The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1888-12-20
noMEsrIc ENCmANdE.


DOMESTIC EXCHANGE.
New York and Eastern demand, ~, dis
count buying, sight, 80 discount buying par
selling. New Orleans, = discount buying
81 premium selling. Cincinnati, st. Louis
and Louisville, demand 81 buying par sell
ing
heavy financial transaction took place
yesterday ut the Manhattan Savings Bank.
The negotiation OF $4,000 OF bonds at a
little over par value was made In about
fifteen minutes. As 10 the general money
md stock markets, Cheers & Co., Of
New York, In their weekly financial cir
cular say The outlook is for closer
money, at least until after the holidays, or
until the demand for interest, dividend and
other purposes incidental with the close OF
the year are provided for After January
an easier condition OF Affairs may prevail;
though whether we shall return TO the low
rates lately ruling largely depends upon
the future course OF general trade which
has not u few encouraging features. The
more distant future bears ample promise in
various directions; and IL is Ia be hoped
that, with the establishment Of reasonable
rates, stockholders will have less justiiica-
ton for complaint In 1850 than they did in
1883. The present, however being period
Of liquidation, Is not a favorable time for
purchasing, excepting on spec uluiivo terms.
Liquidation Is still in order, and does not
tecm 90 have fully run its course; so that
while events might so shape themselves rs
20 cause an earlier improvement than now
anticipated still, for the present, we can
only renew the advice offered for several
weeks past, Of selling on the rallies aud buy
ing only on the pronounced declines"
The local cotton market closed easy today
at decline Of l-iGc. with sales 1900 bales, or
1850 to exporters and 800 TO spinncrs. New
Orleans spots are quiet, with futures quiet
and of 2 To 3points. Liverpool closed quiet
fair inquiry at decline Of i-i6d on mid
ding futures of point, closing steady.
The New York market closed quiet aud
steady, with futures steady aud OIL ) TO 8
points.
Hubbard Price & Co. say; "Thc same In
flucnccs which have been working upon the
market Tor the past week must be given ~
the best reasons Tor today's decline"
Commenting upon the condition Of Che
cotton market New York circular states as
follows
''rhc bulls are scattered aud have no
leader. They have the statistical position
IN their favor, but each aud every one Of
them are In the market for n small profit
aud are willing aud anxious 10 sell out ON
their ncighbor nj the inst favorable oppor.
tuniiy. The bears, ON the contrary, are
working In concert, and being fully aware Of
tie situation, leave no stone uniurned IA
forcc the longs u cover We DO not think
the long interest Il a. great as IL was week
ngn. The bears arc not ravcnous. but seem
willing ~ take moderate profits, aud they
have bought quito freely on each break
They will likely continue 10 buy cotton on
the way down. and when this outside inter.
est Is covered We will be- In position Ion q
good advance. Tho short interest Lns been
favored by the crop movement, which l.
largely IN excess 81 last year"
The Manchester Gprriian, of the 10Th. In
It, commercial article says There Il no
sgn Of animation anywhere. Although In
some instances the sales yesterday reached a
fair amount altogether the business done
did not reach the average oi Tuesday trans
actions. IL some departments the bushes,
transacted was very small, Prices. however.
were steady. and there va- no sign of press
uTc 10 sell. Spinner, do not abandon their
estimate Of :. $4,000 ~ the minimum amount
Of the American cotton crop noiwiihsiand-
ing the numerous statements from the
United States iavuring 10O0.OlO bales or less
a. the probable amount Of the crop. Spin.
ncr, however, are rcscNing their opinion
until definite information il obiainablc
There Is moderate inquiry Tor export
yarns, and but few Of ihc orders arr praclica.
bic. The business dome has not reached the
svcmgc. Buycr- ior home consumption have
covered their present order, and are holding
OF In view, Of the slackncs. Of the cloth
market Cloth i quiet but generally steady
India and China shrtings arc nrm The
production Il pretty we'll under contract
generally. some makes are we'll ,old ahead
Best China qualities are slrungnt full prices.
which merchants do not hesitate 10 pay.
though they du not take lnn,c quantities.
Agents find dimguliy in putting even a
moderate Urupurupu IT the business offered.
Best pnnl,lg ami finishing cloths arr un.
changed The sales have been moderate.
Common nc dull Heavy good, arr quiet
with falr demand
uouIs auI stoeh.