Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-07-09

hand as a matter OF safety. Following this
came advices from the south, especially In the
New Orleans district, of a less favorable
character respecting the crop, rank growth
of grass impeding the development of the
cotton plant being claimed, and the presence
of worms in one or two cases. These stories
are due and expected about this season, and,
not proving of a general character, can
scarcely be said to have caused positive alarm,
and portion of the trade have no hesitation
in asserting a disbelief In any serious damage,
but letters announcing the danger being ac
companied by orders to buy, a stimulus
was obtained which brought back
to the market feeling Of greater firm
ness. The recently created short
interest does not appear to be a very combat
i've 0ne, but rather OF a tlmid, cautious char
acter, and recent experiences OF the power OF
a few determined operators on the bull
side leads TO quick covering upon the slight
est apprehension of influence adverse to a fur
Their decline. The greatest show of strength
has been made on the balance of this crop
year, this and the following months keeping
all together in price for time, but finally
July went up above August, IN view of the
probability that the month first named will
be the one TO feel the most serious effects of
the shortage, if such is to come. This view
was further supported by the statistical show
ing at the interior towns toward the close of
the week, which the bulls claimed to indi-
cate rapid exhaustion of cotton, and also by
a rumor that preparations were making for
further considerable shipments abroad. Taken
altogether, the results of the week seem to
show the infusion of greater bull tone,
the basis on the old crop being the ease with
which supplies can be controlled and manip
ulated, and on the new crop through the pos
sibihty that the rapid development and
liberal growth has received its first check; the
latter idea, however, not receiving general
credence."
Receipts in Memphis during the official
week aggregated $50 bales, against 824
bales the previous week, and 497 bales the
corresponding week last season, and 713
bales the season before. The total receipts
since September !, 1877, were 40S, 0l8 bales,
against 3Sl, 427 bales at the corresponding
time last season, showing an increase of &c.
59l bales. Total receipts same time In 1876
was 4S2, 406 bales.
Shipments during the official week aggre
gated 1906 bales against 1859 bales the
previous week, and 1448 bales the correspond
ing week last season. Total shipments since
September 1st are 408, 293 bales, against
376, 979 bales the same time last year, an in
crease of 81 ,3l4 bales.
The total stock on hand was 5017 bales, |
against 1858 bales last week, and 1851 bales |
at this time last year.
Sales during the week were 1850 bales, all |
to spinners. During the previous week the |
total sales were 1925 bales. During the cor |
responding week last year the total sales were |
1900 bales, all to spinners. Price of midding !
cotton lie. against 1124c at the same time |
last year.
The following table shows the course of |
the Memphis market and the price of mid |
ding cotton from the opening of the season: