The Pickens sentinel. [volume] (Pickens, S.C.) 1871-1903, 1891-11-26
THE COTTON QUESTION.

j. McD. Bruce, of Hagood, Bruce & Co.,,
has shown MS the cotton circular issued by a
Hopkins, Dwight & Co., dated the 9th of !!
November, 1891. After saying that the !
spot sales have been short, and reviewing !
the October prices in the Contract Market,
they conclude this branch of the subject as
follows:
The buying early in the month was due
| to reports Of killing frost AMI low tetnpera-
turc in the south. The Bureau report was
not very good, but all other influences were
completely over shadowed by the enormous
movemc'.t of the crop. Killing frost has
been reported from numerous places, but /
many adviccs Indicate that but little day . .
u2c had been done on account Of ", eose g
weather and small top crop, whiarc oisSe!
known that the receipts arc ,'.'hs aeicalior
of the crop, yet their /'tils moW volume
q, staggered every omse," he ut is surprising
that there has nssocated ii greater decline
It under theiriiistratic'1.
d siIe"a Ic 1c- ttatc, and many people are no
TX 10 take the Bear" side and sec NJ
Il nSSBeuCcmcnt TO buy. Our stock Of cotton
.spI1s almost all hedged bv sales of contracts
to and therefore represents a long interest il
:. the market. We think the short intcres
I'd has been increasing of late, and the bears
he must decline to quite low prices. Unde
,cb these circumstances the market gives wa
.,. slowly but steadily, and will not chang
'''' until sharp drop i'll the receipts comes.
The following very pertinent remark
arc made on the Crop Prospect:
tlcr We arc in decided minority, but thin
be this crop may prove very much less tha
lnts current estimates. No one can tell unit
itv. December or january, for receipts are nc
~ till then any indication. The weather hG
rs been almost the reverse this fall, of la
and year, then the rain and late fall added
least ono million bales to tho crop. Th
year hot dry September was followed h
very extensive killing frost in October an
cnd very low temperature. Last year pickir
lhcr continued until spring, and no killing fro
This until December 9Th. Last years crop ha
,o- Il good start. this years crop poor one
wv last year wet fall, and cotton growing III
he til December; this year very dry, with XII
unt ing frosts October Sd TO October 10th
om- many sections. The popular idea of tn
~ crop is now about y million bales
Here is also al instructive paragraI
from what they have to say about Trat
o,, Conditions:
the IL - Saio "a, p.sil':sS wl.h l'ie East l.9i
IL some more wild silver Legislation by Il
what United States. We have managed to bl
both $500, 900 tons Uf silver, put it in O
th. vaults, and still prices for silver declin
What II commentary on the fiscal policy
our government! 1t will continue to
range trade and be menace to the price
Ions, silver, for no one can permanently dc
1t Of lhc laws Oh supply anu dch'ahd. O'll
our countries are reported as doing fair bu
o'' ness in Manchester, but the general ira
| for outlook is worse than wear ago.
ator In regard to the prospect in general
re- circular concludes as follows:
i'll be As stated last month. the statistics arc
it is against high prices, and we can add but
tie to what was then said. The planters
the south are marketing their cotton W
,xtro freely, fearing 20 hold and make such
...,. vcic losses as they did last season. So 10
'"No rs receipts arc 50 enormous, there can
ional no permanent Improvement. AS our ;
unity vices indicate that planters will sell fire,
baoo again ut any advance Of ic. 8 &C., any
.,.I provement is likely to be temporary III
a'eu' something more decided can be learl
. 1t about the crop. We do not see anyth
study but lower prices ahead, with commcrt
n,.co crop of . millien bales. BY comm
cal crop we mean the quantity of cot
marketed from lst September to lst s
tcmher.
more Cotton is low in price, and we may t
ckcns buyers tor nus crop even II large one
,,, or about 7ic. in the south. Oh account
C"o'' " its unusually fine quality; but we arc tire
INC ing new and untricd ground in the hist
bends of cotton and predictions arc of little val
as TO These quotations throw much light on
one situation coming rs they do from sue
rther trustworthy source. There is much in
iCnal assertion that 'predictions arc of little
The ue," but it is plain that this years exp
IS all cnce will be worth millions to the south