Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1876-02-29
FINANCE AND TRADE.

/ OUR REVIEW Of the cotton market
last week reported middling cotton in
New Yook at l2Ic; IL declined next dEy
u II 1870. On Monday to l2l'. New
Orleans wss quo cd l2ic, a I'd has so re.
msined for two aud hat weeks. Liv-
eTp1ol quot d l6l, which on
Wednesday fell D q and on Thursday
TO 6 > l6I. Memphi- quoted lie, and
has remained that figure ali week.
This statement shows q decline during
the week % ia New York and II 10
LiverVoll. These Changes, however,
give little dss Of the real state Of the
market, which during the greater part
OF the week was weak, heavy, dull o:
3 irregular With declines IN some instances
: on the l3xer or de-, while the quota
ton figure 81 middling has remained
the same. The continued fUll receipts,
and the freedom with which cotton
pOUrs into Liverpool, has no e. all pre-.
vicus idaf and caicuiatioDs and lef, the
speculative portion OF the buyers { ses
with, ut a Tudder aud unable to guess
where the wind will blow from next 1t
is useless repeating what has been said
the last three OF four weeks, for the stu
alton is unchanged, "too much cotton"
being still the ruling influence ia the
market. Middling cotton and above
bold their prices, With some irmDess;
medium grzdes are iD fair demsnd, and
all below il has teen wesk, dirty cottons
selling down to Sc Ellison & Co.'s LIN.
orp0Oi AnRts1l Rer'Hl0, rec sntly publish.
ell, after speakiugO Influences that we're
so disastrous to bushes, in England last
year, the effects Cf which the cotton
market felt heavily, remarks those in
fiuepcts are still producing results adj
verse 10 the prOspsTityot that trade, aud
continues: "Some day great change
Will come, cut when, IL !. i'm
ton IL concerned, all that we
have to say for the present ia, that prices
are below The average cost # production;
that corsequ ntly, sooner or later,
sharp resctiOn must come; and, there
fore, that spiuTeTs and manufactures
viii act wisely ia not IiskiUg much ia
the form OF uncovered contracts for the
forward delivery Of yarns and goods.
LssI year the average price OF middling
Upiands YVES 7sj but 40 low figure
would not have been Witnessed II il had
not teen for the disCrsdit and disoTgani-
cation which followed the Collie and
other failures; and uuIefs some unfore.
seen poll icaI or financial occurrence
takes place, we shall be surpri ed il the
average price for 1873 is not much high
er than the figure now current" Watts
& Co. Is excellent Liverpool Cotton Re-
port says the demoraliz stiCn In the mar
ket wss as great as they
had ever known it to be.
aud indorses the following, copied
from Liverpool PAGER as literally true:
IL we had been on the eve of general |
European war, OF in the midst Of an IN |
precedented monetary panic, things |
could not have put on worse appear
RDce. That q whole community OF |
sbrewd business men should have al |
lowed themselves TO Re the victims OF |
an absolute scsre is marvellous" Watts |
& Co add: "WheI the market gets into |
such & cord ton as il has been this /
week, there il but little use in reasoning |
about the immedis'e future.n We find |
in 8 recent Little r OK GGzet tie that at |
all the stations along the st. Luis Iron |
MOuntsin and utheTn railway from
Janualy lst to September l, 1875, the |
shipments were 80 900 bales. From Ser.
tenber / 1875, to February /, 1876,
the total monthly shipments st all the
stations was in September, 2573; Octo-
Der, 3, 500; Move inter-, IS $50; Deem
Der, SIS SSl, January 32,O47. Total for
the five months, 1872, 44O bales.
Receipts In Memphis during the official
week aggregated IA 40 bales, against
l4,O43 bales the pTsvi, Us week, aud 66l6
bsles the corr 8 tonding week last sea-
son. The total receipts since Septem
Der ], 1875. are 1896, S76 against Sl3 149
bales at the cOIr. spending time last sea-
son, showing an increase of lis, 727 bales.
Shipments during the official week
aggrega Ell 1885 bales, against
Is 3l4 bslts the previous week, and
II 500 the corresponding week last sea-
son. Total shipments since September
lat are 1916, 1856 bales, against DDS, 222 bales
the same time lat year; an increase CT
102 ia bales.
The stock on hand was 6S 513 bales,
against 65 $50 bales lsstsweek, and S.
75S bales at ,his time las year.
Sales during the week were $500
bales, against $500 bsles the previous
week, and Is COO bsle4 the correspond
ing week lasi year. OF the $500 bales
sold this week, spiBners took ALSO. eX-
pOrteFs $3.50, Spectators HOO; against
$500 bales t. spinnGTs, 400 to specula-
tore, and $500 to exporters the same time
last year.
The following shows the course Of the
Memphis market and the price of mid
ding cotton from the opening of the
season: