Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-08-10
Cotton in Liverpool.

1 we are lNu0DI6u 10 W. W NdIto IL w.
for their Liverpool circular of the 22d ult.,
from which we extract the following as in
dicative of the opinions held in England as
to tho effect of the European war upon this
staple:
On the 18th instant, the date of our last
report, our market was unsettled and prices
very irregular in consequence of the ap-
prehension of war on the continent, and
before the close of the day news came that
France had declared war against Prussia.
This news having been confirmed on the
following day, our market opened with a
very limited demand, and, owing to the
great pressure to effect sales, prices were
completely unsettled. Since then we have
had all kinds of adverse reports afoat. At
one time Russia was believed to have de-
clared war against France, then it was re-
ported Austria had declared war
against Prussia, that Denmark
would certainly take the part of
France, and finally that this country would
be drawn into the vortex in order to insure
the safety of Belgium. In other words, it
seemed as if the entire public at once
jumped to the conclusion that ali Europe
would soon be converted into a mighty
military camp. To add to the confusion
and dismay, the heavy fall of cotton would,
it was supposed, occasion the suspension
of large number engaged in the trade.
I Under these circumstances, prices have,
during the entire week, been SO exceed ding
ly irregular that at no time has it been pos
sible to give more than approximate quotas
tons. One by one the adverse reports, to
which we have referred, have been in whole
or in part disproven, and for the last twen-
| ty-four hours the tenor of advices from the
continent has occasioned increased hope
that the struggle will be confined to France
and Germany, and something like a reac-
| ton from the panic into which we have
been plunged seems already to have set in.
Still our quotations as given above-which
show general decline during the week of
| Id to ] id Q ib-should be considered as
little better than nominal, and, as referring
to retail sales Of spot cotton to the trade
Middling uplands were yesterday sold from
| quay deliverable FRONT Warehouse as low
as I'D, which is the lowest price we have
heard Of, but there are buyers to-day at
| sgd, but so far no transactions reported.
| The sales of the week, including for
warded, sum up $4,000 bales, viz: 1870 on
/ speculation, 1,O3O declared for export, and
80, $50 to the trade,
In cotton to arrive a small business has
been done during the week, and prices
have declined quite as much as cotton on
the spot. The latest quotations are: Ameri-
| can, basis middling June, July shipment,
| uplands SID; Orleans 8sc; Dhollerah, fair
| new merchants, Cape June, July shipment,
| 9-16d.
TIE SITUATION. to the fore
| going remarks, we have to add that at pres
| ent it is impossible to form an opinion as
| to the probable course of our market, ow-
| ing TO the multitude of conflicting inhu
| ences likely to come into operation. So far
as the question of supply Is concerned,
there has been no material change during
the past week. As to consumption there
are those who seem to suppose that the war
between France and Prussia will largely
/ curtail consumption on the continent, be-
l cause of the large numbers of operatives
| withdrawn from the mills and from the
| fact that the interruption to railroad COM
| munication may prevent spinners in the
| interior from obtaining the necessary sup
/ plies of the raw material. ,On the other
| hand, it is urged that the proportion of
1 operatives liable to service In the army is
| but small, and can in a great measure be
/ supplied by female operatives, and that
| whilst mills in few localities may be IN
| able to obtain supplies, it will in the same
| ratio increase the demand at other points
| where the raw material can be obtained.
| If. as we have now some reason TO hope,
| the war is to be confined between France
| and Prussia, the contending armies will
| actually occupy but a limited territory,
| work will go on elsewhere about as usual,
| and after a short time spinners, even in the
| interior of Germany, may arrange to OBJ
tain the needed supplies, if not by the
l ordinary means of transit, then by eXtraor-
| binary routes.
| At present there appears less uneasiness
than there was some days ago as to this
| country becoming involved in war by the
political complications on the continent
and, SO far as we can learn, the general
impression seems to be that the consump-
ton of cotton is more likely to beincreased
than diminished by the existing state of
affairs. In the meanwhile, however, bust
ness at Manchester appears to be almost
paralysed, but prices have been much bet
ter sustained there than here, for while
cotton has declined Id to I'D 2 ID, yarns
have given way only about I'D . ID. The
latest quotations are for 6ib shirtings los
Sd to los Cd 4 piece; No. 40 mule yarn,
common, 14d; best 156d.
The adviees from America and from In
dia for the moment attract almost no atten-
ton, but, as bearing upon the probable
course of our market, when the present ex-
element has in a measure died away, it is
a question of some interest as to what ef
feet will the present scale of prices have
upon the production of cotton. From
America our latest advices in reference to
the growing crop are upon the whole con-
sidered favorable, and popular estimates
place the increased acreage this year over
last year at 10 to 20 per cent. Apart from
the contingencies of the season, the very
heavy decline in prices may and perhaps
will occasion good many grassy fields to
be abandoned, and we have, therefore, no
assurance of an increased yield Turning
to India, we should bear in mind that the
planting season has commenced, and if, as
we are assured, the high prices current |
here in July and August of last year (10sd |
to Ii I'D for fair Oomrawuttee) largely in |
creased the acreage in cotton, may We not |
reasonably expect that the present dis |
turbed state of Europe and the low price |
now current (65d for fair Oomrawuttee) |
will have the effect of checking production? |
Another feature of some interest is the |
fact that the recent decline has put q stop |
to 'sbear" sales of distant shipments. A |
little after this date last year December |
shipments of American were selling at |
about I'd q lb under prices current on the
spot; now, however, October-November
shipments could be sold at an i'd to ID |
more than spot prices. II, therefore, from
any cause an active trade or speculative
demand should spring up, it would doubt
less have an immediate and market effect
upon the price of cotton on the spot.
English COmmerCe-The Future of
Grain.
The correspondent of the Financial
Chronicle, in London, under date of July
16, says:
sIn business circles the feature of the
week is the withdrawal of most of the con-
tinental buyers from the markets. Inwool
there has been a fall of Id to I'D z ib.
Grocery produce is much lower in price,
and all the other markets have been
sensibly affected. The wheat trade, how
ever, has not been influenced to any great
extent. A rise OF IS per quarter is demand