Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-07-17

losses than are likely to occur from their
continuance. AS to an absolute stoppage
that is so Injurious to the machinery that
it is only TO be resorted to in cases OF down
| right necessity. It is also found that cotton
goods cease to be saleable when they ad-
fance beyond certain figures that has now
been reached. In fine, the C0ndstion OF
spinnerS is such that they can neither con-
tract nor continue their present operations
without certainty Of losses, whose pre-
else character and nature can hardly be an
ticipated.
And it is now apparent that no immedi-
ate relief Is to be looked for. The stock Of
American cotton Is Undergoing a rapid di-
minution without any prospect OF an IN
creased supply for four months to come,
And even then four million crop will only
barely suffice to meet manufacturers Inn
mediate wants. While much depends on
The result of the growing crop in this eoun-
try, yet there is nothing to warrant the ex-
pectation of any permanent reduction in
the long stapled cotton. A. very large crop
In the Southern States can hardly be
relied on to materially widen
the margin between production and
consumption. at the present time The
manchester manufacturers are in much
more critical condition than Is generally
supposed. They are virtually hanging
over an abyss of bankruptcy. Liquidations
and settlements with creditors are more
numerous than is either safe or desirable,
and 1t Is feared that the worst has yet to
come. The condition of the English cotton |
spinners is in many respects analogous to |
lhat OF the American wooden manufactur
ers. Both are compelled to pay too dearly |
Tor the raw materials, aud they are equally |
unable to advance the prices of the finished |
goods to paying point.
Under these circumstances the future of |
the cotton trade will be watched with eager |
interest on both sides Of the Atlantic. But |
the anxiety is much greater in England |
than IN America. Anything below a crop
OF four millions Of bales will be q sentence
OF bankruptcy to English manufacturers,
and induce financial crisis whose influ- |
ences will be felt throughout the world. On |
this side the Atlantic crop of less than four |
millions of bales would probably bring as |
much, If not more money than crop that |
would exceed that amount. But in view of |
The pressure that win undoubtedly exist for |
cotton when the new crop becomes availa- |
Bile, and the increased demands in GERMANY |
and the continent Of Europe, it is probable, |
L not quite certain, that planters will real |
ze full and paying prices for all the cotton
,hat they may send to market.
We have watched with great care and in |
crest, says the Economist, all the accounts |
Of the growing crop in the Southern States,
and We scarcely ever remember a more |
generally favorable account at this time of |
he year. There are absolutely no COM
plants, and this alone must be regarded as |
most satisfactory in view Of the general ten
1ency to exaggerated misgiVings. The !
weather 80 far is all that could be desired. |
Of course the crop is not yet out of danger,
but has to still pass through a critical por- |
ion Of the season. But at the present |
writing the indications for a crop of four
millions of bales may be regarded as most |
favorable, and unless some unlocked for |
,hange occurs in the weather, we anticipate |
hat it will exceed that estimate by nearly if |
lot quite half a million bales.
Since the above article was penned, the |
for change in the weather has
occurred, and the encouraging cotton pros
oects noted ten days ago has been seriously
We are fearful that the crit
cal season alluded to has done its work,
md the abundant yield promised so recent
y will be very materially reduced when a
orrect estimate is arrived at.