Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-06-15

4 prices. Sales, 1900 bales, of which 70OC
bales were American. Receipts, 1900 bales
OF which $500 bales were American.
! At 1870: Uplands, 63d; Orleans, 8 l5-l6d
The Liverpool future market at noon was
! quiet; June, June-July, s 43-64d; July-Au'
/ gust, 44-64, AZ Ga A 64d; August
| September, 6 47-64, 6 1864 6 47-64d; Septem-
| r-October, s AZ 64d.
At 80: June-July, 1854; July-August,
| As SAD; August-September, 8 46-64d; Sep
| tember-October, 6 43 sd.
At 4 June-July 6 43 Cad; July-August,
6 A Gid; August-September 6 47-641; Oc-
ber-November, 6 30-64d; November-De-
cember, % Cad; January-February, 30
64d.
Futures closed steady.
Smith, Edwards & Co.'s Monthly Cotton Cir
eu'oT, of date Liverpool, May 3lst, has the
following concerning that market: The
prospects of our market have not materially
altered during the past month. The Ameri-
can receipts have dwindled rapidly, showing
that the old crop is practically exhausted,
but the Bombay movement has continued
immense, and far beyond what anyone ex-
pected. 1t now seems prob ble that Bombay
will ship nearly 500,00 bales more
than last year by the Both OF June. This
vast addition TO our supply has efectually
prevented cotton scarcity, and enabled US
to tide over the season comfortably in spite
U
hss indeed, wonderfully come to our relief
in various ways, for her large shipments OF
bresdstufs have also made up for the def
cheney Of the American grain crops. AS we
observed in our last report, Surat cotton Is
now going 70 freely into consumption that
the strain upon American cotton is much
relieved, and thong h the supply of the latter
is much shorter than last year, and stocks
will run pretty low in the autumn, there is
10 far
we can judge, "a corner" The cotton situa-
ton must, therefore. be viewed from the
standpoint of aggregate supply, the state OF
trade in Manchester, and the prospects of the
new cotton crop IN America. To aliappear-
-snce wcshall carry AN aiaPie supply in the
aggregate this autumn. The visible supply
for Great Britain is 100000 bales more than
last yesr, but for the continent is 1926, 900
short of last year. We may expect an un-
usually large export demand, whereas the
export was almost stopped by "the corner"
last autumn, and some $4,000 bales drawn
from the continent. Our own spinners were
a SO completely drained of cotton last
autumn, and will no doubt keep up fair
working stocks this year. So we expect the
figures to change gradually, and the present
visible surplus to disappear. If the slight
Improvement in Manchester, which we have
already referred to, develop into strong
revival of Grade, the present price of cotton
will not appear too high for a per
manency; but it is quite too early
to make predictions On that score.
We note, however, the fact that spin
uers do not seem 10 be looking for
cheaper cotton, and are inclined to cover
their orders so soon as taken. With regard
to the new American crop, the planting sea-
son has not been very propitious thus far;
the weather has been unusually cold, and,
except in Texas, we think the plant is back
ward The overflow of the Mississippi and
its tributaries has not subsidized rapidly, and
we fear that some of the bottom lands will
hardly be clear Of water in time to plant this
year. The general belief in the South is
that less land is put under cotton, many as
sertiDg that the decrease is to 10 per cent.
We very much doubt this ourselves. Still
it is likely to have some influence on the
market by causing planters to look for higher
prices for next crop, and perhaps to sustain
distant futures" by buying on speculation. |
With the present feeling in America we
doubt whether lower prices for next crop can |
be counted on till the actual result shows
whether American opinion is right or not |
We note great difference as compared with |
this time last year. Then guesses of 7,000,- |
BOO were common. We mad had several |
years OF steadily increasing crops, till at |
last an annual increase was expected as a |
matter of course. Now the feeling is Just |
The opposite. The great decrease this year |
mas begot feeling of uncertainty, and the /
argument is commonly advanced that /
he great yield of 18S0-8l was quite l
and it Is not likely TO be repeat
I'd. 1t is therefore probable that very mod |
crate ideas of crop will rule during this au
umn. We are more likely to hear of 6,000,-
700 than 100000, than of 64d for next sea-
'on than OF Cd per pound. We have already |
said that much depends upon the harvests in 4
Europe and India this year. We are glad L
% report that agricultural prospects are bet
er IN this country than for several years at 1
his date. We have had remarkably fine 1
pring, and the crops are looking very I
healthy and we'll advanced. We hear the l
sme OF France, and we would fain hope that I
he long cycle of bad seasons has come to an i
md. Should good weather continue during 1
he summer, it will have a certain effect in 1
leeping up more buoyant lone in Man |
chester and here. Some uneasiness is caused |
~ the disquieting state of affairs in Egypt, |
'ut it has not 50 far had any effect upon