Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1874-12-17
THE GREAT STAPLE.
An Unprecedented Stock on Hand in
Nashville.
Producers Have Already Received
Three.FOurths Of Its VaIue-HOlders
Looking for a Big Break.

Producers Have Already Received
Three.FOurths of Its vaIue-HOIders
Looking for n Big Break.
In view of the serious depression Of the
cotton market, the extraordinary accumu-
lation of stock in Nashville and the inter
est which the situation naturally inspires,
a member of our local staff made some in
quiries yesterday among the cotton mer-
chants and bankers, in order to throw as
much light as possible on the present status
of the Nashville market. We present the
facts without speculation.
So far as the depreciation of the staple IS
crncerned, it is conceded on all hands that
the 0visible supply has done the work. y
New York factor (who is interested in
keeping prices up) in writing tO'One Of our
factors puss it thus fOrcibly:
"When we look at the heavy receipts al
the ports day after day, and then read the
letters from all over the cotton States, set
ting forth the fact that as a rule three
fourths Of the crop has gone 10 market, 1t
looks as though the letters came from one
world, and the receipts from another"
Our factors have been holding for more
favorable prices to a greater or less extent
ever since the opening of the present season
and the consequence is that the accumuia-
ton has been unprecedented. The stock
on hand yesterday was 13.773 bales, against
5,S62 at the same date last year, and 5,156
the year before.
1t is thought that about half of the crop
which comes to this point has been sent in.
From 70 to 50 per cent. Of this was raised
in Tennessee, and the remainder in Ala
bama.
Money has been advanced to the pro-
ducers on this TO the extent of about three
fourths of its value.
The pressure on holders TO sell has be-
come very strong and is increasing daily.
The banks have extended them fair accom-
modations, but are not disposed to help
them carry to any extremity. They open
ly,discOurage accumulation and refuse to
share in speculation. They are averse to
the protracted holding, and ready to furnish
every facility for forwarding the stock at
once. A ''breakr is, therefore, considered
imminent, though the factors are hopeful OF
a reaction in time to prevent.
The value of the cotton now held IN
Nashville is in a round sum Geckoning It
TO average good ordinary S75O,OOO. If
the market were to unload at once, this, is
the sum that would flow into Nashville
and its tributary country.
As to the question whether this would
not relieve the monetary sIringency CON-
planned of throughout this section, It is the
opinion of business men that it would ease
money matters in the city TO a marked de-
gree, but that it would not materially al
feet the tightness Throughout the country,
because of the fact that Nashville has al
ready advanced to the country IS per cent.
of the value Of the crop.
There is an immense sum locked up in
the cotton stored here, and if added to our
circulation in the commercial veins Of our
section, would doubtless make itself felt;
but we hope better prices will be the lever
to move the stock.