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Memphis Dec. 21 1866
    Thos. W. Claybrooke Eqr.
        Bell’s Station Tenn.  Dear Sir.

        Enclosed
we hand you bills of articles ordered
in yours of 87 just to hand, to your debit
$115.40.  They were sent out to the Depot
to-day, but they were so crowded, that
They sent them back.  We will send them
just as soon as they will receive them.
You ask why it is cotton does not go up.
There are three reasons that we know of,
which operate very much against it.  First,
foreign markets are no longer entirely depen
-dent on the American crop [underscored], having developed cotton
regions of Their own.  Second:  There are already
more cotton goods already [struck-through] manufactured. than there
is any demand for.  Third:  Money matters are so
tight that all departments of trade are very
much depressed.  We have ^been waiting patiently, hoping
that prices would reach a point, that would be satis
-factory to you & regret it has not.  We will be compelled
to sell enough of your 24 bales, to reimburse us for amounts
advanced, unless you can replace it otherwise. Yours truly. Mosby & Dorion.
We send your goods
to Bell’s Depot which
we suppose is right as your
cotton comes from there.  You
do not say in your letter.
M & D