Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-02-21

! of cotton will be considerably higher ,syentu-
| ally; but | doubt il the bottom is reached
| yet. Any immediate rally will be detri-
mental to future high prices Ii the mar
/ ket could hold where 1t is, or even work a
| half a cent lower and stay there 4 month or
so We should have much better rise when
| it did come. By that time, and on that basis,
! We could have worked off much OF the enor-
| nous stock that is now held in this country.
| We may have rallies here and there, but do
| not look for a considerable or permanent rise
at once"
| Mr.. Inman thinks the crop will be about
| FIVE million six hundred thousand, but does
not agree with others as to the large def
| cheney that this sized crop Will produce.
"Mr. w. H. Inman says: "If there are not
over five million five hundred thousand
bales, cotton will go to thirteen and hal
cents before We are through with IL"
He said further: 1.-THE South ought not to
speculate in cotton, however. | am satisfied
the South has lost 100000 year By cot
ton speculation in the past nine years. This
immense sum she pays yearly to New York
As tribute 10 her presidency in dciDg what
she ought not 70 DO. Her people would DC
grestiy better OF II they mad simply raised
the cotton and sold IT,
Mr.. james Swami said: 1T IL my opinion
that the South is hurt much worse this year
than she has ever been before. Everybody
down there has bought-bought wildly in
many cases-and bought heavily all the time.
Many country merchants own actual cotton
that they have advanced on at high prices,
and this fall will force many of them to sell
at a loss" Mr.. Swami shares the general
belief that cotton will go up sharply, but he
has advised friends not to buy within the
past day or two. He looks for prices posi-
bly, half cent or more lower.
The report of the agricultural department,
IL \. Il
million one hundred and eighty thousand.
This is the first February report ever made,
and the department announces that ii is i'm
partial, thorough, and as accurate as human
endeavor could make it. At this late point
in the season it ought to be possible, by APP
peals to intelligent persons in each locality,
to tell approximately what the crop will be-
The Bradstreet people still stick to their
estimate. They say that the crop may turn
out small amount bigger than five mil
lion and eighteen thousand, but they
can get no information that will Justify,
much less suggest material change of their
figures. There is no question that the Brad
street report is based on the most thorough
and comprehensive estimate ever made.
Mr.. Ford, the editor, is an authority on all
financial and commercial matters. The cot
ton reports are made up by Mr.. Todd. He
has an extensive basis OF comparison-gets
reports from every county in which cotton is
raised, and figures out the total on a sheet of
paper bigger than wall map. Mr.. Todd is
more positive than ever that the crop will
not go over five million one hundred thou
sand bsles. He will issue no further reports
this season, but will rest the case where it
stands. The receipts certainly seem to be
bearing out his estimate-the shortage for
this week being estimated at seventy thou
sand.
A SUMMING UP OF SUGG ESTIoNS.
Altogether the following is the summing |
up of the situation here, as made from re-
ports, rumors and opinions:
l. II you are out stay out. The outside is |
always the safest side.
2. If you are in, stay in. The market has
seen its heaviest Decline and will recover
some, if not all of the ground it has lost,
and possibly go above the best figures it has
yet seen.
3. III you have bought at figures very much
higher than at present, buy more at lower
providing YOU have enough
money to support your holding through
further decline of half cent at least.
T. The later months are the safest to buy,
Is they will have more time in which to
Mr. John inman thinks the acreage
will be much less next season than this.
5. The chances are that for the next thirty
laws cotton can be bought at almost any
ime within few points of its present range.
There is a strong belief that it will work
higher rather than lower from this date, and
general belief that half cent from this
,oint June, 1889 will cover the lowest drop.
G. The crop will more probably be below
han above five million five hundred thou
and, but that it will not vary considerably
rom this either way.
These points cover the situation here as |
IN able to get it. and there is general frank
less of expression. 1t is fair TO state,
hough, that these points are summed up by
man who, through brief but checkered
areer, has invested in cotton on what he
onsidered the best of information, seven
eparate and distinct and well-remembered
ines, and lost every single time, Indeed, l
mink my average in cotton is eight losses
ut of seven "fyers." II. W. c. |