Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-09-01
REVIEW
or the Cotton Business for the Year
1s77-S-Receipts, 42O,s65 Bales, as
Compared with 3S4.3SS
For the Year PreviOus-StOek on Hand
Only 954 Bales-TOtal Crop for
the Year Estimated at A.
$4,000 Bales.

! The cotton season OF 1STI-IS opened under
uafavorable auspices, the previous August
| having been one of declines aud foreign adj
vices predicting low prices for the incoming
| year owing to bad trade there. The predic
| ton proved correct, for while the lowest price
| Of middling IN Memphis during the season OF
! 1S76-77 was 1094c, during the season just
passed it was I015c. The season opened
with the depression caused by railway
strikes, MODS and interrupted transit; war
was going on In Turkey, and it was feared
| England would become involved: in Man
| chester the depression was extreme; at Old
ham some OF the mills were running only
four days week; India was weighted down
with an over supply of goods. A Liverpool
August circular said: 1--WE do not remember
to have seen trade In more helpless STATE"
At the opening of the season cotton came in
so slowly that fears of a deficient crop were
expressed, but this did not help prices, and
on the second of April cotton in Memphis
was down to 92sc for middling, while it was
never lower than 1890 the season before.
SEPTEMBER.
Light receipts and unfavOrable cop reports with
Some adva G Occurred In T thu Hemphs mR
September opened with mddling at IO5sc; closed at
1078c; against III46 I0I2c a year before. Lowest
price during the month, I0Ssc; highest lie; total
sales, $500 bales total receipts, 20I bales against
ceipts at the ports from SeptembeT to the end Of
the last Official week, 49, 13 bales decrease of
133,473 bales from the year previous.
OCTOBER.
The backward state of the crop awakened sur
prise, and exporters bought more freely. The
weather was excellent for picking the quality of the
cotton go ID, and the staple excellent Intense dull
ness of trade caused prices to decline during the
month, aided by more liberal receipts toward the
close. Opening price OF the MONTH middling
lO34c; closing at lO12c. against Ol2d1O 716c the
previous october lowest price lO42c highest ll4c
1851 bales; total receipts since September l,
sos in 1856; total receipts at United States ports
September l, 736.S41 bales; Z decrease of 276,594
bales from the year previous
NOVEMBER.
High frelghts and scarcity of shipping troubled
exporters at the opening of November. Manchester
was gloomy staley Bridge gave notice Of i've per
for picking On the third the first killing frost OF the
season. Buying active; on the seventh 300 bales
was sold. Watts's Liverpool circular said: I'VE
have rarely known such collapse in cotton, such
sudden change from confidence to want of conf
dence.' Turkish war causing anxiety. Receipts
te situation too uncertain deficiency of receipts puZ
zled OPERATORS New Orleans receipts, 307 $50 bales
middling in November, 10SSc, against 1O5sc at the
close; lowest price. 1Ql4c; highest, 1OSlc; total
months sales, 61,75O bales; total receipts 50 777
bales total receipts from September lst, 1868
bales. against 196258 bales in 1857 and I71,419
In %; total port receipts from September LIST,
1.503. 429 bales; decrease, 340,661 bales from the
previous year.
DECEMBER.
Prices opened and closed at the same figure this
month, with only slight fluctuations between. The
war and other dfcultles were Increased by the ef-
feet of the trouble in France, President MacMdhOn
provoking public feeling by attempts at reaction
against the republic. The fail of Plevna had good
effect pointing toward the close of the war, but
England, Summoatng parliament to meet, had
contrary effect Watts q Co.'S Liverpool circular
and hon
cotton manufacturers. On the seventeenth the larg
est recorded days receipts arrived In Memphis S3iS
closing at the same, against 7-16c and I184c the
previous year, lowest price of the month 1012c high
Weeks Sale Of the year i9 800 bales; total sales OF
the month, $4,000 bales; total receipts, 1886
bales against 27S,699 bales in 1S7677, ana 2S4,-
624 bales in 1S75-76; receipts at United States
ports from Septembei list, p 45,277 bales, d de-
crease of PIP. 800 bales from the previous year.
JANUARY.
During January the price of cotton was downward;
the month opened with ba | weather and cotton
ded to the heavy Manchester difficulties, but trade
was bad In every portion or the mercantile world.
ces at home added to the business embarrassments.
