The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-10-25
COTTON TRADE AND PRICES
Interesting CircaIar Prom Z Large
liverpool Firm.
ESTIMATE or WORMS CONSUMPTION
YEARLY Ntne ana Half MslIion bales
WAN ne Needed--Futurc
Course Of Prices.

Messrs. A. j. r. LAndauer q Co. Of
Liverpool write 40 follows In regard TO tho
general cotton tradc'and probable ccnsump-
tive requirements:
! II 10 very difficult 10 form 4 correct
Judgment a. TO the general trade In Lam
casnfre; but from the various reports wh,c,,
we have received. though they diTer some
| what on various points. we ara OF tho
opinion that the demand for account Of
India and Japan, has IN certain measure
| improved, and AS for China. Singapore only
certain counts. For 32-S%s rwist, ana for
4os weft there is a fair demand, likewise
| for cloth OF medium and light makes, whilst
heavy Cheshire makes are heavily in stock.
On the other hand Egyptian yarns aud the
| class Of goods manufactured thcrcfron ere
very much depressed, and spinnsrs II they
wore to realize would have TO accept PRICES
| at n heavy sacrifice; In other words this
class OF goods has declined below tho prine
| OF production. Spinners hold very lisht
stocks OF raw material, and are buyirg from
| hand to mouth.
AS TO the continent. we can. for want
OF sufficient space, only generates. and
| give YOU an abstract from what ia reported
from the principal spinning centers In
France. Germany. Italy. Belgium. l,ussia
and Austria AS rule. with the excep,'on
OF few OF the centers In Germany. where
trade in general Is, to say the least, DOOR;
In some cases such as in France. sbor. I rue
has been going on for some weeks end In
other countries, such as Switzerland rnd
Austria, spinners are trying to snrtlll the
| output as much as possible. The greatest
| depression, however, seems to cxiut more
| especially in the fine Egyptian counts, and
1 from various centcrs we learn that they
have become unsnleable, and therefore
stocks OF that particular class have actu-
| mulatcd largely. AS to manufactured goods.
the trade throughout tho contincnt Us very
| satisfactory. In most cases the uccumu-
lation OF stocks has caused looms 10 come
to a standstill in many districts. on an
| average spinners are covered agaus. their
sales. and with the amount Of faw mateiia
they have bought either nfloat and for slip-
ment during the present and next month.
they have supplies until December,
The Improvement in America has been
maintained. but by no means can the aeu
eral spinning and weaving trade, SO FAT ia
cotton goods are concerned, be called
good one. but probably II IL more Iios-
pectivo than otherwise. There IL vot n
large stock OF print cloth which Is difficult
TO move, and this especially applies 10 the
Eastern States, The Southern Milis are
doing well. and In many cases are work'n"
double time, They are able 10 produce on
n much cheaper basis thnn the East own
to the low ratio OF wages which are mt
but likewise below those ruling In Great
Britain. independent OF the additional hours
which mill hands have to work N Amer
lea. 1t seems 10 Ms that the profits lie
principally in the chcapncss OF labor and
the returns to the mills. working ns they
do, twonty-threo hours instead Of nine, In
other words we mean the returns for cant
tai invested AT the end OF the wear hv tho
quantity of yarns and goods produced hy
mills We find that spAnners who held
scarcely any stock about the middle OF
August nave since bought literally.
| We estimate the worlds requirements
for the next twelve months as follows.
Great Britain observation-disclosures. .2S01,ooo
Continent OF Europe ........,.... ~, 2ou,Uoo
United States, Canada, Mexico. etc.S30o 900
Total requirements .......... 1850 900
AS TO the future course OF prices they
say:
In the abstract the decline from the
date NJ our last report has been I'D on
winter positions, while that OF spot cotton
Nd. so that H. may be said that winter
positons al, or about II Nd are ny no
means high the mere 70 whcn you take
into consideration that the large s'acd
crop so much spoken OF has not vet passed
danger line, viz. the weather conditions
OF the next three or four weclts, further.
Che European stocks, both Visible all In.
visible and the alont for Great Bi tain
are comparatively light and are smaller
than for years past. Likewise, II may
be argued that big American crop Is
needed In order, 20 say the lenst. TO keep
tho present low Jewel Of prices where u IN,
and finally the price contracts IN later
deliveries being 40 much lower than slot
cotton, and the continent Wiling TO pay
more for c. |. T. and prr cent than the
delivery prices In Liverpool, ihere does
not seem to be much chance Of cotton go
ing lower. but rather IL favor OF the ar
ilclo steadyIng. All those Views a not
merely plausible, but appear to ns 10 be
sound and reasonable; however II You look
al the other side If the question: the foi-
lowing problem Is presented
II with such small stocks, both visible
and invisible the spinner today Is bts ling
his cotton at much lower figure than
what he did when supplies were larger,
and especially when the new crop has
only begun to move what level OF prices