Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-09-20

W6 hear OF DOLDlDS uOlDS III NaSDNIlio
and Chattanooga Railroad stock or in Nash
vile and Decatur Railroad stock. The for
mer may be quoted at 80 and the latter at
46e.
For rates paid for our various local
bonds and stocks we refer to quotations as
given by the Nashville Savings Company,
corner Union and College streets.
The English Cotton Trade.
From Smith, Edwards g. Co.'S. Monthly Cotton
Circular, dated Liverpool, Sept, 1, 1923.
In Manchester during the past month the
business has been less than an average, and
the tone OF the market has been somewhat
dull. The accounts from Calcutta are very
discouraging; merchants are disheartened
blythe poor results of past shipments, and are
reluctant to give out further orders at pre-
sent prices. The recent activity in Liver
pool has led, however, to some increase Of.
miscellaneous business, and producers, as
rule, are still fairly in order. In some de-
scriptions of yarns, especially in numbers
suitable for Eastern shirtiDgs, the supply Of
fering has been In excess Of the demand,
and the margin Of profit to the spinner has
been somewhat reduced. The trade, how
ever, as awhole, continues sound, and there
is sufficient demand to take off the produc-
ton. Through the prevalence Of strikes
and disputes between the operatives and
their employers, the tendency to wards in
ere ,sed consumption has been arrested, but
we do not consider that any reduction, so
far, has taken place. As Brazil Is now CIV
ing us more liberal supply (the import
reaching 10000 per week during the past
fxrr< fnf1rv 1ocf \
we shall be able in some slight degree to
economist American, but the trade seem
very Reluctant to increase their takings OF
East India.
The export demand has been dissppoint-
inglysmall during the past few months, but as
stocks on the Continent are not excessive,
and in Hsvre 10000 less than last year, it
is reasonable to expect more liberal ex-
port this autumn. Our stock will consist
largely of the export qualities of American
and Surats, and the latter the Continent
has taken direct from Bombay rather lees
than was expected this season. Last year the
export from Liverpool and outposts reached
$4,000 bales per year, so far it has only
reached 1000. At the same time it must
be remembered that the financial difficulties
this summer have seriously interfered with
business in some important districts, and
the civil war in Spain has had an Injurious
effect on the trade of that country.
The prospects of our market have not al
tered in any important degree since our
last issue. They are still viewed in great
measure through the medium of the Amer
lean advices, and these, we regret to state,
are not quite satisfactory as to the condi'
ton of the growing plant.
The crop is generally admitted to be two
weeks later than last year, and, In conse-
quence, is more liable to damage In the su-
tumn from storms or early frost. The re-
ceipts in September g. likely to be consid-
erably less than last year-when they reach
ed 100000 bales-eYen though we shali re-
ceive this season q considerable quantity of
old cotton, and 1t is highly PROBABLE that
the present excess of 10000 in the stock in
America over last year will be counterbal-
ancsd by like deficiency in receipts during
the frs. two months of the season. Our i'm
port would thus during the next three
months very slightly exceed that of last
year, and with outgoings of 81, 600 bales per
week Of American for trade and export, our
stock in November would be run down to
only two weeks supply. The position of
American cotton, therefore, appears to be
sound, and even with good crop accounts
during the autumn, 1t will be difficult to
force prices much under their present level,
whilst, with unfav II able crop advices and q
reduction Of estimates, we might have some
advau &c, at least in the medium and lower
grades, which are comparatively cheap.
For East Indian cotton the prospects
have not materially altered. During the
next four or FIVE weeks the import will be
heavy probably 10000 to 10000 bales
chiefly from Bombay; and as large pro-
portion of this will be good cotton, which
continues relatively cheap, it is probable
that spinners both here and on the Cont
nent will be induced to operate rather more
freely. II is not likely, however, that we
shall have any important rally in Surats,
unless there is first of all a movement in
American cotton, for their consumption is
still limited, and with the prospect of lib
eral supply of American next year, spinners
will not change to Surats, unless they have
an important advantage in price. If low
American, however, this autumn should
become scarce and dear, as it did last year,
and ali the lower qualities of Braz.ls, ETC.,
should be used up, we might see sharp
rally in the good fair qualities of Surats,
which are now so moderate in price and of
such superior style. Bengals have main
tanned the slight improvement of last month,
but the stocks on hand are so excessive that
it is not likely we shall have any important
advance, unless the opinion is generally en-
tertained that the next crop will not come
forward at present prices. 1t is highly i'm
probable that Calcutta will ship freely at 4d
for fair, but if we only receive half as much
as last season the prospect ofreducing stocks
to their nominal compass will still be re-
mote.