San Antonio daily light. [volume] (San Antonio, Tex.) 1886-1907, 1895-11-04
THE COTTON DECLINE.
Causes Therefor Exploited By a
Posted Merchant.

market, which even caused flut
ter in our city, impelled reporter
for the LIGHT to call on Mr..
Efron one of our best posted local
buyers yesterday to get his version
Of the causes of the sensational de
cline.
To the question as to the cause
of this decline, he said laconically
"Top heavy"
Asked what was meant by this
he said:
'The market has advanced from
its lowest about ninety-nine pei
cent and the South has made
considerable money. The southern
people have always pulled the
chestnuts out OF the fire for the
large operators in Liverpool, New
Orleans and New York, and they
have done so this season, to the
queens taste, by paying back their
profits from the future board
with a pawnbroker's interest.
That's always been their his
tory. 1 believe that as soon
as the weak holders are squeez-
ed out cotton will advance from
L. to 2c per pound before July
next"
| When asked, "what makes you
think the market will advance ?'
he replied: "Simply because the
crop is short"
What do you think is the short
age from last year?
81 think it will be two and three
quarter million bales"
Is this present crop insufficient to
supply the worlds demand
eyes,"
Do you believe me will have
wide fluctuations?
eyes. If the South gets it's buy
ing caps on, Liverpool and New
York are likely to give them an
other squeeze"
Do you consider the handling Of
futures legitimate?
eyes il used for legitimate pur-
poses."
What is understood by 'legiti-
mate purposes"
"To cover against sales or pur-
chases of actual cotton"
What is your opinion of such
men as Neal and Ellison, who are
supposed to be authority on crop
estimates
81 think they know more than
the average man engaged in the
cotton business; but it is, after all,
a question of how soon will it rain
or freeze and no intelligent esti-
mate can be made before we have
frost, except as to the increase or
decrease of acreage"
Is their writing in favor Of SELL
ers d?
"That is rather leading ques-
ton and 1 prefer not to answer"
What effect will this short crop
have on the planting and price of
the crop of 1896, 1897?
"a very undesirable one."
Why so?
"The South will have more
acreage in cotton than ever before,
and in consequence, the price is
likely to be as low as the crop of
1884,"
Then 1 understand you to say, a
short crop would pay as well as a
large one?
"Unquestionably, yes"
Has there been any money made
or lost by our local people in the
furry?
eyes the boys looked happy for
while, but they've paid it back
with interest"
Are you a believer in top crop?
Eyes, about one year out of
three"
Is this one Of them?
"From present indications l
would say no. There are some lit
tie signs of top crop in small
belt in Southwest Texas, but only
in Southwest Texas"
How is the demand for the spot
cotton?
every poor from consumers"
Why so?
at seems to be hard to convince
manufacturer that the crop is
short: then besides, the low price
of last year and low rate OF in
terest we had then consumers
heavily and are not pressed for
Immediate consumption"
Who will have to concede the
manufacturer Of the south?
81 guess this is one time that
the south holds cards aud spades
and the manufacture will have to
pay current prices when the sur
plus supply is consumed"
Do you believe in stopping the
spindles, as threateded by manu-
facturers?