The Evansville journal. [volume] (Evansville, Ind.) 1866-1870, 1868-05-07

1CAH AAE 6E1l4E al NAAA6 4A4-G -
IN a precautions and dangerous position,
for the following reasons: The positive
value Of a Product used in 1anufactnring
an article Il consumption depends Ordl-
narily on whether the article made from
II can be prOduced by the manufactuTer at
a PrOht. AS soon as this ceases TO be the
case, the Price al which IL can be sold be-
I comes unsafe as a basis for future opera
t1ons, for not being founded on the actual
wants OF consumers, It is necessarily mere
~ speculative.
T~batcOtton. at present prices, Is not prof
liable to the manufactu ers in this cOun-
try, Is proved by the fact that those of
< Lowell aud Providence lave a a meet
ing for the purpose Of considering a propo-
sltIon 70 work short time, aud decided
TO reduce their working time % per
cent for the reason that, with cotton at
% cents their stock of goods were con-
SANITY accommodating. 3he production ex-
eeedlng the consumption. ThOuZh since
then cotton has advanced 8 cents. g .ods
turers nave had 70 realize, which could
only pc done by a reduction OF their prices,
their fabrics are selling to-day, with mild
ding at 32Z cents, 5 per cent. b per han
when the prices was ~ cents.
Against this, It may be urzed that our
manufacturlng interest is too 1ns1gnin-
cant 70 materially AFFECT prices; that the
cable continues teptft " Manchester adj
vices favOrab e. that pinners in England
are making IA tuSF. stIId that, as long as
this is the "a.e. lice is nothing TO fear.
Viewed supPTicl Hy. the seems
10 have a 90 deal of strength, but loses
It's entire folc examined IN connection
with our pffNa-e a~avices. which are that
buOs% MAE ulacA urEFN VINO nave a suDDly
lald In at " urlcs~ are the only ones
working al a profit, and thai similar spec
ulation 10 that in the raw material exists
IN goods and yarns which are bought and
held for a rise, but have not gone into
consumption.
An examination into the reasons for the
continued adyance must convince us that
speculation. and speculation only, assisted
by favorable statistics n cheap money
abroad. is the true cause The LIVERPOOL
market. during the last two months, has
been more or less ruled by the manipula-
lions OF spectators from this side who
found q favorable field for their opera
tons, as the low ruling during the early
part OF the rear made every speculation
based on a rise, success sfuI; and this spec
ulat1on was continued up to within the
last three days, as the cable reports OF his
week., quote cotton to arrive = 10 I'd.
higher than on the spot. The speculative
transactions during the month mus have
been immense, though this did not always
show in the cable reports. which contaiDed
errors IKE that Of h 2ud. when the sales
were telegraphed at 80 90 bales TO export.
ers and 1900 o spectators. while the Bro
ker's Circular, received by mail shows that
exporters took only the l4u00, aud sim lar
errors may easily have happened since.
Ihus, taking a comprehensive view of
the situatiou, we must conclude that it is
an unsettled and dangerous one to base
calculations on for the future, but wOnld
not wish TO be underst0 d as saying that
q serious breakdown IS TO be a~pprehended.
As we remarked in our last circular, we
are too far advanced in the season, and
danger OF thus kind. vet we caun0t
subscribe 10 the general hopeful theory,
nothing, not even making general
short time n rule. can prevent cotton
from going TO l5d."
OF Tobacco, the Cireuls speaks as fol-
lows:
Our market during the past month re-
NAMED In the same quiet ana dormant
position as 'urIng the month previous;
the demand Tor export being conhned TO
Tugs for Spain, and to CIaIksville for The
North OF EnT0ng- of the fnFmar the hrw-
er for spain took ali that were sound, AMI
could be bought at cents. A larger
sorts If they had appeared in larger guam
titles on the market. or the latter, the
c Y SeTe s md 7 ! ~ ~ sT ~ 3I z aeeleed
from mediu n TO good qualities, at
Mum l29I6 cents, EXceptIoual sales were
made or a few hhds at I79ls cents. IA
business in general was far from being a
lively one Our manufacturers are sup
plying their immediate wants for cutting I
out Of the old stock, and taking rappe
for Navy pounds out OF the new, at pTi es
from l4G20 cents.
the particulars OF the adjudication OF the
different sorts OF tobacco, which took 1
Place in Paris on that Day, % which We
were taken at prices which our friends /
may consider, on account Of the mail
crop out OF which the tobaccOs are to be
selected, as too low. but il appears that the
contractors dtd-nOt share ~ this opinion. I
We mention this only in e-orrobOratfon of
our views and the advice We gave 70 our
friends not 10 be led astray in paying too
h1gh prices on account OF the small crop, |
as these views Will not be PARTED pated In
BY the world a. large. We are, therefore, |
pleased TO be- enabled to epoIJ to those OF
our friends who acted on our advice that
their transactions will leave n result, and
a., in accordance with the terms OF the
contract, the deliveries must be made
within four months, we have reason to Il
expect that, hencefOrth, a more lively
time win be experienced.
Operators at the beginning Of The pres
ent seeson made a great mistake; they
the market at prices current last
season, predicated, we uppos on the
suppOsttiOn hat, as the early shf pments
Of last year met ready sales at highly re-
lnuneratlve prices, asImiiar state of affairs
would exist this year, but they lost sight
entirely OF a very material point. Clarks-
willie and raducah ruled, during the first
half of last year. lower than any other
markets; the crop was a good ana useful
one, aud factors could make prompt sales
with pro6t to the owner. When later in
the season, prices on account of
the poor prospects of the new crop, specu-
lators took hold, and we venture 10 say
not a single transaction. based on
high speculative prices, realized the ex-
of owners. Some were lucky
TO get out with light losses, and others had
lative lots being made within the last few
days with q loss of so per hid, and, with
an Indifferent crop before Us, the prices
paid at the mencem of this season
were not Iustihable. We believe that the
tobacco can and will Ia sold at Onr OuOfa- /