Vicksburg weekly herald., 1877-08-17

'A0uAL U ~ u fVa-t tthA u iEbLu new .
York spots Futures advanced several
points, and arc now or H. higher
than prices for actual cU.lOus.
Locally we have nothing in tie shape
Of cotton transactions 10 report, and ex.
tract in lieu thereof freely from the last
circular OF Messrs. W. {. Watts & Go
OF Liverpool, which say:
whilst the forwarding 0; '!Cop,
from this country to Medi,e.Il etn
ports, to which we have referee, iAs
been the chief cause OF the depr, Lion
that has characterized our market ;as
week, some additional despcndeucy
has been occasioned By public and pi.
vate kilograms from India, indicating
that owing to insufficient rains seriou,
apprehensions are entertained OF
second yesr Of famine IN many portions
of that vast empire. A famine, or a
short supply Of breadstuffs may and
probably does mean 8 short supply OF
cotton next season from India but lis
immediate effect Is 10 depress trade ct
Manchester and thus to hurt our mar
ket for cotton. This will be better un-
derstood when we explain tie season
has now arrived when we usually ex.
pect the demand to set in at Manchester
for the Autumn and Winter supply of
goods for the East; but If, by reason of
the failure of food crops, merchants and
retail dealers have reason to expect q
period Of great depression ahead Of
them they cOrrespondingly reduce their
purchases.
"The immediate future course OF our
market, 1t is generally thought, de-
pends mainly on the development Of
political affairs. On the one hand il Is
believed that should England be
drawn into the war, there would be 8
material decline in prices; whilst on
the other hand should the fortunes Of
war or efforts OF the neutral powers
bring about an armistice and well
grounded belief in an early peace,
prices would materially advance. OF
} course other natters Of interest-such
! rs the devices in regard 10 the crop
prospects in America and in India
J may arise in the meanwhile, and infu-
ence the course Of prices.
"Nor Is It at sll impossible, or even
improbable, that the slight decline in
} prices this week may result in fur
ther Improvement in prices than would
otherwise have taken place. They
may appear at FIRST rather paradoXical,
: but really It Is mol 50. Five ont OF ten
: Of those engaged in the trade would
admit that but for the r, ,cent very lin.
tied trade demand, or, in other words,
the bad reports from Manchester, prices
would have been dearer than at pres
ent. la this opinion we fully coincide,
But the question IT, aas Manchester
, been losing money: We think not
{ 1t is true, comparatively small bust.
I ness has been done there for some
; weeks past for reasons which are well
,. understood, but-ard this Is the
chief poiHt-the values OF both
/. goods aud yarns have been slightly
e enhanced by tie upward tendency oi
. cotton. For example, on the Sd oI
May la. MiddliDg Cplands were
. quoted here at 5Idr and to-day 81
. = j.l6d, an advance oil 7.lbd. per y II
, twelve weeks, and this too, notWith'
, ,, standing the fact that srinnors have
/ taken from here in the meantime a.
average Of only 81, l,492 bales per we elk
We admit spinners and manufacturers
have not been able 10 get an advance on
f. their ysras aHd goods equivalent TO
b this advauce IL .uNnA. tUt ;hey have
j. co trlded i:vm "rrA to ~er> tor this
i cqniYa.eat sad Lnving .n consequence
made ou'y limited sat-. they have
purchased .pagug'y Vi cotton. But
rs We have SD they have rot actually
a lost money by the operation. Twelve
mon;hs ago the situation was very dif.
iercn' On the Sd Of May last yeaI
3 M!ddijng UpaadS were at 6 3.l6d.
/. aud At thi, date had declined 10 5Td.
=. so that the prostration in Manchester
). cut both ways; in few words The
u stocks o! goods aul yar,, then held
Il, was made ou, oi cotton that cost =!ort
i than prices current 10 July. whereas
!. the revere litl!s +, now true.
g But a.. the evidence we can gather
J, goes to show that for some weeks pas
. . a fair amount OF business has been Of
t tering in Manchester for the season o.
!. year, but orders FOR future delivery o
l. goods and yarns have been declined
because manufacturers and spinnert
have been afraid cotton would ad,
u vance, and have chosen rather to make
profit on their stocks or hand. Bu
: the more limited the business has beer
q the more largely orders must have &C,
G cumulated, and as August !s usually s
i good month in Manchester. We may ex
Z pect an cary improvement there, un
n less checked by flesh poiiticsl compli
E cations, or other unforeseen causes oI
g depression. We therefore think ii no
}. unlikely that the decline in cotton this
! week will indLce manufacturers snt
r spinners TO accept offers heretofore de-
n clined, and rs their stocks of cotton are
9 now reduced 10 lower point than a.
u any time this or last year, that we may
coon have an improved spot demand.
"rhere is no doubt the production o.
many mills has recently been some
i. what curtailed, due mainly to tht
!, scarcity and relative dearness of the
e lower grades OF American cotton
r The reduction is generally estimated
> to be equal to about 1000 bales OF cot