This letter by William T. Wood was addressed to Stephen Davol, Esq., Agent for the Troy Cotton & Woolen Mill in Fall River, Mass. This mill was advertised as consuming 720 bales of cotton per year.
Dec 18, 1843
Annexed you will receive invoice 39 bales cotton shipped per Schooner Emily Knight for the amount of which & charges I have drawn on you at 10 days sight payable in Providence. This lot is about the grade as that I bought for you last year, although I think rather better. The 19 bales invoiced at 7 ¼ cents less than I can buy the same grade for now. All the southern markets have advanced nearly 1 cents per lb. during the last month in consequence of speculators operating on the uncertainty existing in regard to the extent of the crop. Our market at the present time is active & prices tending upward. In my opinion, however, there will be a reaction before long, unless it should turn out that the crop is much less than I anticipate – say 100 M. bales. New York market, I see, is active and prices advancing. Such cottons as I am shipping, judging from sales recently made of cotton shipped from here, would bring in that market 8 ¾ @ 9 c.
I would be pleased to hear from you on the arrival of the cotton. I shall forward samples by vessel. Very truly yours, — Wm. T. Wood