Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1870-08-24

From the monthly circular of Messrs 3
Whitworth d Bro, of Manchester, England,
dated Aug. l, we copy as follows:
For some time previous to the war
breaking out the cotton market had been
in a very dull and lifeless state, and prices
of American had gradually declined from
lid in the beginning of May to sd in the
beginning of July; chiefly owing TO the
weight of supply much above what had
been generally calculated on early in the
year.
On the basis of Cd to gid for middling
American the general impression was that
a substantial improvement would set in,
most people being Of opinion ourselves
included) that cotton on Its merits was safe
stAhose prices, and not likely to rule much,
ifeny, lower for the remainder Of the year
These opinions were, however, doomed to
be disappointed, as during the first week
of July rumors became current that there
was likely to be some difficulty between
France and Prussia regarding the Hohen-
zollern candidature for the throne of Spain,
but any anxiety caused by this action was
soon after considerably relieved by the
news of the voluntary withdrawal of the
Prince of Hohenzollern. Here the matter
was supposed to have ended, but France,
not being content with the voluntary with
drswal of the Prince, insisted on Prussia
guaranteeing that the candidature should
never be revived; hut this unreasonable
proposition having been of course declined,
the refusal was at once made pretext of by
the French government then and there de-
claring war.
For two or three days no great pressure
to sell was shown in Liverpool; bit on
Monday, the 18th July, regular panic set
in, and in variety of wild reports being
set afoas (such as that Russia had declared
war against Franco the consequence was
cotton declined Id per ID in two days, say
from 81 to Sid for middling Orleans.
Owing to a rather better trade demand
the market then showed some slight i'm
provement, but this was of very short du-
ration, as under present monetary and
other pressure, increased depression set in
both in Liverpool and Manchester, and
further heavy fall in values took place
bringing middling uplands to 7sd on the
spot, and fair Dholeras to Cd whilst many
sales daily took place at even lower rates,
landing cotton particular being very much
pressed at considerably under spot quota
tons These extremely low sales having
attracted attention a better demand sprang
up on Saturday, which has made further
progress to-day CMondsy), and Americans
close Id to I'D per ID dearer than the low
and irregular sales of last week, Surats
showing also an advance of I'd to I'd, mid.
ding uplands being quoted Z to II, and
fair Dhollera 81 to Cid
AS could olly have been expected, this
haavv denlina in Caluaa hoo oauoad mann
firms engaged in the cotton trade to sue
oumb, numerous failures have alread
been announced and more are likely Y
follow, as We much fear matters may even
get further complicated and disorganized
Shen the Surats now at sea Numbering
close upon 400, 900 bales begin to arrive.
The Manchester market has during the |
past month been almost equally depres sed |
as Liverpool; but still values (more espsci |
ally Of cloth) have scarcely declined in the |
same ratio, and we consider that the spin |
hers and manufacturers position at the |
present moment is decidedly better than /
nas been lately the case. .--s-.
Whilst strongly of opinion that the pre-
sent range will be found to be safe yet we /
10 not feel at all certain that prices may /
lot temporarily, under the financial and |
exceptional pressure previously mentioned, |
It'll further decline, possibly to I'd for |
hlddllng Orleans; but we firmly believe /
uoh prices would be unwarrantably low,
md below the average of the remainder of |
ne year, and feel convinced that oonsign-
nents entrusted to our care al anything
Ike these prices will result probably and |
satisfactorily to ell concerned.