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

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Liverpool market. Watts d Co.'s Liver
pool Circular said: In fact we are al
most IN The midst Cf panic," adding
that the depression was attributed 10 "the re-
cent enormous receipts a. the American
ports" Tie total Increase of receipts at the
United states ports over those of the pt eceuing
year az the = nae lime anounte Re bruary
Iith, 10 Az OO bales buy ers and sellers alike
on both sides the ocean, concurred 10 speak
ing OF cotton as very cheap" At this time
the impression was strong In our market that
"OottOIn wSs touched" aud the m re fAvorite
cOttons were held back. Confidence was as.
sisted by the fact that p GOO pieces of Fail Riv-
er made goods mad b en- sold in England, and
further orders had been received. The New
Orl' Times OF February 18th had the fol-
LOWING; "a growing tsnneney 10 avoid mid
dle-men, and to purchase entire crops on tho
pla 'tations where they are raised, Is bscom-
ing more and more apparent" 1t viii ba In
teresting TO observe whether the disposition
here tndica ted develops itself during the COM
ing season. Should IL become common, II will
reVoiuuopfze the whole cotton trade. AS the
month advanced many holders became aux
| tuus to lower their stocks; they complained
| that the longer they held cotton the less mon
| ey IL would bring. "foo much cotton" was
| the general cry. rhe New York Bulletin of the
| fifteenth said: pretty much all estimates of
crop exceed $50 900 bales; the supplies la sight
are iuil, as c. pared with the very slow and
cautious consumptive demand the foreign
markets, ard especially LiverIoO, show no
| Yit'lity, and our rates here for actual cotton
are far above anything ch will give amar-
gin. Indeed, it is claimed there Is no outlet to
which New York could ship and not make
loss, and that nearly every domestic point Of
distribution, and even some OF ConsGm DtiOn,
can send cotton here and receive a profit"
smith, Edwards d Co.'S liverpool circu-
lar for January said that the perpetual
decline had destroyed ali confidence,
but the cheapness of American cotton was
causing spinners both there and on the cou-
tlnent to substitute low American cottOns for
the Inolan Surats. On the last week of the
month cotton in our market was described as
weak, dnD, heavy and irregular" Some
| persons FELT confidence in coming improve
ment simply on the ground of present low
| prices. E lison & Co.'S Liverpool review of
| the cotton markt declared of cotton "Prices
| are below the average cost of production,
| conseque atty. s7oner or later, sharp re-ac-
| tion must come" A Liverpool paper, quoted
| In Waits Co.'s circular, stated: Were we
| on the eve OF general European war, or in
! the midst of an unprecedented money panic,
things could not have put on a worse appear
| ance." MiddIing, at tns opening of Eebrua-
| ~, quoted in emphs PFC at the close, l2c;
! lowest on the eiehteeuth, I2;; htghe.t on the
/ first, PIC. Total receipts in Memphis at the
close, 405 Isl bales, against zS2 43 bales al the
same time the year before.
| March.
March saw some Improvement, prices im-
| proving throughout, although the New York
| BUUetin stated: 1--WE find a general Oisposl-
| ton at this time, March LIST, to admit thai The
seasons crop will. amount fully to 4r5OO,0OO
| cheerful news from Liverpool strengthened
| the tone of the market, and the opinion was
| commonly express by both buyers and sci
Iers that cotton had "iouched bottom" and
prices would never be as low again during
| the season as they lad Ue6n. The lowest QuO-
| tation in Memphis up to that time bad been
| l2c for midSllng; but the approach of the
| Seryian war and a collapse of trade generally
| in England, and else where, afterward brought
| IL down to less than lie. Those occurrences,
however could not be fOreseen. Toward the
middle of the month receipts were less for
midable, which Increased confidence; All
staple low qualiti S were in favor with specu-
| lators. Watts q Co.'S circular, February 18th,
| reported the statisticsl position of American
| IiVprn0Ol Q good
from Bombay were less than one half of what
| tn y had been at the same date the previous
year, and said: ave cannot but conclude
| that the depression is largely due To unreasOn-
| able fright among holders generally, and to
| the financial weakness OF some OF the specu-
| latorS." There were others, however, who
| judged more CORE city. The New York Bulletin
| said that "buliish tendency was at work
The New YORK ChrOni le STAGED: "The fluc-
| tuations that have taken place are largely
| due 10 spt culative manipulation" This view
| of the case probably accounts for the fact that
while Liverpool was quOttt g "buoyant," New
| York was "dull T" That city, however, was
| unfsvorabIy affected owing to the failure OF
| the Bank of New York. The New York BuI.
| letfn said: "Both buyers and sellers are more
or less distrustlu, in view OF fears of some i'm
pending commercial difficulties" Watts IL
Co.'s Liverpool Cotton Report, taking into &C =
| count that at the prices OF cotton, manufac-
turers were making cool profits, expressed
| the opinion that, sat anything like present
prices, American cottcn will be rapidly alb
sorbed." The influences during the last half
OF the month were so favorable as to cause an
advaL ce in the DIlce Of middling in our mar
10 lsc on the twenty. nth. The last week
OF March was a very showery Que; our re-
port, on the twenty-sevenih, said: DAY by
day our market has been stimulated win en-
codraging kilograms; spinners and exporters
have bought lively, and spectators, smarting
from the rebuffs OF the earlier part Of the sea
son, have rushed IN with new nope" On the
twenty-frst day of March the largest
days sale of the season was made,
amounting to 1900 bales. Liver pool was
the principal source of the agreeable change.
