The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-10-22
|ITL COTTON co HIGHER
fhe Lou Prices Are Csusiau Fafm-
ers to Hold,
ESTIMATES or THE PROBABLE YIELD
MANY Houston Firms Think Prices
WIN Soon Advance-Others Fear
Z DecIine--S Statistical Position.

Cotton II now well under g cents In
Texas. The official quotation at Houston
q $50 for mlddiing and prices IN the IN
terior range from 5M@5ikc
Only once before in the country's history
has the south's great staple sold at such
n low price. That year Texas raised over
three million bales and the entire oniteu
States crop was 1901 900. In the season OF
1894 rs, when this huge crop was produced
and when prices went even considerably
Iower than at present, the year opened
with big surplus from the previous crop
the world was consuming less cotton than
now and the season ended with over two
million bales in excess Of immediate re-
quirements.
Last summer the worlds stock Of cotton
was reduced to very small proportions. In
fact, America came nearer experiencing n
cotton famine than ever before To It's MS
tory and several mills In this country had
to shut down temporarily on account OF
the scarcity OF the raw staple.
In the light Of such events and having
The official statistics to show that European
stocks of cotton were also next to nothing.
many prominent persons in this country
advised the American farmers to plant all
the cotton possible, believing that big
crop was needed.
And no one denies that an immense yield
IS necessary this year to supply the worlds
spindles, but II liz now question whether
the prospective crop isn't 100000 or 1.O0o,-
900 bales too large Has the Southern cot
ton raiser produced crop that Is by far
the largest ever known. and one that VIII
be in excess OF requirements? The present
prices would seem to Indicate that the
world thought such was the case Nothing
but crop over I $1,000. 900 bales VIII justify
a price under 9 cents, and II the yield Is
considerably less than that great njus-
tice Is heing done the American cotton
producer.
Just at this time there is disposition
throughout Texas to rebel at the low price
Of cotton, Farmers, country merchants and
many Of the largest cotton firms In the
State believe that the yield has been over
estimated and the price unduly depressed.
Many persons are holding the staple rather
than sell at ruling quotations.
Houston is the largest interior cotton
market In the world and the leading Amer
lean and foreign firms are represented here.
In order to determine the feeling at this
point In regard to the future Of the cotton
market. With estimates OF the probable
yield. several OF the city's most conserv-
alive cotton men were questioned briefly
upon the subject.
Mr.. w. Nj, Read OF the ilrm OF Inman &
Read said: II can not see anything favor
able to the market In the Immediate pros
pect l certainly hope that may be mis-
taken, and that prices VIII show Ii steady
advance from this time forward. but II
10 my personal opinion that spinners IN.
tend to continue buying sparingly. US the,
seem to hive an unbounded faith In
monster crop, and that prices viii sag
lower. think IL quite possible that aver.
age prices for the season will be higher
than at present, but believe the poor trade
reports from abroad and the pressure o
actual cotton in tho South will cause {
low market for some time 10 come There
has been considerable holding back OF
cotton in this State since the first Of the
month, but elsewhere 1t is being markete d
freely. With continued favorable condition.
! think IL possible for the Texas crop tC
reach $500 600 bales this season, and be.
levo the total United States crop will be In
the ncighhorhood OF 10000 900 bales
Mr.. Bryan Heard, manager OF the George
: Fl. McFadden G Bro. agency, believes III,
Texas cotton crop win turn out 2,75O 00t
bales and that the total Yield of this cot,n.
try win be 10000 with such a belief,
said Mr. Heard. II feel that cotton is nov
selling at price that Is entirely too low
anu do not blame the Texas farmer for re
rusing TO sell the staple. There is certanl,
much holding now. ] have letters to tha
effect from our representatives In nearly
every part OF the State, aud know that W,
are hnding II more difficult to buy cotto,
today than at any time this etason. Tn,
receipts IL the Interior show wonderful
falling OIL. Although this tendency is In
terfering with our business 1 hope tina
u VIII continue until the European spinno
- iorced TO recognize that the farmer ca,
% as stubborn about selling as the othe
FELLOW has been IN buying. The America,
farmers mold the worlds supply OF cottol
ana they should continue to hold Il unit
decent price Ia obtained therefor
Mr.. w. V. X. Watson. manager of w u
S"veianu q CO.'S cotton department
tni"ss IL quite possible that cotton vii
sell lower. IL know that the present pr,c
70 very low" said Mr.. Watson, ,h,i W,
nave seen 1t lower. and II seems now TIM
ane majority OF consumers are determipe,
70 become active buyers only at the yer,
bottom, which they think Is 5oCI75 point
below the present. level OF values. | hon
mat something VIII happen TO conylnr
the world that cotton is selling for las
than 1t is worth. but would not adyis
any one to hold the staple In that expeeta
tion' In fact. holding cotton results In
loss nine times out OF ten, aud under n
circumstances would advocate such No
non. A great deal Of cotton Is being hei
back in this State now, and slncerel
trust that It will be ali sold at a muc
higher price. but there are many thins
TO make one fear It may be sacrificed ar
sharp decline. estimate tho Texas cron
2,Soooo to 100000 bales, and think m
entire American yield will reach 10. 1000
Mr. M. G. Andrews. HOUSTON manag,
Of the Slayden, Clarkson q Richards con-
pany. said: II am bullish. I do not $,
how It Is possible to DO otherwise under n
prevailing conditions. Mr.. Ellison, ii