Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1879-03-19
THE LIVERPOOL COTTON MAR
KET.

| Despair in ManChester-higher crop estl-
mates-yarn accumulates and prices decline
| failures looked for-America supports the
market-scarcity and higher prices probable
toward the fall-decrease of the India crop.
| BY Smith, Edwards & Co. Liverpool cIrcu-
lar reviewing the NOR til of February, which
| has just reached US, we have a statement of
| the condition of the market there, from which
we take the following particulars: ''As the
| month advanced views became less f.y liable
| owing to the American receipts being larger
than expected, which led to an increase
of the crop estimates. The Manchester
accounts have been constantly growing
worse, and only speculative purchases
| on American account saved a de-
cline. The ssnguine tone of America was
the support Of the Liverpool markets. The
support given by the strength in the United
States, and the check caused by the misera
bic condition of Manchester, just balanced
each other. 1t is surpris:-c =. c7-s dcr.@g the
small demand from spinners, that the mar
ket has preserved so much steadiness, but
the incessant buying OF future deliveries sup
ports it wonderfully. This system acts as
balance wheel, and has altogether changed
the market from what it used to be, so that
increased imports depress less while cheaper
deliveries moderate the effect of scarcity on
the spot Manchester accounts are wholly
depressing, universal distress and disappoint-
ment prevail, the position is worse than that
of last year, and there ia feeling akin to des-
pair. Spinning and weaving are carried on
at loss. and marg ms never were worse In
the history of the trade. One plan is tried
after another, but only misery is the result.
Many looms are stopped, and, as a conse-
quence, yarn accumulates and prices decline.
There Is a revival of unpleasant rumors and
failure among the spinners are apprehended.
Accounts from India are ACKNOWLEDGMENT
is wanted. The cessation of all speculative
purchases for the east caused by the con-
traction OF credit and the withdrawal of
most of the old houses from the trade, de-
prives the Manchester market of any sign of
Observation-Disclosures there goes on In
the most retail fashion, and an atmos-
phere of excessive stagnation prevails.
Can Manchester force down the raw material ?
1t seems doubtful, owing to its strong statis-
teal position. The American feeling is in
favor of an advance, and the New York mar
ket may support that of Liverpool until the
prospect of autumnal scarcity causes fresh
speculation. ANY one conversant mainly
with Manchester would expect fall to FIVE
pence ere long, but those who look chiefly at
figures would probably predict a rise to six
pence later in the year. The favorlte esti-
mate OF the American crop is now FIVE million
one hundred thousand to FIVE million two
hundred thousand bales; on that basis we
shall have about the same supply of cotton to
the first of November as We had last year,
anil with as small consumption we could
just get through the season. From the pres
ent appearance of Manchester it does not look
as if con sumption would be larger, but it is
to be observed that large amount of short
time must take place to keep us on the level
of last year, and if any improvement showed
itself in demand so as to postpone short time,
there would be such evident indications of
snaroitv IN hiring speculation
and rise IN cotton. We can only pass
through this year at the present low
level of prices IN virtue of continuance of
great depression in trade, and considerable
stoppage of spin ning machinery. The Bombay
crop is turning out very Disappointing
receipts at Bombay to date are little more
than half what they were last year, the Oom- |
rawuttee crop is too late and decidedly short, |
the Breach crop is said to be good, though |
later than usual, and the Dholerah to be |
poor but rather better than last one, which |
was an entire failure. There seems reason to |
doubt now if the shipments to Europe will |
be any larger than last year. Evidently the |
of the world must be fed almost |
entirely from American cotton this year.
This fact will cause much attention to be
giveu to the prospects of next crop; it will |
be necessary that it be large and early to re-
ieve US from great scarcity in the autumn,
and should any serious accident happen to it
higher prices would be inevitable. The more
We take a distant view of the market the
stronger its position seems, but the imme-
date future has elements of considerab lie
and 1t is not unlikely that some
little temporary decline may occur during
the pressure of spring imports"