The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-02-04


binary demands.
The clearinghouse report is as follows
Friday. Feb. 0, isss....s loi.l0y 90 to.Gls ~
Thus lar this wcck.,....-. 2oias5l g 1910 y
Same time last wcek,s:.- MIl, ,sS y @y'1ls y
Corresponding time, isg. i,osai@ "A aOi,soo II
EXCHANGE.
New York and cities north and cast, on
demand Z discount buying. New York and
principal cities north and cast, sight, =
discount buying.
Selling Ratcs--0n New York, per cent.
premium on sums below $1,000 $50 per
d, 900 premium on sums Of 1900 or more;
on Cincinnati, 81. Louis or Louisville, $3.50
per s., 900 premium on oil sums; on New Or
cans, 81 so per 81 600 on all sums.
The stock call board session yesterday was
s. uninicresting, no sales being registered and
but few changes being made in stock and
bond quotations.
The local cotton market closed quiet, with
snlcs S5s bales. New York spots closed quiet
and futures firm and advanced 10 4 points.
Z. L. Greene & Co.'S report says: at has
not been very active market, aud during
the earlier portion OF the day under a gem
eral sort OF neglect there was q soft tone,
with couple Of points lost. During the
afternoon, however It strengthened ON bet
ter bidding. with recovery Of value that
reached an advance OF a@i points over last
evening leaving the final feeling pretty firm
nj the highest reached"
New Orleans spots closed steady; futures
steady and mp TO 5poinis. At Liverpool
business was good at unchanged prices; fu-
lures advanced point and closed steady.
The following letter from prominent New
York cotton merchant 10 correspondents in
Liverpool will prove interesting reading 10
the trade:
In answer 20 yorr cable inquiry We wired
you the outline al our opinion about cotton,
and now take pleasure in going over the si,u-
alton In detail.
~. The estimate Of the crop by the known
authorities is $4,000 bales; that Of our
most sangulne bears $4,000.
''2. The price OF cotton Is about 5lsd in
Liverpool, which Is below the average Of the
last -four years of great depression In the
trade, aud fully "a per pound below the
average OF last SEASON, when cotton sold a.
high o. Sad per pound.
-. Trade In the entire world, without any
exception as to locality, has not been as good
and profitable since 1870, when the worlds
consumption was s,OO0.0O0 bales while that
OF Last year was I0,OooOoo, and Tor the pres
ont year will not be- below "a, $4,000 bales
-. India will give us this year 100000
bales and Egypt J0OO0 bales less than last.
while all other producing countries promise
about the same supplies.
''Eycry bale the American crop proves 10
he less than GsSo,Vo and every bale the
English consumption proves to be larger
than 5o.2So per week will tend 20 increase
the critical condition of the market. and a.
We arr firmly convinced that the estimate
OF the Washington bureau OF d,3oo,OOO bales
will prove nearer correct than that OF our In
tercstcd Spectators 81 6,7j0oO0, IN other
words hat the crop will not turn out cx.
cetding 0JOo,O0O bales aud on the other
hand that Manchester will require at least
bj,oo0 bales American per week for the pres.
ent year, the situation 81 cotton becomes Of
more interest than IL has had for the last
twenty years and unless some Unforeseen
circumstances, such ~ European war should
interfere with the natural laws of supply
aud demand, the year lSSs will prove an cx-
ceptlonal one In the history Of the cotton
trade.
There Is no use arguing about crop osti.
mates. We believe that the movement dur
Ing the next few weeks will prove our own
estimate
There Is but one pointto which We would
like 10 draw your attention, and that Il that
our experience La, taught VA TINT year after
year the early movement indicates les. aud
les llc extent Of tic crop anl With the IA.
eiiiuts now existing In the south. which No
remember to have been limited Ia q gcncia
movement Of on,s.di 10000 bales per week
and which nov make Il possible that In the
hight Of the season there are continuously
10000 bales per week moving all over the
ftaies u will not be long bcio'c our entire
crop will be marketed by the iiri Of cacl
year, and the old time manner Of a twelve
months movement will belong 10 ancient
history.
"1'he crops Of 1887 were three weeks earlier
than any we have known. Picking com.
mcnocd on The sih Of July IN Texas and Il
was finished In all the siaico On the 18Th OF
November.
"Thc crop was ready for the market 10 n,
last bale on the 18th Of December. Price,
wer highly satisfactory 10 the produccrs,
the facilities Of moving were greater than
ever, and there exists, therefore. no reason
Why this crop should not virtually be mark.
etei by the lat Of Marh next, at all event.
our Information, which extends oil over IA,
United States, indicates this result
AZ New Orleans sugnr h In good demand
with open kettles active, AMI centrifugal
hnn. Molasses l. dull with light demand
ciean and rough rico continue quiet az,
Arm with the movement light IN both. tn
trust has issued W. clici Cor new terms OF
refined sugar. The schedule = ~ follow.
On amounts Of les than 100 hrls, ~ dsy
Iesu = per cent on 100 brs up 10 100. .
days les ipcr cent; on 1909 brls or over. 2
days lees = per cent II payment IL mad
ulihiIscycn days an extra = per cent 4 aI
lowed. All brokcragos 20 direct buyers NJ
cut on No change Il announced on "a
terms for symps
A. 10 the gocery trade the Commercial ~
iofin says that there Il not much coming
fho surface on the general grocery mark,
differing 10 any great degree from icaiur'
previously presented. Tho hand Of IA
trust as crushcr Of oil lcglilpalc iradln
IN sugars and the festive Spectator Ia oI
lions a. disturbcr Of the coffee market n