Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1878-07-02

Oar last review of the official week of the
Memphis cotton market quoted mlddling cot
ton in New York at ii l-16c; declined to
II3Sc, then recovered, quoting Ii 7-l6c; New
Orleans quoted 1l1sc, fell to lie; Liverpool
quoted cid, fell to 3-16d; Memphis quoted
Il1Sc, fell TO lie. This statement shows that
the slight reaction that occurred the previous
week from the advance that followed the
more peaceful look of European affairs. still
continues, and prices are, on the whole, lower
than they wtr, a week ago. The state of
business in Liverpool, and the less
firm tone there seem to be the
principal causes of the change; but
New York accounts rero:t a good deal of
''manipulatinR" in that market, aided by
groundless crop rumors and other articles.
In our own market the slight stock affords
little play for speculative genius; we have
not much over 5000 bales on running account,
which will hardly leave us 1000 bales unsold.
During the week, especially the latter part of
it, the demand has been light, with more dis
position among holders to let go. An i'm
preston has prevailed that July and August
receipts will prove heavier than those of the
corresponding months last year, but it is ar
gued that the statistics of the interior stocks
will not support this opinion. The forward
condition of the growing crop, and expected
early receipts are also relied on by the bears
as aids to their views. The wants of cotton
spinners and the low stocks in Liverpool, with
nine or ten weeks to supply before the new
crop arrivals can effect the market,
give considerable support to the bulls.
Efforts are made to depress the market
by anticipations of an immense crop
for the approaching season, bat it is rather
81 10 ,-alx q
vicissitudes of the weather for weeks to come.
A correspondent of an exchange paper asks:
eff with very dull trade in this and every
country during the past year, we have used
crop of 4, 800, 900 bales, and the crop now
growing is even 100000, and with a short
visible supply estimated at 70O, 600 bales, will
cotton be sold as low after this date as during
the past season? think not" The last
weekly review of the New York Bulletin said:
"When the current month opened, very
large majority of the room were on the bull
side; but within a week or ten days a bear
tone has shown itself, and made its mark In
reducing cost to greater or less extent
along the entire line. At the close this and
the next two months were nearly all together
In value, and only 1G4 points under the
figures ruling on first sales the Monday pre-
cedinR; but in view of the stimulus upon
which they had previously been bid up, 1T was
somewhat singular that they should have
shaded at all. The statistical position on sup
plies In sight was quite as strong as before;
indeed, if it ever had any merit at all, it had
still more with each days showing OF figures.
The progress of negotiations over the political
difficulties Of Europe were generally construed
as assuming more peaceful shape, and spin
ner's takings of actual cotton were on the In
crease. Yet, right in the face of the vertical
ton of previous predictions, the bulls have
had a severe struggle, apparently, to prevent
kka rhat n break
and il was common rumor on the floor that
many of the largest holders had sold out
or were making an effort to do so whenever
the situation appeared most propitious. This
turn was attributed to the very light, IT not
entirely suspended demand for investment,
the weakening tenor OF advices from Liver
pool, and the possibility of an early and llb-
eral receipt of new cotton, the main theories
on which the bear arguments for the pres
ent crop are founded. Operators who be-
heye in the ball side of the position, how
ever, are by no means a rarity, and they pre-
dict some pretty lively operations before the
close of the present crop year. As soon as
we touch the present crop we find the shrink
age much greater, September showing drop
of Is points, and some of the latter months
twenty points, as compard with the opening
This, however, is natural, In view OF the al
most universal verdict from nearly all por-
tons of the south favorable to an abundant
and very early crop, and few buyers who care
about investing at ruling rates. Some doubt
has prevailed about selling September Oft,
but as it is believed that the combination is
not manipulating the month, it went with
the later ones. Taken altogether, the feel
ing at the close on Saturday seemed to be
that during the next sixty days speculation In
cotton must be conducted with the greatest
caution all around, but. on the fall months
the short side OF the market was the most
f,0nular w
Receipts in Memphis during the official
week aggregated S24 bales, against 924
bales the previous week, and 31S bales the
corresponding week last season, and I64
bales the season before. The total receipts
since September l. 1877, were 4O7, 349 bales,
against $50, $50 bales at the corresponding
time last season, showing an increase OF 20
419 bales. Total receipts same time In 1905
was 48l, 693 bales.
Shipments during the official week aggre-
gated 1859 bales against 2881 bales the
previous week, and 1886 bales the correspond
ing week last season. Total shipments since
September 1st are 406 98S bales, against 375.-
531 bales the same time last year; an increase
of 81, 457 bales.
The total stock on hand was 1858 bales,
against 668S bales last week, and 10,602
bales at this time last year.
Sales during The week were 1925 bales,
all to spinners. During the previous week
the total sales were $500 bales. During the
corresponding week last year the total sales
were 2050 bales, all to spinners. Pnce OF
middling cotton lie, against l14c at the
same time last year.
The following table shows the course of the
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