The receipts also began to fall off sharply.
Watts & Co.'S Weekly Cotton Report account
declining receipts, less financial depression
than had been supposed, q favorable turn in
deliveries, which mad surprised sshort sell
ers, and small receipts from Bombay. On the
twenty-ninth of March a premium of
one thousand dollars for the besC bale of
cotton, to be sent 10 the Centennial eX posi- ton
at Philadelphia was awarded; we give the
particulars further on. The latter half of
March was troubled by cold, snow, frost ana
rain and at the eud OF it a serious OVERT Nv was
expected. This mad some stimulating fleet on
the market, but that was neutrallzed by cotton
liable to be caught by the flood bsing hurried
on u the market, causing the reeei pts to be
larger than would otherwise have been the
ca e; she advtces fro abroad, also, were less
favorable, feverish, nervous feeli prevail
ing the markets. The month closed with the
confidence that had been attained, gradually
seeping away. Middling, at the opening Of
March, quoted in Memphis l2c, at the close
u IL l6c; lowest on the first l2c, highest on the
twenty-nith, l3c. Total receipts az Memphis
at the close 45lr3S7 BALE, against 2052 89 bales
at the same time the Year before,
April.
The course of events during March had been
such as to arouse the confidence of The Folders
OF cotton, and to lead 10 an expectation that
prices would generally increase as the season
advanced. All that was done in this way in
March was undone in April, for 8 new and
unforeseen set of circumstance arose TO modi-
fly the existing condition OF the market. APP
preaching war, financial COLLAPSE, and mer-
camille failures in Europe, brushed away the
hopes that had arisen, and prices once more
as umed downward direction. kihing rivers
caused foundations which limited the amount
of cultivatable soil, but, In the presence of
the adverse Influence abroad, this fact failed
to harden the mark ct in the way it otherwise
would have done. From the latter part of
March the foreign news became scouraging,
st first principally because of The failure OF
New York to respond to advances in Liver
pool, which caused holders on that side to
take the alarm and seek to unlOat. Prices
here, however, were maintained steady for
two weeks, owing to the flood which would
evidently delay planting in some of the best
cotton lands until late period. one effect of
tae inundatiOn was to induce southern resi-
denis to bt y futures; the New York Bulletin,
of April h, said: " We learned of continued
receipts OF southern Ordt rs TO buy, WITH fur
Their reports of threatened anger by the
high rivers" As the middle of the month |
approached receipts still kept up; for the |
week ending the tenth the receipts at seaports |
were Is so ba es above those Of the same time |
year before. The London Times reported: |
"Such stag1atlon as now prevails in the |
money market has not been witnessed for a |
very long time" A dispatch from l. indon on |
the twelfth announc d the money mar cts |
of Paris, Berlin and Vienna hal undergone |
very severe decline in prices, while the Lon
Don stock exchange was in a state Of collapse /
Frequent bankruptcies were occurring in |
most OF the large commercial cities of Eu-
rope. d fficuli les respecting Turkish and |
Egg ptian loans, and disorders In Herzegovina,
added to the trouble. This was the beginning
of troubles that Were to be calamitOuS IN their
effects upon the prices of cotton. At the mid
die of the month the floods along the rivers
were still high, and not pillow could be put to
work on the lower bottom lands, Liverpool |
circulars reported the statistical position of |
cotton to be good, Notwithstanding the full
crop in America. but the condition of EuIo.
pean affairs would rot allow this fact to affect
the market as 1t otherwise would have done.
Some breaks in the levees about this time, |
especially below the Yazoo, awoks hopes of
Increased prices hopes that proved vain but |
they caused holders to be 6Im in their ask
IngS and 20 be not very ready to sell their best !
cottons. Toward the latter end of the month
the waters were still up, and receipts lang so
Lhat one wetk Liverpool had 10 90 |
bales come in, against "a coo bales the
same week a year before; of this 100 90 was
American against 5000 the year before. The
New York bulletin reported encouragement
aud Generalization adding faith in the sta
pie is Shasen." The ger erai tone of affairs, |
ootn at home ard abroad, YVES such as to shake
and use prices to decline. In
BUR market receding prices seemed to have
only the effect of causing no ders OF good cot
ions to cling to them, keeping them out of
he market; much of them had been bought
On speculation, and they were held for
profit The effect of all the home and foreign
adverse Influences was aided at the clio OF |
,he month by the rivers fal ing, and prices |