The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1891-06-25
THE LOWEST PRICE
COTTON HAS REACHED IN THIRTY
SIX YEARS.

SIX YEARS.
| Deplorable Condition OF tho Cotton Mar
ket-The Result of Overproduction-A
Talk with MIR. S. NJ. Inman About Flu
ture Prospects.
ATLANTA, Ga. June 18.-Recently
spot cotton in New York reached 8l5
cents. the lowest price since 1856. The
price of August futures was 8.26, the
lowest figure in the history future con-
tracts.
The trouble is that the crop has gone
1,250OOO bales above the conservative
estimates at the beginning Of the sea-
son, and we begin the new cotton year
with an enormous surplus. Intelligent
estimates of the crop last September
were 100000; now experts think a
crop of 100000 bales was actually
gathered. In this state Of affairs the
price of cotton is lower than it has
been in thirty years. The only years
in that long period when spot cotton
has approached the present quotations
were 1855, when it was 8 cents, 1858
when it was So, 1878 when it was
1916 and 1886 when it was again 1916.
The acreage for this year, which was
supposed to have been much reduced,
turns out to be only 2lll per cent less
age in Texas has cOunteracted the de-
crease in the acreage elsewhere, and it
is estimated that we have now planted
2o,779,2O3 acres against 2O,S02 1920 in
1880. The governments report Of the
condition Of the crop is S5.7 against
S88 last year at this time. If these con-
ditions continue a crop of not less than
100000 bales may be expected for this
year, in addition to the large surplus
carried over.
The Atlanta Constitution prints an
interview on the situation with Mr.. s.
Nj. lnman, Of the firm of 5. M. Inman
u Co., whose long experience, immense
business and close connection with the
great markets undoubtedly enable him
to speak with more weight on this sub
Ject than any man in the South.
When Mr.. Inman was asked what he
thought of the situation and the out
look, he gave his views as follows:
"The situation is something almost
unprecedented in the history of the cot
ton trade. The American crop, which
was believed by many conservative peo-
pie in the beginning of the year to be
not over 7,250OOO to 100000 bales
promises to turn out nearly 8,75O,OO0;
that is, about S,75OOOO will be sold off
the plantations and come into sight,
while there will probably be 100000 to
1000 bales which will never leave the
. plantations this season on account Of
the low prices prevailing in the mar
| kets. Hence it looks now as if the
Yell of this crop, gathered between
September 1, 1890, and August 81. 1891,
? If it could all be counted. would be
somewhere between 8,SO0,O0O and 9,OOO,-
F 900 bales.
"The crop Of India will turn out
;3OO,O to 100000 bales short this year
in pounds about equal to 100000 bales
q OF American cotton.
"Now take the increase of the Ameri-
can crop-Say 8,SOO,OOO bales, against
: 100000 last year, giving an increase of
100000 bales-and deduct the 100000
shortage in the crop Of India, and you
have an increase in the worlds supply
for this Year of probably 100000 bales
of cotton. While there Will be large
Increase in conSumpti( n this year, it
will be nothing like sufficient to alb iorb
this enormous increase, and it will be
necessary to carry great deal Of Old
cotton into the new year. This would
not be so bad if the producers had only
exercised ordinary business prudence in
planting another crop: but nearly all
evidence points to the fact that the
acreage in cotton this year is approx
mately the same as last year, and while
there has been some trouble with the
crop III the Carolinas, Georgia and Ten
neSSee, the crop in the balance of the
cotton-raiSing States is doing very well
AMI unless some disaster occurs we will
have another reasonably large crop.
at is the fear of another large crop
which is at present depressing prices,
more than the burden Of the cotton that
has been made during the past year, be-
cause. if the world were assured that
the next crop would not be over 7,J00,-
600, | think there would be considera-
bic rally from the present prices.
| "AS to the future Of the market, it
appears to me about this way: That if
we make another crop, in any wise ap-
prOXimating the size of the one Just
grown, we may look for year of the
lowest prices which have ever prevail
| ed. You see we are on untrOdden
ground. The future is one of uncer-
tainty. AS | said before. with another
large crop we may look for very low
prices, while on the other hand, with
anything like Il general disaster to the
growing crop, prices may be re e.eStab-
lIshed and producers may secure re.
munerative figures for their cotton next
| winter.
| "Whilc it would seem to be a calami-
ty to have another crop made approx
mating the size of the one we have just
made, it may result in a blessing in the
end, in turning the attention Of the
Farmers Alliance and other organiZa-
tions to the matter of controlling the
amount of cotton produced from year to
year. AS have said before, this is the
only hope of the South's growing rich
in cotton producing. The consumption
Of the world is steadily increasing anu
the South has "A monopoly of the in
crease in production, and if it could on
ly be used wisely instead of increasing
the production at double the rate of The
increase Of consumption, all would go
well. The matter is in the hands of tho
planters themselves and they are the
only parties who can control it,"
! Col. Isaac Lipscomb Dead.
| COLUMBIA, S. c., June 1G.-A pr-
vate telegram received here tonight al
nounces the death OF Col. Isaac S. Lips
comb, ex-secretary of state, at Bryson
lNiIIL NJ L, tlhn Llnnaaaal