Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-08-22
FENANCR ARD TRADE.

OUR CyTToN MARKET review last
week quoted middling in New York at
II 5 I8,, it advar ced to 1879; New Or
leans quoted llse, advanced to life;
Liverpool quoted 8 I6d, and SO re.
msi2ei; Memphis quoted 11sc, ad-
vanced to lls,. 1t will be seen by this
statement shat the ward movement,
which became Prominent with the
opening Of the month, continued to act
throughout the week. To the fact that
the frics Of silver has remained firm,
with an upward tendency, is almost al.
together owing the Improvement in
the cotton market. The Cutting Of the
firt rush Of orders following the buoy
aDcy OF Liverpool, and q cessation of the
rain, with fine, sunny season follow.
log. has brought quieting iEhuEpce
into our market, and for the last three
days there hiss been slAckening In the
amount Of purchases, but the cor fidence
OF holders has sustained quotations, and
on ordinary cotton, whicn continues in
vigor1u. request, with an increasing
scarcity OF supply, there hiss been fur
ther advance. The change froom droop-
ing depression 10 buoyancy and higher
prices has bsen q most fortunate
one for cur market. The plenty
snd cSespuess Of money had
induced many spectators TO invest in
and hold cotton, so that the middle Of
July found US with stock of p, 500
bales of cotton on hand, and it was the
general O,inion that we should have to
carry 10, go bales Of stock over to the
next sess3n. Ire last week ended with
q stocz Ct only $500 bales; the sale OF
the rest has strengthened our
money csnteTs, SO that our banks, in
stead Of finding money scarcer rs the
first Of September approached, rs is the
regular eourse of things, are actually
considerably stronger in capital to day
than they were q month ago. From
that important authority, Smith & Ed
WARTS Liverpool monthly circular for
jay, We copy the following: 1.-The rSl-
lying OF IadiAn exchange and of tn }
p ice If ii Yer has affected Manchester
very bent i3isliy, bringing in good de-
mRnd for eastern cloth, and checking
the tendency to short time; spinneIs
being quite Out of cotton entered our
~ srEeL freely, and, with an active de-
mand, prices both on the spot and to
arrive sdvsnced s94d per pound, bring
prices Of the month. TIE Improvement
Is most marked in low American cotton.
OR spinneTs have been large users of it
for some months, attracted by its COM
parstivs cheapness, and tue necessity Of
reducing the cost OF their production to
the utmost, aud now the stock Is getting
sensiby reduced, and holders are
sole 10 obtain q marke Advance,
amounting tt I'd Per pound on
the lowest point of the month, and
J to Il or the lowest sales Of the year.
The Manchester market, during the
greater part Of July, presented a scene
OF intense depression. We have never
known business there In more deplor-
able state, the continuous fall in silver
and eastern exchange completely parsl-
yZsd merchants, who were suffering ru-
inous los ss, and could form no calcula-
tons about the future; t. production
became almost unstable at any price,
and there seemed to be no remedy ex-
C ,pt prolonged and widespread short
lime. Prices at one time fell so low that
32s tWist, Of poor quality, was sold at
7ti, and goods oOrrespondingly low; the
loss on production was so severe that |
sholt time was adopted by many indi- |
vidaal spinners and manufacturers, and |
numerous meetings were held 10 organ |
iZe combined action; no movement OF !
late years seemed go likely to succeed,
until the improvement Of silver and eX-
change brought T lief to the market.
During the last fortnight a considerable
business has been done in Manches- |
ter, stocks OF eastern ahirtings having |
been reduced, and yarns generally have |
sold freely at some advance; the efft ct |
has been 10 put If the short time move |
ment, but whether 1t can be permanent |
" dispensed with remains to be seen, |
Ths great accu mutation Of stocks in |
Manchester has not been cleared away; |
the margin TO the producer is but little |
improved, for the raw material has |
gained about IS much as the maBufsc. |
tured, and should the demand Ia Man |
chester fall fl the difficulty of moving |
the production would be abou: as greaJ |
IS ever. No doubt spinners as rule are |
bare of cotton, and must buy their full |
weet IL consumption. The statistical |
position Of our market is sound; the /
time has come when The stock must Iun |
rapidly down; imports will be very light /
for three or fur months, and es holders |
get relieved the fin ancial position viii /
Improve, money will be abundant and |
easily Obtained, and there will be no
pTe sure to tell fom fi1Ancial csuses;
indeed we might almost say t@sat THE
sts1s cf tflfuas has already been reached.
Vu1-snoud say that the state OF trade in
Manchester will have 40 more effect on
this market for soma time than the re-
ports Of the crop; the improvement that
haq recently shown itself is rather pre-
cariCus, resting as il does mainly on the
price OF silver ard the eastern exchange,
and We would net Judd too much upon
t. fag.Va . ftaa
msy safely infer that the lowest point
OF Manchester for this auiUn has been
touched, and that purchases at the ex.
tra5rdinaTy low prices current will do no
hgrm TO merchants, and may, under
certain circumstances, prove very re-
Should the feeling spread
widely thai the course Of cotton values
VIII be upward rather than downward
next FessOn, we might See large and
demand In Manchester for
some TINS. Should that feeling not
arise, there is risk that depression will
return Sc bsd as ever, and that short
time will be forced on the trade to a
greater extent than has yet taken place."
IL viii be noticed how large . snare the
market rate Of silver has had ia prodUc.
irg the late iU provement, and it is erati-
flying to know that that rate is still OH
the advauca. List Wednesdays New
York Bulletin reported that silver in
l. lndOn, III lots, had gone up to 54d; this
gives reason to expect that the brightest
views Of the Liverpool circular will
prove to be- the most correct one.
Receipts in Memphis during the official
week aggregated SIS bales, against
6l6 bales the previous week, and SO
bales the corresponding week last sea-
son. The total receipts einee Septem- !
Der l, 1875, are Ass. 653, against 32l ,S02
bales at the corresponding time last sea-
sOn, showing an increase OF 163. S5l bales.
Shipments during the Official week
aggresa ed 364S bales, Sc alnst 5034 bales
the previous week, and $40 the c0Tre-
spending week last season. Total ship
ments since September Jst are 479,646
bales, against 81, 62S bales the same