Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-02-17

! The Liverpool kilograms Of yesterday re-
| ported the spot market active and firm.
Sales, $1,000 bales, of which 12,20O were
American. Receipts, 1900 bales, of which
$500 were American.
At 1890: Uplands, sgd; Orleans, 6 9-16d.
At l 80: Ordinary, SID; good ordinary,
515-l6d; low middling, Gid; uplands, 6 7-16d
Orleans, 6sd.
The Liverpool market for futures at
noon was firm; February, February-March,
67-l6d; March-April, 6 1882, SD; April
May, 1892 9-16d; May-June, 19-32d
June-July, q -32d; July-August,' 6 1891
August-September, 25-32d.
AT 2:30: February, February March,
15-32d; June-J uiy, 1l-16d.
At4 80: March April, I'D; May-June, 6 I'd.
At 5: February, February March, 67-I6d ;
March-April, 15-S2d; April-May, G I7-32d (;
May-June, 6 19-32d; June-July, 21-32d.
Futures closed weak, with all deliveries
advanced 1920 9d-the increase heaviest
for distant months.
Circular, of date Liverpool, January 3Ist,
discussing the prospects of the Liverpool
market, saysI "Now, however, il is clear to
every one that the very bad accounts which
we have received INCREASINGLY since last Sep
TENDER have had only too much found alton
in fact, and even the bureau estimate of A.
100000 bales, which we all thought so alb
suFu at the time, ndu at least some SehDldnce
to truth. We have seldom or never seen SO
startling a collapse in figures as was wit
messed this month. Various explanations
are rendered to account for it, such as bad
roads, speculative holding by planters, etc,
but we must admit that the unanimous opin-
ion in America, as far as we understand it,
is that exhaustion of supply is the true ex-
PLANTATION. The general opinion in the South
now is that the yield will not exceed 800
600 bales, few in New York adhere to
5750,000, but others go as low as 5,250,000.
We venture no opinion, except that the
scale of receipts during January looks more
like 100000 than any other figure. Not
less wonderful than the collapse of receipts
is the perfect Indifference with which
it is regarded. Had any one in
December been asked TO predict the
effect of such small figures, he could have
confidently prophesied sharp advance, but a
series of events, which we have already
glanced at, chief among which is the dis
turbance OF the money market and the dull
state of trade, has neutralized for the present
the great reduction in our probable supply
OF cotton. The large movement of crop at
Bombay, and the heavy shipments to this
country, also tend in the same direction, and
it is coming TO be felt that there will be no
severe scarcity even with a crop of $500, COO,
while 5,750,000 will yield sufficient Mr.
Ellison's exhaustive annual circular shows a
reduction of only 100000 TO 100000 bales in
the European reserves of stock in the au-
tumn, with a crop of 100000. 1t must be
remembered, however, that OF the large So.
ply from India much will remain at the pors
in the autumn, and therefore the reduction
in the stock of American cotton may be con-
siderably more than the above figures We
incline to take the view that if the American
crop turns out only 100000 there will be
some danger of a squeeze in the autumn;
though the supply viii be enough for bare
cOnsumptive purposes it will not be enough
to protect us from speculative ma
nipulations, and we do not think any
serious decline this spring would be justified
with such limited supply. On the other
hand, so long as trade in Manchester re-
mains in its present unsatisfactory state, and
the monetary horizon is dark, ii is not likely
that speculation will revive on any large
scale, and our market m ay be kept in a state of
equipoise between these opposing influences.
If the receipts should swell materially and crop
increase, present appearances point
to some decline, but if the collapse OF re-
ceipts be as notable in February as it was in
J January, we do not think lower prices would
be justified, and if they are depressed for a
6me by monetary pressure, they would likely
recover when that pressure was withdrawn"