Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-06-24
80 sl0rTnn ourLooK.


gEEE COTTON oUTLOOK.
/ The cottenAerop has turned out much
larger than was anticipated at the open
ing of the season, and operators arc puz-
lied to know where, it all comes from.
One gentleman %ho has recently travelled
a good dealin Alabama, tells Us tfat the
planters still hold large amounts of cotton,
and this is presumed to be the case in
pretty much all of the cotton producing
region. AT the commencement of the
cotton year, the most popular estimate
was ., 500, 600 bales, but in q short time
it was increased to 2,75o, 600 bales, but
later the receipts SO far exceeded general
expectation that the estimate was extend
ed to 1900, 600; and now, owing to the
remarkable lengthening out Of supplies,
three millions may be said to be minic
mum figure, attentive observers hazard
ing estimates varying from 100000 to
$3.50, 900 bales. The New York Ship
nina and Commercial Liet of June Is
saws the result of this changed aspect of
the supply has been agradual weakening
of the tone of the market and
fall in the price of nearly ythir-
teen cents per pound since Sept. I,
though carrying with it very little
pecuniarya embarrassment among those
who implicitly relied upon the earlier esi-
mates and extreme values, from the fact
that the currency dollar has appreciated
during the same period 10 an equal ex-
tent. That paper continues: 'ETaking the
year through, it was worthy of note that
the crop has realized a higher average
gold price than the much smallar crop of
the preceding year. As to the course of
prices between now and the incoming of
the next crop, in the autumn, opinion is
varied: though the majority incline to
the belief that the lowest depth of de-
preston has not yet been reached; and
the fact that sales for delivery during the
two months next succeeding are being
made at fully one cent below current
figures, would seem to give color to such
belief. The weakness of tone, lately so
conspicuous, has not alone resulted from
the increased receipts at our ports, but to
very considerable extent from
the statistical position of the article on
the other side of the Atlantic, together
with the promise of material increase
in the yield of the growing American
crop. The stocks in the English and
Continental markets are much above the
corresponding period last year, while the
supplies afioat for those markets arc con
siderably less; but this latter feature ex-
cites no apprehensions of prospective
scarcity, from the fact that the change in
shipments of India cotton from sails via
the Cape to steam via Suez, will render
| available, during the summer months,
supplies that would not be due, under the
old system of transportation, till the au-
tumn And by the time shipments from
Bombay began to fall off materially, the
new American crop will be available.
There being, then, every probability of a
liberal supply during the next four
months, reaction in prices would not
seem at all probable, while the liberal rate
of consumption in Europe isrelied upon by
many to obyiate any further decided de-
cline. Much, however, will depend up
on weather contingencies, in connection
with the growing crop. The accounts
which have reached us thus far, arc in the
main favorable. Ali authorities agree in
the opinion that an increased area has
been devoted TO the plant, and on the old
and worn out lands of the Atlantic States,
great efforts have been made to increase
the yield through the liberal use of fertil-
izers and improved implements of huS-
bandry. We hear of some drawbacks TO
the plant in those sections, but taking the
whole cotton region into account the
"stand" may be said to be fully equal to
the average of seasons. Already, we OBJ
serve, it is freely predicted that the grow
ing crop viii, without serious drawbacks,
reach three and half million bales, and
while all speeulations as to the results at
this stage of the season are practically
worthless, yet it cannot be doubted that
the state Of feeling thus indicated has
eoD,e bearipsr anon the market y