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

| At the close of the APPEALS review of the
| cotton market for the week ending Friday,
| February 10Th, middiipg in New York was
! quoted IL &c, on which price the past week
now under review opened, but was reduced
lie on the second day Monday On Tues
day Lice additional reduction was an
nouneed, and IL 916c ruled through
that and the day following. On Thurs
day a reaction amounting to Lice occurred,
recovering the value to 113c, which was
maintained the remainder of The week
The New York future market opened with
a slight advance on all months excepting
February, November and December-the first
named declining points and the other two
point each. The second day (Monday) an
nounced paralyzing break in prices, the
reductions ranging from 81 to 80 points, fol-
lowed by additional losses on Tuesday. On
Wednesday a sharp reaction came about, re-
storing values to the amount of nearly half
the losses of the two previous days. Thurs
day witnessed another falling off, light for
current deliveries, but ranging from to u
points for other months. On Friday prices
again rallied, all months regaining from u
to 16 points. The result of the week was a
gain of 8 points for January, and losses for
other months ranging from s to 20 points
distant active months being the heaviest
losers.
The New York Commercial Bulletin, OF Sat
urday, thus disposes of the events of the
week: "While the general tone of the con-
tract market has continued feverish, and
appeared to succumb to depressing influences
rather more readily than to those of an OPP
posing nature during the past two or three
days, the bear element has certainly proven
less rampant, and bold push on several &C.
casions was Successful in stimulating quite a
little advance. Indeed, some of the trade
were of the opinion that Improvements made
L L IL n
thrown off the timid, demoralized feeling
under which they have so long been laboring
and worked more thoroughly in unison in |
the effort to bring about reaction. The |
liberal liquidation of long cotton, without |
further failures, which the busy tongue of |
rumor was constantly predicting, further ad- |
ditions to the short interest reported, and |
occasional CLEANS of strength at Liverpool, |
coupled with light receipts an I indications |
that cotton was being secured for export |
through the purchase of short notices, |
hsve all tended to inspire hope that |
heavy shrinkage on cost has brought |
the position to basis where a frmer !
feeling may at least be secured, even if no |
important recovery takes place. 1t is, how
ever, not difficult TO find those who still look |
upon the position Of the longs as precarious,
and expect further break before hard-pan
can be shown. They claim that whatever
gain the market may have made, or appears
to promise, is based upon speculative theo-
ries alone, and until sentiment is abandoned |
and more legitimate influences of actual |
supply and demand assert themselves there |
is little chance for a healthier state of |
affairs. In short. it is the former idea that |
cost must recede until consumers feel conf |
dent enough TO invest and get the accumu-
lated supplies properly in motion, without
much regard to how much cotton is yet to
come forward on the present growth or any |
necessity for worry over the crop not yet |
fully planted"
New Orleans spots opened the past week |
quoted at II &c, which price had ruled the |
last three days of the previous week. % |
Monday (the second day. a reduction of &c |
occurred, and II Sc ruled through that and |
the day following, but on Wednesday another |
&c was hammered of, but recovered on |
Thursday, restoring the value to IL sc, which |
was maintained throughout the remainder of |
the week.
New Orleans futures were moved by the |
same influence that governed in New York, |
and about the same results followed.
Liverpool spots began the past week with !
an advance of l-l6d above the prices ruling |
on the closing day OF the week before, cha |
6 IL led ruling the first and second day /
Saturday and Monday, but on Tuesday the |
advance was lost, followed on Wednesday by /
a similar reduction, when prices quoted were |
ost9o J-lod- Tn thursday Valuts ngain re-
acted to l6@6si, which were maintained |
through to the close Friday evening, which /
ended the week.
Liverpool failures huctuated in about the
same proportion, the result being about l-l6d /
cheaper Tor all deliveries than at the open
ing of The week
The NV York EuLefia's Liverpool let
ter" of date February 4gn has this to say
about influences on that market: "a feature I
in the cotton market this week has been no.
ticed 10 the readiness OF manufacturers to
operate on the slightest concessions by sellers.
The business done exceeded the estimated