The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-10-15

above the future market for the same
month, for the reason that exporters will
pay for immediate shipments much more
than they will for deliveries ten or fifteen
DAYS hence. Buyers will only pay on n
parity with futures for cotton TO come 10
hand some ten or twenty days hence.
To begin ut the beginning: Secretary
Hester ought 10 know, II he does not, that
Meridian buyers sell cotton on New Or
leans Cfassilicalions. His attention il also
directed 10 the words Of Hazard q Cos.
letter "Middling cotton sold hero lin
New Orlcans) today at ~ cents" This
cotton was in New Orleans, not In Mcri.
dian. The Exchange spot" quotation
that day Tor middling' was 1910 cents,
3-lGlhs above the selling price.
As TO Chairman Frederick, who ought
10 know all about quotations, the Ncix
made no "accusations.' IL simply gavo
the figures and asked the New Orleans
cotton authorities 10 explain them. This
they have failed 10 do. His attention IN
called 20 the fact that the point made by the
NOrs wHs not based upon cotton which ac-
tually sold In New Orleans on the day
named. II is hoped the distinction is APP
prcciaicd.
As an addcndum TO this On the 9th
instant Meridian parties sold middling
cotton in New Orleans NJ b.l6c, which
was the exchange 'spot" quotation on
that day.
As TO Mr. Ashton Phelps II appears
strange that New Orleans can afford 10
pay more for "spot" cotton than for II. o.
b. " cotton, when II takes Of u cent 10 pay
for comprcssing drayingand other charges
10 get spot cotton 10 the ships side.
Possibly, though, this Is one Of the ccccn.
irlciilos of the New Orleans market, oi
which the outside world is not cugnizant
Mr. Phelps missed fair chance Ia use a
column of the Item 10 'disprovo" the
Nti0' statements.
As tO Gen. Hazard Nothing was said
II immediate shipments" in his firms |
ettcr. The cotton referred 30 m sold" |
vas sold in New Orleans. And IL Is fair TO
resume that II was ready for immediate
,hipmout.n
As 10 the "parity with futures" will mc
figures bear him outl The comparative
figures are ~ follows
MIA Spots. Turs OctA |
lrl'.Tf ..'... .......... .......n 30 pi7ar'ls /
y lolfl iussssss s..s......l't uut.fnWi
'Nt'il tssss..sa3 1lO VO~tH % /
The lust quotation WIS AN actual sale by |
patiicsat exchange quotations.
The N,ws h pleased to see that its criu. |
'lsm has horne good fruit. "Exchangu
quotations. have been marked down 10
what cotton can be- sold Tor
The unfair quotations OF the exchange
no doubt tended TO draw cotton to New
Orleans. Ia truth, this ~ the fact OF the
cmc, hut II Was through "a shan aud
dolusiou.'
On thc day following the appearance of
the above from the Ciy Iicp,, that paper
said cdilunally;
MERIDIAN, not being point whence
cotton can bc at once dv,palchcdtn SUNNY
emergencies caused ly exhausted stocks
corners, 'squrczcs' etc, oi course can.
not expect a. sharc the benefits cniuycd by
places thus fortunately situated The HsIl
hopes that IT, Meridian cnntcmporarv will
see the point. and du New Orleans iuslirc
~ being nn exceptionally advantageous
market
In Uply, the Macs requests the Hfin Ia
study Hazard 4 Co.'S letter, together with
the inrts la the vase, aud the No0, feels ~.
surcd that the Ian will sec the point ="
The Cotton exchange has seen 10, aud prof.
tied 10y iu, tie Nirsis glad 10 see.
The A0u h proud ol New Orleans. and
only hopes that she could double her cot.
ton receipts bu, she must tote fair with
the Interior markets. That is all there ls
ol TO-