Memphis daily appeal. [volume] (Memphis, Tenn.) 1847-1886, 1882-01-15
FINANCE N TRADE
COTTON.

New York kilograms yesterday indicated
no material change in the spot market, ex
cept the dull condition of the market at the
close. Prices remain "a previously quoted.
New York futures begun business with a
steady tone, and all but current deliveries,
which were off 2 points, advanced 3 to 6 points
distant months the favorites. Januaries
we're advanced 4 points on second call and
slight additions were made to other months,
followed BY a decline of a few points on each
call until the close, when a slight rally man
Tested itself. The result of the day was a
gain of 8 points for January and September,
2 for November, l each for all other months
excepting April and May, which remained
unchanged from the quotations of the pre-
vioTs day, and December, which lost l point.
The tone OF the market was steady at The
close.
New Orleans spots continue quiet and easy
at previous quotations.
New Orleans futures opened and closed
ste ady, with a range of advances differing
but Little from those reported from the same
market in New York.
Liverpool spots were quiet and unchanged,
with prices as previously quoted.
Liverpool futures opened steady at the
quotations of the day before, and advanced
l-32@1-16l during the day, but closed in
buyers favor.
Smith. Edwards d Co.'S Liverpool Circu-
tar, OF d cember 3lst, says: ANY attempt
to forecast the future 50 far ahead il usually
a failure, and we need only allude to a few
of the leading features. The first Of these
is that the speculative element has strongly
p~redominated on both sides the Atlantic for
six months past, prices have been bolstered
up more or less by Legitimate means, and
peop'e have got gradually familiarized with
a scale Of prices which every one would have
pronounced last spring to be fraught with
danger. The speculative movement has
tab, ,faoa IN The faatb ~ IpII a,I ,,,z,Et
able trade at Manchester, and it differs from
the similar movements of the last two sea-
sons in that it has no support from the man
ufacturing side. At this time last year aud
the one before Manchester was buoyant and
fairly prosperous under a great demand for
India. THIS supported the raw material for
a while, and yet in each year a heavy col
lapse Of prices occurred in the spriDg-in
each year it was found that a I'd price for cot
ton was full Of danger-how far may we an
ticipate a similar result this coming year? Ii
we look solely TO Manchester we should say
that any price approaching I'd would be mora
unsafe than in either of the two previous
years, we see less chance of good trade at
any such price; indeed there seems to be al
most a certainty of severe depression in the
eastern department unless cotton recedes to a
lower figure but on The side of America the
current has been running in a contrary di-
~rectioD. We nave been deluged with alarm
ingiy small crop estimates from every quarter,
more especially from the agricultural bureau
its figures have grown less and less as the
season adgaDc ID, till at last it put forth an !
estimate Of 4,900,00O bales. Such figures
seem to us too absurd to deserve serious
notice, and only bring discredit on a govern
ment department that can allow itself to be
so much influenced by speculative feeling.
We are bound to admit, no Hever, that even
the best judges were siDgularly unanimous
-
many are to be found who advocate so much
As 6 1000 900 bales. In the Southern States
10000 is looked upon as a safe estimate.
II these views should prove correct present
prices cannot be called extravagant, though
10 our opinion they are quite high enough, !
remembering how soon the shadow OF next I
;rop is thrown over the future. But if it
that the Americans are deceiving
hemselves and us, "a they have done so often
II late years, a considerable decline is pref
y certain. Should the crop be 6,000,000 and
,e followed by one OF 1000, 900, an average
Price of 6ad for the year 1882 would appear
quite high enough. The full consuming
of the world at present is not more
han 6,250,000 bales. The Bombay crop is
eported TO be considerably larger than last,
nd may perhaps be used so freely as to re-
luce the consumption of American cotton
to G,000, 900, the more 20 as the quail
ty of the crop Is good, and its spinning :
'ower greater than that OF the lat one. !
we foresee no scarcity with a
rop OF 500 coo, and no extreme scarcity
ven with $4,000; the worst that would
appen Is that some of the reserve we aCcu- |
lulated last seas IN would b. parted with !
to be restored and further incrt ased )
ne following season. Ii would be very 4
nsafe to build a speculation beyond I'd per |
ound on such a foundation as this, and I'M i
as our m3rket advances beyond "a the (
rices ruling in New York cannot be main a
lined, for they represent a to ia sold here |
I the spring and summer. The conclusion +
e draw is hat American speculation has C
ractically exhausted Itself, and though it i
Just possible that a further squirt may oc-
lr if receipts drop off perpendiculariy, it is /
ard to believe that the average price of the I
sGson will be so high as TO justify the prices
ow ruling in New York. Indeed We greatly o
oubt whether they will be SO high as to save L
loss the buyers OF futures in this mar I
eft. We will add, in conclusion, that We are t
ute at sea about the sizs OF the American
'op; it may be anywhere from 5,750,000 to !
250,00O-consequently our puryieY must be |
Ken cum 9Tda0, but we strongly incline TO I
tuition, looking at the history of the last few a
ars, and we believe our readers will gener- il
ly concur in this view" il
The local msrket was steady during the 0
ny, there being no apparent demand from v
miners and but little from other sources. c
days transactions were light, and all to C
count OF export. C