Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-10-22
Increase since January l
S24,45,5O8


%
Gold, October II, 1868. 1867 q cent.
The New York Commercial and Financial Chron-
ee of October It, has the following in regard 10 the
movements and supply of cotton:
By special kilograms received tonight from each
Of the Southern ports we are in possession Of the
returns showing the receipts exports, &c, Of cot
ton for the week ending this evening, October 10.
From the figures thus obtained it appears that the
total receipts for the seven days have reached e.,
995 bales, against 6O,O22 bales last week, $3.50
bales the previous week. and As, 2I9 bales three
weeks since, making the aggregate since September
l. 1862 up to this date 274 3S9 bales, against 1872
l3l bales for the same period in 1863, being an in
crease this season over last season of 81 28 bales
The exports for the week ending this evening
reach total of IS ,240 bales of which 22070 bales
to Great Britain and Is, 40 bales to the Con-
tinent, while the stocks at all the ports made up
this evening, now 10, 39l bales.
Compared with the corresponding week Of last
season, there is increase in the exports this
week Of 23,5O4 bales while the stocks tonight are
ID, s57 bales more than they were at this time a
year ago.
In the cotton market a. well as in other markets.
the future is always discounted; that is To say,
prices are more under the influence Of events an
tcipated than Of facts accomplished. At the pres
ent time, although the visible supply s very small
the very large receipts at the South serve to
strengthen the views of those who are looking for
All increase of 500,OO0 bales and over in crop;
and in this, together with the extremely favorable
accounts from India, and probable early marketing
of fair portion of that crop through the Suez Ca
nal, has taken away from cotton all speculative
confidence prices continue to go down. This
decline can be arrested in only one Of two ways ID
by change of views to supply, or (2) by prices
reaching point where the consumption Will in
crease as to more than equal the additional pro-
duction. For little light this latter point it is
well to remember the figures gave two weeks
since, showing that, compared with 1860, the con-
sumption Of cotton during the past year has been
very considerably decreased, although the con-
sumptive power Of the world has in those nine
years considerably increased. This fact taken in
connection with the further that in the season
of trI.. 70.
Outstripped production that stocks were run
down about 100000 bales, while in 1863, with
cotton up to, say average of about % cents,
consumption fell again so as to equal production
these facts, say, taken together, furnish the
data for fixing the point below which prices can
not safely go, even if the ideas Of those who are
looking for large crops, both here and in India,
are realized. For instance, we see that there was
cotton enough produced last year to supply all
that could be used at 29,630c., but that there is
want, which is latent at high prices and yet with
decline soon begins to make itself felt, increasing
in force as the rates go lower, and which would
result in a consumption outstripping that Of 1860
if rates declined enough This want asserted it
self i'll 1868 powerfully when cotton fel 20
l5Lc., as quickly to raise prices again till they
reached 25c, about the LIST of March, 1863 and SOC
early in April of that year. With these fact in
view then it seems that, within the limits indica-
ted above, the extent OF the further decline this
season is TO be measured by the popular belief of
the prospective supply. Ii that belief is not real
lied there WILL of course, be a reaction. The gen
orally received figure at this point and also along
the Atlantic coast for crop is 100000 bales
in excess Of last years yield At New Orleans ana
along the Gulf an increase of 25OOUO bales appears
to be the popular figure. Without determining as
to the correctness Of either Of these views, it Is
safe to repeat what first said, that prices are
now declining under the influence Of the higher |
figure with the additional expectation OF an en- |
arged early supply from India.
The following table shows the quantity of cotton |
in sight at this date of each OF the three past
season: