Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-01-24
The Cotton Trade.

From the New York Bulletin, Jan. ~.
The struggle (at times exceedingly
in its character) which has been going on
between the bulls and bears on the Cotton
Exchange of New Y FORK, and, indeed, where
ever cotton is largely dealt in, seems at
length to have definitely turned in favor of
the bears. Two events in the past week
have been disastrous to the bulls, namely,
the votes in the House of Representatives
on financial questions and the depression in
Liverpool which followed the reduction of
the bank rate to 81 per cent. These cir
cumStances, attended by increased receipts
at the ports and an Unexpectedly large
movement at the interior towns, were the
straWs which broke the camel's back.
Much had been expected by the bulls from
Kellev's scheme for Systematically de-
bauching the currency, and much from the
falling off in the receipts at the ports, which
was expected to take place at the begin
ming of the new year. Disappointed in
both of these particulars, Some hopes were
placed upon an increased demand to grow
out of the increasing eaSe-amOunting al
most to plethOra-in the money markets of
Europe. The liberal export has prevented
any further marked accumulation Of stocks,
and home spinners are accumulating stocks
from shipments to them direct from the
South. Money is easy and there Is conse-
quently little difficulty in carrying stocks,
while prices are much below those current
one wear ago. But all these influences
have been canvassed over and over again,
and their effect in some degree impaired by
their familiarity, and the certainty, also,
that they have been met by more powerful
influences operating i'll the other directions.
Ii may be noted, also, that the course of the
market for cotton goods has been a little
diappointing-the demand has not been so
active as was expected, and the tendency to
higher prices appears to have received a de-
cided check.
The tempOry advance in the better grades
of cotton on Wednesday last was merely
the adjustment of quotations to the prices
that had been paid. 1t did not indicate
any higher market, and the reduction
which was made in succeeding days was
but the record of the weakness in the mar
ket which was developed on Tuesday,
under private advices from the South, which
indicated an increased movement for the
week. At the close of this review the tone
of the market was quiet, comparatively
steady on the basis of the late decline, with
a general demand.
An anomaly in the cotton movement for
the past week isithe large receipts at ST.
Louis, more than 5000 bales having arrived
there on Wednesday last. st. Louis is not
a regular cotton port, nor indeed is it class
flied among the anterior towns" If this
cotton should come forward by railway to
Boston, New York, Philadelphia or Balti-
more, it will be counted among the receipts
on its arrival, but if it go direct to spinners
it will not be recorded till the end of the
crop year, and even then much of it may be
lost sight of entirely. Where does this SI'
Louis cotton come from? is a very natural
question. Ifthe reader will consult arecent
map of the railroads of the United States
he will find road stretching southwest
from St. Louis through Western Arkansas,
across the Cherokee country into North
western Texas. The Galveston papers
have often referred to the railroads con-
Meeting their State with st. Louis and other
points North, but the extent of this diver
sion cannot now be accurately estimated.
But Missouri and North Arkansas them
selves raised considerable cotton this year,
and portion of the receipts at st. Louis
may have been grown, where it would
naturally seek that market under ordinary
circumstances.
The following will show the extremes of
prices during the past week: