Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-10-20
T4EE PRICE OF COTTON.

There is a feeling among the business
men of Georgia and Alabama that the
planters who can do so, should hold their
| cotton for q market some weeks or
months hence. The prevailing opinion
is that a few weeks hence cotton viii
command much higher prices than at
present. The price of cotton has already
been depressed by planters rushing it into
the market, and hence it is that they are
urged not to send forward their cotton
unless their necessities require it. The
Macon (Ga.) Telegraph publishes an
extract from private letter from a gen
tleman in New York, in which cotton
planters are warned that ring of
spectators exists in that city to depress
the prices Of the staple. He insist that
when it all gets out of the hands of the
planters, then the price will at once go
up. as was the case with last years crop
The writer says:
Il thoroughly understand the matter
know exactly the calculations of the
/ spectators and spinncrs, and if the plan
tiers will only hold back their crops, the
short sellers of cotton viii he completely
"eomered,n and will have to pay the
| price asked by the planters, whatever that
| may be. Gold was in a similar condition
recently when the ''shOrt sellers had to
buy of those who owned the gold at $50
| TO 100, and had it not been for the inter
| position of the Government, it would
doubtless have gone still higher, and the
| owners of the gold would have made
larger profits. If planters everywhere
wait and hold back their cotton, they can
| get 40 cents very soon Of those who have
sold short, and while prices are up there
will be no government or third party that
| can step in and sell the market down. |
am not directly interested in pound of
cotton, but you and my friends, and every
| one in the South, is interested in some
way. Since the cotton season opened,
the planters have been playing (uninten-
| tiOnally) into the hands of Northern spec
ulators who have made money by the de-
cline, and are now preparing to make
money by buying cotton when they think
it has touched bottom ] know this to be
so, and now hope the planters will in
| form themselves as TO the true situation of
affairs and act for their own interest.
4 New York cotton circular states that
the prevailing opinion there is that cotton
will continue to decline, and that this
opinion is based upon the idea that plan
tiers viii rush their cotton into the market
whatever the price may be. In view Of
this fact, Mr.. T. j. Perkins, of Eufaula,
Ala, in a letter we reproduced the other
to hold back the remainder of their crops,
and by 50 doing, they will get their own
prices He says the manufacturers may
stop buying, but the spectators and 9TH
crs who have sold several hundred thou
sand bales to be delivered in November,
December and January, will he com
PEELED 10 buy the cotton TO fill their con-
tracts, even if they should have TO pay
fifty cents per pound. In support of this
position, Mr.. jenkins refers to the fact
that last winter, when it was ascertained
that planters would not sell at the lowest
prices, the spectators who had sold
largely for future delivery, made a rush
and bought to fill their contracts. This
checked the decline, and cotton advanced
above thirty cents in New York and this
advance would not have been checked
under forty cents, had not the holders Of
cotton commenced selling very freely
AGAIN. These facts are worthy the con
sideraiion of planters who are 50 circum-
stanccd that they can hold their cotton
for some time vet.