Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1873-11-19
ri,e T.ivernooI Cotton.


Circular, dated Liverpool, 31st October, 1873.
The Manchester market, during the past
month has been uniformly dull. 1t gave
little response to the improvement here in
the beginning of the month. and since then
it has svmpathized in the fatness of Liver
pool. Prices have declined in about the
same degree as the raw material, and there
are many complaints of the Improbable
ness Of trad.e. At the same time, We think
the production is being pretty generally
moved off without much difficulty, Ger
tain kinds of goods. such as China shirt
ings. have been in a little better demand.
and the deaIness Of money has had less
effect than might have been expected. One
unfortunate feature must be noted. There
is danger Of famine in some parts Of Ben
cal, owing TO the faiiur6 OF the food crops;
| the accounts from these districts are alarm
inc. and no doubt will affect the Calcutta
goods market seriously. The India trade
| in Manchester goods haS5been very badthiS
year, and now there seems the prospect OF
another bad season. China, however, is
promising rather better, a4d. as the pro
duction Of Lancashire is not excessive al
present moderate prices, we do not look for
any great depression in the Manchester
market. lllutGNl. We lllllh NtlC II IOG III
the widely diffused opinion that cotton will
rule 1Ow, there would be fair amount OF
| activity shown.
The prospects of our market are rendar-
ed uncertain at present by the disturbed
state of monetary matters on both sides OF
the Atlantic, but more especially in Amer
lea. The effect Of the financial crisis there
upon the prices Of cotton has been very Sc
1 ly,nv, col 10,
| a point which we did not expect at this
early period of the season. The prevailing
tone of opinion for some time past has been
very adverse to cotton, and the public have
| been looking for very low prices whenever
| the weight Of the crop was felt in the
| markets of the world. We would incline
| to agree with these views if we were salts
| fed about the size of the crop, but we are
Souy to say that evidences are
multiplying in favor OF a moderate,
if not a short crop. The weather du-
ring October has been favorable for
picking: still we hear that the Out-turn of
| individual crops is not good; parties travel
| ing through the country report great dam
AGE from worms and rot, and nowhere do we
hear that large crops are being gathered. In
some States. such rs Louisiana and parts
Oh A1lSSlSSlDDl dllO LAidDttllltts liiC ltiu ID
said to be very short. The Bureau report
for October is very unfavOrable, showing
| only 49, per cent. of an average against 81
! per cent. same month last year, and 76 the
wear before. This indicates a falling off in
condition Of 105 per cent. since September
of this year. which is attributed to worms
| and rot. The Bureau was, however, so
entirely mistaken last wear that we would
nI, TO WAN - L.,
private adviceS somewhat of the same tenor.
Still we were hoping that long and open
! picking season would greatly imprOvethe APP
pearance of the crop, and consequently
disappointed to learn yesterday Of several
kilograms from America reporting ''kilJing
frost" At the same time little Importance
is attached to the news in America, Judging
from the current quotations, and it may
turn out, as often before that the frost
has not really killed the plant, or only
in small sections. We could not help
regarding a general killing frost at this
period Cf the year as very serious, for the
crop is unusually late and much cotton
stiIi growing which would produce fruit
with an open winter. We viii wait aTx-
iousv for full information on this point.
Speaking generally, we should say that
opinion in America is in favor Of a crop
rot exceeding the last one, even with
good ilIl-irg season. After the experience
of last year, all estimates are received with
much diiiidence, and il viii be well TO
avoid implicit belief in any theory Of crop,
allowing our views to be modified by
events as they transpire.
The receipts at the American ports are
still moderate considering what arrears
have to be made up, and the public look
for heavy receipts between this and the
end of the year. 1t should be remembered,
however, that the present price melted by
tbe planter is some five cents below the
average of last year, and it is doubtful
whether the crop viii be delivered rapidly
under such discouHging conditions. The
high freights and the low rate of gold and
exchange have told heavily on the currency