Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-02-28
COTTON.
WEEKLY REVIEW.

WEEKLY REVIEW.
At the close Of the APPEAL's resume of the
cotton market for the week ending Friday
February 18th, middlipg cotton quoted IL &c
the lowest point reached since the early part
of November. On the opening day of the
past week, now under review, the same price
ruled and was maintained throughout the
week without change.
New York futures, which closed on the
last day of the previous week with a sharp
advauce-though not sufficient to recover all
the losses of that week-began the past week
with "bul" element still 10 the ascendancy,
especially for the distant active months. On
the second day Monday the advance con-
tinued, though disposition to slack off was
manifest aud fully realized on Tuesday, when
the entire list went off IL TO - points.
Wednesday being observed as a national
holiday, no business transpired. On Thurs
day the decline continued, the losses being
greater than on Tuesday. On Friday the re-
action recovered nearly all lost on the pre-
vious day, and for distant months more than
compensated for the depressions of Tuesday
and Thursday, the week closing with losses
for til; first half OF the year ranging from
/ to points, aud advances for the latter
six months ranging from l to points. Con-
corning the influences bearing upon that
market the Financial and Commercial Chronicle,
of Saturday, has this to say: "The specula-
tions in futures opened Saturday with con-
siderable show of strength 10 prices. The
small receipts at the ports, and the general
acceptance of reduced crop estimates caused
some OF the 'bulP party to recover conf
dence, and prices continued to improve to the
opening OF Tuesdays business. Then the
absence of an active demand and discourage
ing foreign advices led to selling to realize,
under which prices gave way sharply, and
law Nxha ha ms ryat mad
there was a semi-panic caused by the pro-
posal of short time at Manchester, TO which
the smaller recei pts at the ports gave little
obstruction. 1t should be remarked that the
rapid decline in prices on the Stock Ex-
change has from sympathy operated adverse
ly TO cotton futures." The New York BulIe-
tin of the same date, puts 1t this way: SIN
brief, il has 10 all appearances been the old
story of very limited demand from all
sources for actual cotton, diminishing call
on the covering line and no backbone on
the 'bull' side, with natural sequence to be
found in an immediate and sharp break the
moment bidding relaxed and an attempt 10
realize was developed. Within a day or two
however, we have found current, in quarters
entitled to consideration, a theory that
the market is really drawing together and
form ing basis OF a more solid character Tor
the rally so much desired in many quarters.
IL is claimed that, notwithstanding the re-
ports of bad roads in the South, the con-
tinued small run of receipts is attracting
more serious attention both here and abroad
and commencing to neutraliZe the effect OF
the cotton ia sight. The argument is that
the foreign spinners now feel that it would
be better if they had control of larger por-
ton OF the American supply, and az pre-
liminary measure to becoming buyers, are
talking blue introducing the short time
project at Manchester as part and parcel of
the movement, while some of the leading
operators here are using every effort to de-
press matters and squeeze out holders, but at
the same time are said to be quietly acquir-
ing ownership against the sharp rise to come,
when the long deferred proof of shert crop
is given. The bears however, claim this to
be a somewhat elderly story, with a slight
variation of costume, and are confident that
the process OF liquidation must continue
until cost Is low enough to insure absolute
safety to those who invest"
New Orleans spots began the past week at
lI37, which had been the price on the last
two days OF the week before, apd from which
~ change was made up 10 the closing day.
New Orleans futures "ebbed and flowed"
in about the same ratio as did the same mar
ket in New York, operated upon, perhaps,
BY similar influences.
In Liverpool the week opened with an adj
vance OF l-l6d above the price ruling on the
closing day OF the week previous, the prices
(6{G5 11-155) holding without change until
THURSDAY, when a decline OF 1-1S1 was an
nounced. This decline, according to private
adyices, occurred on Wednesday. though was