The people's journal. (Pickens, S.C.) 1891-1903, 1896-01-16
THIS YEARS COTTON CROP.
The Great Expert Says that Cotton
VIII Not Bring Higher Prices

The Great Expert Says that Cotton
| Will Not Bring Higher Prices.
The Augusta Chronicle publishes
the following letter from Mr.. Alfred
Is. Shepperson in reference to the cot
ton crop:
NEW YORK, Jan. 2, 1896.
Hon. Patrick Walsh, August, Ga.
My Dear Sir Tho year which has
| just ended will be memorable one
| Tor the cotton trade, inasmuch as 1T
! recorded the lowest prico for middling
| uplaDds ever reached in Liverpool, ex-
cept when tho samo low figure, two
and thirty-one thirty seconds, II 3l-32)
ponce per pound was touched In Mo-
vember, 1894. The lowest price in
New York ior fOrty-eight years was also
reached in November, 1894, aud re-
peated Ut intervals 10 March, 1895.
The largest crop ever produced in
America Was grown in 1874 and
marketed in tho commercial cotton
season in l894-y5. From tn } low ebb
Of March |, 1895, there was one OF the
most remarkable reactions ever known
when prices advanced in Now York
from GIG On March lst TO 8 3-8 cents
on oct. 10th tor u4I.uIIns upJandS cot
ton, matter of three and thirGeen-
sixtcunths (3 l3~i0J Louva per pound.
This great advauce was due in part
to the Improvement in the general
business Of the country, but chiefly to
speculative buying of cotton futures.
On account OF the comparatively
high price" "':'Ih ruled in Soptem-
Der and OctoDer, huch Of tho crop OF
lS93-96 waH marketed at good prices.
Much interest is now felt in cotton
crop now coming in, and in the ques-
tion of tho acreage Of the crop to be
planted this year.
L am satisfied that IL large quantity
Of cotton has been held back in the
interior by country merchants and
farmers on account Of the sudden and
serious decline which occurred in the
middle of October.
/ anticipate comparatively large re-
ceipts in January, and .hink the crop
will probably b. ABOUT seven million
bales with possibility of even more.
Excellent weather ior maturing and
picking and long delay OF frosts partly
compensated for unlavOrable condi
tiOns earlier in tho season.
In view of the very large stocks Of
cotton at the beginning ol this season
In tho American ana European mar
kets, and in the hands OF spinners, and
the fact that mucn larger shipments
will certainly &c made from India,
Egypt aud Brazil Than last season,
do not think thcre will. be any such
scarcity OF cotton as would advance
tho price to such an extent as to justi-
~ any increase whatever Of the pres
ent cotton acreage in this country at
tho expense Of a reduction in food and
forage crops.
| think that an increase of our cot
ton acreage would probably cause
lower prices of cotton for the re-
mainder Of this season, and certainly
for the next season also, unless the
weather conditions for the new crop
should be extremely unfavorable.
No man rejOiced more than | did at
the recovery of cotton from the un-
warranted depression, though 1 did
not have any pecuniary interest in the
market and have none now. Feeling
however, deep interest in the pros
perity of the South, would regard III
increase of cotton acreage this year u
u most unwise policy.
With best wishes for q happy aut
prosperous New Year, 1 remain, your
very truly,
ALE. B. STEPHENSON.