The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-10-23
THE LOW PRICE OF COTTON,

1878, and views In regard to prices. the
writer ia In the cotton trade IN Houston
and wishes to give an EXPRESSION OF liz
views
The average Of estimates a. published In
The Post this morning place the Texas crop
at 2.72s,5oo bales; total crop s.64s.2oo. No
table among these various estimates ale
those Of Messrs. w. NJ. Read and r. H.
Hooper. as being the highest and the hg-
ures the same--the former representing one
OF the largest buying firms In the cotton
trade OF the South, and consequently car
ries that proportionate amount Of weight;
the latter voices the sentiment Of the aver
age Englishman. who declines to accept
estimates of less than 100000 for this
crop. The lowest estimates are those Of
Messrs. n. A. Josey and j. NJ. Lee. but
do not seem to give the balance OF the
producing section Its due. Suppose you add
TO these estimates 100, 900 bales. or an aver
age OF $4,000 Increase on the total. saw
$685., 900 bales In round figures for the
cotton crop estimated by the cotton firms
OF Houston.
note tho following remarks from the
different parties interviewed:
markc. In the immediate prospect"
IL feel that cotton Is now selling at a
price that Is entirely too low and do not
blame the Texas farmer for refusing to
sell tho staple"
II know that the present price - very
| low"
II am bullsh do not see how It ID
| possible to be otherwise under the prevail
| ing conditions. have investigated the
| Texas crop from every standpoint and think
| 100000 is the greatest yield possible.
1--WE will doubtless have higher prices
| during the season.
Cotton is certainly selling for less than
| 1t is worth. but 1t may sell much lower
| before the bottom is reached. l really think
| the bearish factors have been exaggerated
| however, and that present prices discount
| all unfavorable features in the situation. I"
| 1T is noticeable that we'll posted people
in the business are disposed to modify their
| views" This In regard to crop.)
| THE statistical situation does not seem
to warrant even the present prices"
| Il think that cotton is selling too low
and believe that the farmer is acting SEN
| slbiy In holding. 1t seems to me there
| Is nothing whatever to warrant these prices
for cotton and | believe 1t will sell much
higher In few weeks or months from
| now"
The price so early in the season has
been hammered too low and traders nav
| very soon awaken to the fact that the crop
has been overestimated and take held Of
cotton for big advance"
Il think the world will soon be convinced
that the yield has been overestiniatcd and
mat we will see rapid cdyance."
The present price OF cotton Is not JUS
| tined by anything in trade or crop con-
ditons. look for sharp advance"
Taking special note of the estimates and
expressed views OF the Houston cotton
firms. with general information from ell
sections, including the estimates OF the
crop by Messrs Hopkins, Dwight & Co.
and the Dry Goods Record of New York
City. the first 9,Si7 900, the latter 9,371, 532.
reach the following views:
That the maximum figure for the total
cotton crop OF the United States Is 8, 1850. 900
bales; for Texas 2,750,000 making no con-
ditions as to frost, believing the top crop
viii make small difference and the above
figures not likely to be decreased. How
ever. trading in contracts is very nervous
and any indication OF frost and sentiment
would place 1.000.0 900 bales or more in the
| balance at stake.
This season opened with the smallest
available stock OF cotton. visible and in
visible in many years At the present time
the visible supply OF American is about
100000 less than last year and about COO, 600
less than in the big crop year OF 1S94-5.
Mr.. Ellison says the world will need close
| W 9,OvU,OuU DuleS. IL remains to De seen
| IL the crop Will turn out 9,250.000, $500. 600
or the full maximum figure OF 9.75o. 900.
| ii mention here the prime cause of the
very low prices existing, Is the crop views
adhered to in Europe of 0,300. 900 bales bv
the great genius and cotton crop guesser OF
the world, but who Is eliminated from
these American Views Of our own product.
Consumers both in Europe and America
have bought only close to actual needs for
immediate use; prices have continued
downward. and feeling secure In the fact
that America was making fairly full cror
and that the bulk OF it would DO scld in
the early season, have held off and allowed
the pressure OF receipts to find market
, only In continued lower values, until new
the whole world has about reached q rest
ing place and point to stop and weigh the
situation.
do not believe the actual outturn Of the
crop will exceed the worlds requirements
to an extent causing lower values.
The price has reached lower figures tl's q
the most sanguine two months since ex-
pected they would buy their wants at. TLer
why does not the consumer come Ia and
buy freely? With the continual declining
tendency OF the market. full receipts com
ing forward, they do not want 10 buy today
} to find tomorrow they could have done 81
! per bale or more better; stop The down
ward course and all Europe and our own
, spinners would be quick 10 absorb every
bale OF cotton which now must seek q
buyer and the cotton they would not buy
at . cents would be eagerly taken at much
higher figures.
You hear so much said about losses sus.
talned by planters from holding cotton
They do not tell you that but once in the
past thirty years has cotton sold lower
, than now. With cotton selling all over this
State at 5A TO 51s cents, why should the
American farmer market his entire crop In
: three months and place himself at the
mercy OF the trade at such very low fg-
, ures?
Ell say to the farmer, take advantage Of
/ the offers made by banks, bankers and
z commission mon TO held your cotton
I where you can not afford to hold 1t your
solrcs--and stop the sacrifice. Cotton Il
low, lower than the conditions warrant,
: and should bring more money Hold Il
and You viii surely get more for IT,
To the consumer and the buyer l say:
Gotten is low, lower than YOU o. | ex.
peeted Il would go on this crop; lower the \
In Its history with two or three exceptions
or you could say once in thirty eight We. RS
Buy buy quickly; buy freely. Buy When