bulletin stated,
Liverpool quoting middnng Sd at the time,
that from 1872 to le6l, when the war broke out.
the annual price OF mtddllng was lOOoe, the
lowest price In SIX OF these years being below
SC, and in nine of them below &c. On the If
teenth the "hIst bloom" OF the season was re-
ceived here; it was from Arkansas. The next
day the fist Tennessee bloom arrived it was
from Shelby county. The New York Bulletin
announc d on the twelfth that cotton was ar
irving for sale in that market IRON the east,
where the Spinners did not want it. English
circulars at the same time were speaking very
despondingly of the condition OF trade az
Manchester. They had unfavorable advices
from the China markets; the Turkish, Syrian
end Egyptian trade was in q state of COLLAPSE.
The Manchester Examiner complained That
to their other troubles was added the appear
ance Of American cloths in their MAJ ket,
time have we had less announcement as to
the future The third week of the month
saw some Improvement owing to the more
pacific tone OF European affairs but there was
still talk of adopting short time in Man
chester. The New York HsTGL1 stated that
the A. q W. Sprague manufacturing company
would ciOse their mills as soon as tn tr stock
of co ton was worked up; the Atlantic mills
had already stopped. The Liverpool circular
OF Smith, Edwards co. said: Excepting
some short perisls between lS40 and 1850, the
present value OF cotton fabrics is as low as has
ruled since the trade began, in the face Of this
fact the dlt1culty OF moving the production IS
startling and unaccountable." The same cir
cular adds: ''1t is a remarkable fact that at the
end of monster crop in America, the visible
supply for this country shows deficit of H.
900 bales compared with last year." This was
owing to decreased receipt from the West In
dies, Brazil, ETC., but the Egyptian crop was
large. elf, therefore" says the circular sit
should happeG that the next American c. op
should be a short one, say below four millions,
strong upward movement would De tneyt-
face of bad trade, and all next year
the figures OF supply would look very
strong" This is certainly encourag;
ing as to the present crop. The third
week saw another decline set in, principally
owing TO the closing and bankruptcy of Eng
lish mills, and the good condition of our
growing cro1. The gene al trade and none
tary condition of Europe was bad cotton was
cheap, but the purchasing power of the peo-
pie hal decreased, and consumption wa, re-
duced accordingly. Toward the close of the
month it became evident that war between
Servia and Turkey was inevitable. TO bust
ness men the Imr ortance of this fact lay in the
possibility that England and Russia might be
drawn into it. The trouble lsY-not in what
existed, but in what threatened. Ali this de-
phis market, at the opening of July, quoted
lie; and at the close IL. lowest on the ninth,
lU1sc; highest on the tn, llHe. Total
receipts at the close, 4Sl, SIS bales, against
80 ,5l3 bales at the same time the year before.
July.
This month opened with declining ten
dency, and by The seventh miid log cotton
was down in Memphis to l0Hc. 1t was ex-
pected that war would break out between
Turkey and some of her christian dependen-
cies and feared that Russia and Engiaud
would become involved in 1t, which had a
strong effect upon ell branches of commerce
The very favorable reports received as to the
condition OF the growing crop assisted to
lower prices; the crop was generally ten DAYS
to two weeks behind the previous Season, but
three-iOurths grown boliS began to be shown
at the cotton exchange. The attempt was
made at the end of June to palm of two bales
OF cotton at New Orleans, from the Rio
Grdnde, as new cotton, but it was discovered to
be old and the fraud failed. The rst receipt of
cotton In New Orleans the previous year was
from that district on July 18th; the earliest
receipt on record, July 10, 1873. Reports began
to arrive of mills in the east working slort
time, and of the wages of the mea employed
being reduced similar accounts were received
from England. When 1T became evident that
The war would be confined 10 the original bel
hgerents stronger feeling began to prevail
and from that time holders were generally OF
opinion that cotton, being confsSsedly excess
siVely low, would advance and from this Time
buye S were continually complaining thai
the snow OF samples on the tables was scanty,
although there was stock OF 1880 bales in
the sheds. A heavy decline In silver, which
ultimately went down as low as
4654d an once in London, was a strong infiu-
ence, however, in the downward direction
and greatly embarrassed cotton operators. J
European accounts reported the statistical !
position OF cotton as good, but large stocks Of |
mar ufactured goods and small purchases |
oh 80 tn h,
tage due to thai position. rs the month ap-
prOached its close our Memphis market suf- |
fered from apathy, and mtddling was at 105se;
but later on exporters began to buy with some |
spirit, and the weekly sales sEoWeI larger i
figures The low medium, and low grades of /
good staple began to BE- in favor; they were /
relatively lower than other cottous. but the /
demand taking their direction soon cor. ected /
the difference. There was much depression /
in feeling toward the end of July; the COM
mercial papers gave most discoarsging ac-
counts of the position and prospect OF cotton, |
with weak demand and a good crop almost |
within reach, while New England manufac-
luTers were talking of curtalling production |
by partial or total suspensiOl OF work. The |
OF trade abroad, at the same time,
Asiatic markets. TN tue last week OF the
month there was touch of sunshine. IiY-
erpool kilograms had the word "buoyant,"
ong stranger there, The demand. which |
to be mostly for low co;tons, i'm
proved; yarns and faOrics occupied a better |
position in Manchester, and silver W as a trifle |
stronger. MiddliDg at the opening of Iuiy |
quoted lie, at the close lie; lowest on the sew
,nth, l014c; highest on the first, lie. Total re-
,eipts at the close 48l 1874 bales, against 32 1888
1ales the year before.
August.
The "touch of sunshine" that glinted on the
cotton marEet at the end OF July beamed out
rightly at the opening OF August, so that on
he week ending the eleventh over 5000 bales |
" colt "a We're Id. The stock, which was
1900 bales a the opening OF June, fell TO |
O00 by The end OF August Prices imDrO Ted,
eaching IL s. for middling in our marke5- il |
lad been % month before. There was a
eaction in silver in the London market, the
rice reaching once up to 5ii for round lots.
n proportion as silver went up the East In
ia bills Improved, and the consequence was
eviYal OF confidence in Mdnches er, lea ling
o better demand for cotton, and the i'm
'rovenent we nave mentioned in our market |
Ollowed as co sequence. Low cottOns re-
NAMED principally in favor, and they adj
arced INTO ut arer proportion with the
igher grades. In the middle portion of the
Month there was throughout the south an un-
sual amount OF rainfall tor august and fears
4 IL jury prevailed; but beyond some rotttng
4 bOlls and caterO1liars in some districts there |
vas no serious Injury done. The monthly re-
'Cr,S OF the bure II and the cotton Exchanges |
we're entirely favorable, but they referred to a
4 Rod before the rains set in. Toward the |
9th the buoyancy gave place TO declining
Tices and decreasing sales, not, however, to a |
u dicient extent to destroy the confidence of
Jlders. The change followed decline in |
liver the New York Bulletin said: Silver |
q London, by reason OF tue turn in exchange |
Vito India has become weak, and has |
allen 2%d within the past two Gays,
losing at hali-past five o'clock to day at |
= L m I