Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1872-11-02
The Cotton Movement.

The rapidly with which the new cotton
crop has been marketed excites unusual at
| tention with all those engaged in the manu-
FAC, ure of textile fabrics, of which this
staple is the chief component. As the sea-
son advances and the dangers attendant up
| on the gathering Of the crops are passed,
the extent of the new crop can be estimat-
| ed with greater accuracy. There is still
some difference of opinion aSto the probable
| amount of the American crop, the prepo1d-
| erance of views, however, being that it will
not materially vary from that of last year,
say about three millions Of bales. Ii there
| should be any variation it is thought to he
| in favor of an increase of one or two hnu-
| bred thousand bales, and the report from
India, Brazil and Egypt indicate an increas-
| ed yield from those countries. The con-
sumption of cotton for the last few years
has increased more rapidly than its produc-
| ton, so that the present crop is not likely to
| be in excess of the demand. Last year the
consumption in this country was about one
| million one hundred thousand bales, OF
which nine hundred and seventy-five
thousand bales were used by Northern mills.
| Our exports to foreign countries were l.
| 957,314 bales, and the stocks on hand at
| the beginning of the cotton year were near
ly sixty thousand bales. It is thought by
those best informed on the subject that
Europe will not take any more American
cotton this year than last year, and that if
any increased supplies are needed they viii
be drawn from India and Egypt. Again,
the stock of American cotton in Liverpool
is nearly double that at this time a
| year ago, and spinners are buying less
| literally than at that period. The reports
| from Manchester and other manufacturing
centres in Great Britain do not indicate
any increase in their wants during the
coming months over the corresponding
| tine last year. Therefore, assuming that
! Europe takes two millions of bales, we will
have left for home consumption about the
| same amount as was used last year, includ-
| ing the stocks carried over. The home
market is now only cent per pound above
| the price at same date last year, while in
| Liverpool the price is only I'd higher. The
movement in cotton goods will scarcely
warrant the belief that our manufacturers
| will need much more raw material this
year than last, and the outlook, therefore,
would seem to be in favor Of prices ap-
proximating more nearly those Of 1870 and
| 1871 than those of 1871 and 1872. The
| latest Southern reports are 70 the effect that
planters will hold for 20 cents, but the sta
! tistical position, the markets abroad and st
home, and the condition of the manufac-
turing interests make it very improbable
that they will be able to realize SO high a
price. The growing consumption by
| Southern aud Western mills Will eventual
! " result benefcially to the planters, but as
| yet the requirements of these mills are too
| small for them to exercise any important
influence in controlling prices against the
European or even the Northern markets.
The range of prices at which "futures" are
selling is the best barometer of the feeling
among spectators and spinners, but it is
noticeable, however, that the large South
ern houses move cautiously in contracts for
| the future, and are By no means 50 eager to
"gO long" as at this time year ago. The
Controlling influence on the future of the
markets mainly depends on the condition
of the manufacturing interests in Great
Britain, and manufacturers can best regu-
late their interests by closely watching the
movements in the markets abroad. Just
now no undue anxiety is manifested by
gpinners in this country to lay in stocks,
but events may occur, il the not far dis
tant future, that will exercise q potent IL
fuence on the home markets and the cost
Of production.