Increased cotton manufacturing in India
against the English markets. The month opened
with middling In Memphis at 105sc closed at 1014c
against l2c and 1214c year before; lowest price
81 900 bales total receipts So 9O7 bales; total re-
ceipts from September /. 287, 1875 bales, against
q
total receipts at United States ports from September
from 1867, ''''1 G0',e,a' u 'i''00 '@ Is
During all February prices fiuctuated only lac
Russian approaches toward ConstantinOple caused
increased eXpt citation OF English interference, and
the latter nation sent Reet up the DaTdanelles
There were complaints in Liverpool Of losses from
American cotton this year being unusually damp,
making the real price higher than the quoted. In
dian, Egyptian and Brazil receipts were light and
American cotton was becoming the main reliance as
DSIOTe the war. The passage of the silver bill
caused some disturbance in commerce on this sIde
and the low price of silver, and its effect on Indian
exchange, continued to affect Manchester The
month closed amid gloomy influences. The opening
Memphis price of middling for the month was IO14c
closed at 103sc against 12c and 1s4c The year be-
f0re total months sales, "a, $50 bales; total re-
ceps, 81 1913 baIes total receipts since September
lst. 232679 bales, against 35O62S In 1861, aud
405, 1S1 in 1855; total receipts at United States
| crease of 233 bales over the previous year being
the first month in which receipts had eQuaIed those
OF the year before.
MARCH.
| 3The month opened with an advancing tendency,
until in two weeks mlddling quoted I0lSc, then de-
cliued to 0c at the close; the the con-
succeeded fears OF new war from the dssatIsfac-
ton of England and Austria with the terms of peace
Watts Co.'s Liverpool circular stated Our mar
ket is governed more by war new than by supply and
demand" The New Orleans Picttsztlae remarked
Everything tayors cotton but trade and politics, and
until these improve the staple is bound to drag
The New York BtLjetiB said; There is, to be sure
deficiency In the worlds visible supply, but 1t is
question with many whether the shTnkage in con-
sumption be not as great or greater" The month
closed with cotton in Memphis down to Zoe for mid
ding. and gloom and depression was universal in
the worlds cotton centers At the opening of the
month middlng in Memphis quoted 1H4a; at the
close IOc against II3tc and lie the year previous;
lowest price during the month, 10c highest. 10l2c
total months sales, 1850 bales; total receipts of
the month, 39,427 bales total receipts since SEP
TENDER 1St 372 146 bales against 36S rs bales in
1857. and 452, 1897 iu 1876 total receipts at
United states ports from September Ist 3 S75I Ito
bales, an increase OF 12O,993 over the preceding
year.
April
This month saw cotton down to the lowest point
for years. On the second Iniddllng IN Memphis
icy with Russia by other nations revived coincidence
but Increasing receipts prevented any material rise
In price In our market, up to this month, export
er5 had DeeIl the largest purchasers; now spinneTS
became the largest. At no time of the season was
much done by our nome spectators; the influences
were unfayorable 10 them. Short time and threat
ened strikes troubled both English and home man
uiactureIs. Genial saowers and mild vva@tAer gave
excellent crop prospects. - the opening of the
month mi4d,In quoted LOG in Memphis; at the
close 1Ol5c against 1isc and 105Sc year before
lowest price or the month 94Sc; highest l01sc; to
tai months sale, 29,700 bales total receipts DO
ISL bales; total receipts from September Ist 1922
Sq1 bales. against 375,75l in 1876. anu 467,-
1872 in 1876 g. tct. receipts nied States ports
from Seg!embeT 1st 4,o20,073 bales-an increase
of POI 1856 over the year before.
MAY.
This month saw some Iecupefatlon ana prices
advanced war matters Kept exporters quiet but spin
ners bought more freely, although reductions and
strikes were troubling them, The low visible sun
ply and diminishing stocks strengthened cotton but
Weather
and planting news continued to be gOOd, feaes
prospects, and the statistical position. fs4',~~' -,
ers TO he YsTY hfa. Waits 4" "a T,, .,sT ITiu
isi ,IIe state OF the visible supply to be
IeaIly startling one week deficiency against the
preceding year of 3S4, 090, the next week of 3d.
900 b2leG prospect on settling labor difficulties
aided the improvement. Al the opening of the
month middling in Memphis was quoted at Zoe; at
the close. lie against 105s and 105sc the preceding
year; lowest price of the month, I0c; highest, e;
Total sales of the month, 20, 700 bales; total
ceipts, 10575 bales; total receipts since September
lst. 4O3412 bales; total receipts at United States
ports from September 1st, 4, 160451 bales: an in
crease over the preceding of 2:}T, o34 bales
JUNE.
During June the price huctLated only cent In
our market recelDts fell off, and the stock was re-
duced from 10000 to 5000 bales An agreement
| for the European powers to meet in congress re
moved anxiety about war. Favorable crop reports
continued to be received, and an expectation from
their fOrwardness, grew up that receipts would be
liberal in August, expectation that subsequently
worked against prices. June 9Th the first cotton
having decreased stocks, Manchester showed some
was far below the demand; 100000 bales more
season. During the whole of this month eXporters
| took only 100 bales from the Memphis market AT
| the opening of the Onth middling In Memphis
quoted at lc closed al the same; lowest price dur
! ing June lie, highest 1ll2c, against IO5sc and
IIS4c the year before; total sales of month 9O15
bales total receipts, 1896 bales; total raceip 8
since nhaFI i07 bales ooS,