Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1881-09-01

SC on the Deter classes and to &c PEI
ID on poorer grades, and there wer,
but four revisions Of prices during tn,
month. Picking was nominally com
pleted by the middle Of the month, /
considerable portion remaining in The
field, but 50 weatherbeaten as to be o
little value. Indeed sales variousl,
effected here Of late gatherings re.
turned SO little to the producer owing
to its trashy, dusty and blue condition
that no encouragement was afforded t
farther exertion toward saving the
ungathered staple. The crop here had
been closely marketed and it was esti'
mated that less than one-sixth Of the
yield hereabouts remained in planters
hands to be forwarded, and prepare
lions began to plant another crop.
Receipts at the ports continued
large, the total being $4,000 bales
ahead Of the previous season and the
total visible supply rose to 2,SO6,667
bales, an excess Of 3l3,432 bales over
the year before. All markets abroad
and at home closed dull and depressed
with a downward tendency, The
downward movement eontinuedalmost
without intermission through the
whole Of March and April and on to
the 10th of May when the lowest prices
of the season was touched. The de-
cline during the seventy days men
toned was from { to lBc per lb,the in
ferior grades sustaining the severest
reduction. Estimates of an increased
crop began to be made early ia March,
the receipts and movement everywhere
showing a large excess over the previ-
GUS years. A material increase in
acreage Of the new crop, with a favor
able season for planting it also added
to the depression. There we're un-
m~istakable Indications that cotton
growers were preparing for a heavier
crop than ever despite lowering prices
for the staple and gradually advancing
values Of meats aud breadstuffs. The
growth of consumption in Europe
continued, however, another thousand
blles per week being added 10 Febru.
airy, making $4,000 bales per week
necessary to supply the demand
for England AMI the continent.
Receipts OF the ports also continued to
increase. and the visible supply Of the
world accumulated to 3,083,858 bales
by the middle Of March, an excess Of
497,06l bales over the year before at
the SAM time, and by the middle Of
May to 556.SI9 bales in excess. Con.
sumption in Europe had ri,eu to l24,-
600 bales per week. Several impor-
tant failures occurred in Liverpool,
and numerous country merchants 10
this vicinity, throu h %overtrading and
speculation had suceumbed during
the early spring. Mid Hing cotton
here on the l0th Of NJ " was quoted at
l0lc, while in New York it was but
Bloc higher. AMI in Liverpool Orleans
middling had fallen to 5 3 1911. The
heavy consumption by European
spinners caused stocks of manufic
turcd goods to accumulate beyond the
demand of buyers, and this contribu-
ted largely to the general depression.
Before the close Of the month, how
ever, the tone Of the goods market im-
proved increased jobbing orders slim
u%lating prices, starting business into
buoyant activity and stiffened the
value of the raw material through an
increased buying demand.
The beginning of June found the
cottoa market in a RAIL- ing condition,
prices having improved Is per II here.
The crop iii sight at the opening Of
the month was76S,3 3l balcsi n excesso Of
the previous year for the same time. the
total amountmarketed reaching 6,238,.
042 bales, exclusive of III 900 bales at
interior towns. 7 he gain in the re-
ceipts at that date indicated a total
crop Of over G,50O,000 bales, and this
estimate has since been increased to
6,600000 bales The net overland
movement footed up 49S ,632 bales, a
falling of ofovtr ii, 1000 bales from the
year before, while the port receipts
reached 5,549,4 40 bales, all increase Of
SO0,5S7 bales over the previous sea
sou; The MT increase OF the crop b. ing
as above stated O. 76S.3}l tales. The
tskinps o Northern spinners at this
due was set down at 1851 $50 bales,
an increase over last year Of $3.50,
while Southern consumption was os-
timatcd 1t 100 10 bales. an excess Of
10000 bales wei last year. At the
same time 4,l35,306 bales had been
shipped abroad, leaving stocks il Thu
country down to l6l ,Sll bales, barely
10000 more than at the same time the
year before. The bulk Of uusold
stocks at al points graded inferior in
quality, hence clean grades were rcla.
lively high and held stiff because Of
thir general scarcity and an increasing
demand. BY the end Of June 64l6,-
$50 bales of the crop had come into
sight, increasing the excess over the
previous year to S05 1876 bales. North
ern spinners had by this time taken
l,62l,O O8 bales, an increase wei last
year of94,008 bales, and Southern con.
sumption was set down at 1873, 900 forth,
same period, an increase of p, 900 bales
By this time the quantity sent abroad