Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1869-10-17
WHO ARE THE ZEAL COTTON
BEARS?
Planters Co operating with SpeeuIn-
tors TO Put Cotton DOwn-Wbat
should be Done.

Planters Co operating with SpeeuIn-
tors 10 Put Cotton DOWn-Wbal
should be Done.
Frsm the Macon (Ga.) Telegraph.
EUFAULA, Ala, Oct. 7, lS69-In no.
ticing what is now being written and
said in regard to the future prices of
cotton, cotton bears, planters interest,
etc, see that spectators are charged
with being the bears, and that they have
caused the recent decline in New York,
from 50 cents to 271 cents per pound
or say 1914 per bale, and consequently
an equivalent decline in the interior
towns of the South.
While would not say that specula>
tors are not bears or attempt to defend
them against the charge that they do all
they can to create a panic and induce
owners of cotton to sell, 30 as to enable
them to buy a. low and safe price, do
assert that the planters are the real
bears, and that they, by their great haste
to sell cotton this fall, have been the sole
cause of the decline, which has not only
injured themselves, but has incurred
heavy losses on many who have bought
the staple since the 18th of August last.
1t is well known that the world can con.
sumo more cotton than has been raised
this year at much higher than present
prices, and yet, in the face of this fact,
the planters, like flock of panic stricken
sheep, have rushed their cotton on the
markets, and have forced sales at times
when there was scarcely any demand
from either spinners or spectators.
In support Of this operation, allow me to
refer you to the receipts of the new crop
at the ports to the 1st instant, which you
will find to be nearly forty. five thousand
bales more than for the corresponding
period last year, and as there was no
immediate demand for this large excess,
prices declined as naturally as water
will seek its level.
have just seen New York circu>
lar, of date the Ist of October, from
which l copy the following extract
The prevailing opinion is that cotton
will continue to decline, and this is
based on the idea that planters will con-
tinue to rush their cotton into market
t0haterer the price may be. The fu-
ture course Of prices may be said to be
in the hands of the planters. If they,
knowing pretty well what the yield is
to be, continue to force off theic crops
on the market, they cannot expect any
interference from spinners and others
who are TO be benefited By a further
decline" This is the opinion of cotton
men in New York. 1t speaks for itself
comment is unnecessary.
The question now arises, what course
should be pursued that will enable plants
ers to get high prices for their cotton
The only correct answer to this is, Hold
your cotton 1 do not mean a few plants
ers, but let every one, everywhere in the
South, hold back the remainder Of their
crops, and my word for it, they will get
their own prices. The manufacturers
may stop buying, but the spectators
and others who have sold several hundred
thousand bales to be delivered in Nov
ember, December and January, will be
compelled to buy the cotton to fill their
contracts, even if they should have to
pay 80 cents per pound. Last winter,
when it was ascert&ined that planters
would not sell at the lowest prices, the
spectators who had sold largely for
future delivery made rush and bought
to fill their contracts. This checked tb e
decline, aud cotton advanced above 80
cents in New York, and this advance
would not have been checked under 40
cents, had not the holders Of cotton com
menced selling again.
am informed that many planters il
Georgia Alabama and Mississippi, who
are well advised as to the amount o.
cotton produced this year, are wisely
holding back their crops for higher prices
Rext spring, and if all planters would
persue the same policy you will see
those spectators in short cOttoRs''
'cornered," and prices will take an up.
ward turn, which will not be checked
under 40 cents, and may be higher b J
the 1st Of December next. Let every
one hold their cotton and you will see
this prediction verified to the letter.
The receipts at the ports tell W hat thu
planters are doing, and l shall watch
their movements with considerable in
terest
Trusting that these suggestions will
be acted upon by the readers of your
valuable paper, and that planters will
no longer play into the hands Of tn
spectators and spinners.