The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1872-09-16

VOLUME IX.---NUMBER
THE COTTON TRADE.
ENGLISH TEWS OF THE PROSPECTS
OF THE MARKET.
Tho Effect Produced In Manchester by
the Great Gledstane's Failure.
from Smith, Edwards Il Co.'s Monthly Cotton
Circular, dated Liverpool, August 81, 1921
The Manchester market during the past
month has been dull and disappointing; prices
have had q continuously dropping tendency,
and the fall in values, 30 far from invigoraling
the demand, apparently enfeebled it. The
weakness that Manchester mas recently dis
played has taken people by surprise, it is such
a striking contrast to the boldHess and conf
dence In the early part of the year, and the
conclusion Is forced upon US that an artificial
excitement was kept up there for a long
time, and an unhealthy business done, OF
which we are now reapiDg the bitter fruits.
Severe losses are falling upon shippers {. goods
to foreign markets, especially India and China;
che news lately from these great markets has
been in the last degree discourdging; prices
have fallen fully as fast as al home, and even
at the low rates now ruling In Manchester,
nothing but loss appears In all the eastern
markets. The failure OF Messrs. Gledstanes
has had a pernicious effect in Manchester, the
liabilities falling there are about half q MIL
lion, secured, it is believed, by a lien upon
the goods, aud the loss can easily De oorne,
but Il reveals q Dad state Of trade IN ne East;
which must shake confidence, and lend
fuItber to restrict operations for that quarter
for q long time TO come.
Greater weakness has latterly been shown
in the department OF yarn than OF cloth.
Prices OF the former have fallen on the aver
age quite I'd per pound from the best point OF
the year In the current numbers, and the posi-
ton of the spinner Is worse now tnan IL mas
been at any time this year, but cloth has fall
len on the average decidedly less, and so the
position OF the manufacturer has improved.
We should say now that the spinner 10 losing
fully as much as inc weaver, ana mere are
few branches OF the trade left IN which tnere
Ia any profit. Even fine spinning has sus-
tanned q serious reverse; the demand has
greatly abated; prices have fallen heavily, and
stocks OF yarn are accumulating. Ii appears
now that too many splnners have gone on nue.
6pluulu 0uklp6 W h'S U
trade shows symptoms of being overdone.
The continued small deliveries from this
port to the trade have attracted much atten-
ton. For the last twelve weeks the average
amount is only $1,000 bales. and the fact has
been generally admitted that the consumption
was at one time largely over estimated.
Further inquiries have satisfied us that Inc
proper explanation of this Ia 10 be found not
In the stoppage of s~pindles, but In the general
resort to higher counts OF yarn-a process
which has taken place this gear 10 an extraor-
binary extent, and has economical consump-
ton far more Than was suspected In the hrst
six months Of the year. We now Incline TO
the opinion that the consumption this year
has not, on the average, much exceeded co.
900 bales per week for the kingdom, and Tor
some time has been hardly 80 much as that.
1t now seems to us probable that the weight
Of cotton used has been reduced this year 10
per cent. In consequence OF the change 10
higher numbers, ana some who have minutely
Investigated the matter put 1t even higher.
From this time forward the tendency will
probably be In the other direction, as fine
spinning has become Improbable, and coarse
counts will pay better with every decline In
cotton; but it viii be a considerable time be-
fore the consumption gets expanded again,
and the large absorption OF 1871 can only BIZ
repeated at low prices.
In dealing with the prospects Of our market,
the great question that overshadows all others
ID lQ0 pO6lLlOu duu pEOopCCIo Va GuC Gal
crop. We should say, speaking generally, that
It's progress from June until guile recently
was highly satisfactory, and the letters reach
Ing us now are hopeful of a very large yield,
but In the last few days many kilograms have
come 10 hand containing decidedly less favor
able accounts, and these are from sources
whose character Is beyond suspicion. me
aud o rdrought In Texas. 1t appears that the
heavy floods that occurred In Alabama In July
produced q crop Of caterplllars, the third
brood Of which (lhe most destructive one) Is
now at work, and 1t ls believed that the yield
in that important district will be much cultail-
ed. From Texas the accounts were at one
time remarkably good, but 1t appears that
severe drought has wlthered the plant on the
upiands, and we learn that In many localities
only halfas much Is expected as was the case
q short time ago.. From the Atlantic States
generally the accounts are still good, and we
should say that the crop on the whole Is some
what earlier than Of late years, as is proved
by the pretty free receipts OF new cotton
now coming In. We are very much puz-
zled to pronounce q decided opinion about the
state of the .crop, 1t varies 80 much In diff
ferent places. We should think over most OF
the country 1t is doing well, but there are I'm.
portant districts where 1t Is doing poorly. 1t
promises to be what they call inAmerlca "a
spotted CROP" One feature deserves 10 be mo-
uced (: there are too well marked divisions OF
the crop, the first and larger one terminated
In April, and Is now well matured, but a por-
ton, roughly estimated at one-third, did not
get above ground till the end of May, and is,
OF course, late In maturing, and will be more
exposed to damage. Estimates of the crop at
this period are not of much value, but some
reference to them cannot be avoided, II only
10 exhibit the DRIFT of public opinion. A short
time ago many estimates came from America
of three and three-quarters 10 four millions,
and that figure was generally adopted in this
country as a fair guess; but most estimates In
America are now being lowered to three and
q half millions, though some still lean tothree
and ~three-quarter millions, provided there Is
a good fall. We find, on all sides, o decided
tendency to withdraw from four millions as a
probab,e figure for crop, and this is indicated
by the hardening prices OF future deliveries
in New York, aud a disposition 10 purchase
there on Southern account. Looking merely
TO the question of supply, we should say that
on his side the Atlantic we have given full
weight to The favorable accounts of crop. and
that we have not realized the uncertainty That
etill attaches 10 the question:; and should a
lower estimate take possession of the pubic
mind, it could not fall to produce some etecf.
On the other hand, the state of trade IN
Manchester Is very disappointing. All the
IN e.x sc that fp,rHnt md if would /