The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1898-11-04
Low PRICE OF COTTON.
A Situation that Is Now Attracting Serious
Attention from Thoughtful Men.
yPORIERS AND FACTORS VIEW MARKET
Future Contracts Arc Lower Than
Ever Rcfore knOwn-1hc sttua-
ton Is Very DIscouraginR
New orleans Times Democrat.

New Orleans Times Democrat.
II was wittily said Of DR.. Livingstone
the famous African explorer. that he wa
the most exasperating of men, for the rea
son that. after you found him, he woul
not stay found And so 1t may be said
cotton that IL is the most eXasperaiing o
commodities, in that, when new record
price is made, it will not stay made. Yes
terday, once more, a new leaf in the histoF!
of the South's grelt staple was turned
and the distance which separates the pres.
ent price from 0 900 was diminished by
points, or about 1 per cent. March con-
tracts sold as low as 4.91; the close was
492 to 4.93. 1t was day OF gloom ON the
floor Of the exchange. ,arh men asked each
other where this sort of thing was going
| to stop. AS q matter Of fact the market
| shows very much more weakness than it
did when the price was lowering around
| cents. Josh Billings said that, when a man
started TO go down hill, everything seemed
| TO be creased for the occasion. The remark
Gel family applies to tine present course of
the cotton market So far as the activity
OF the bears is concerned, 1t does not
amount to very much, as most of tn IN have
been rendered very conservative by the
majority OF them went on a little excursion
on the bull side when the price touched 5
cents, and they find themselves on the road
without a return ticket. Il is hardly neces-
sary to say that they are far more bitter
thtn the miserable wayfarers who have
Deen in all the hold-ups of recent years.
10 the habitual bear, the sensation of max
ing loss is new one, ard he does not
relish it at all
II was said that the decline of Yesterday
was based on the rumor that Mr. Nefll had
ISSUED crop estimate of IL 600 900 mini
mum. There is, however. the very best au-
,hor,iy Tor denying that any such estimate
has been issued. or is about TO be issued,
II IS ooGOttul whether the extreme weak
ness OF yesterdays market is really to be
asctlped 10 that cause. 1t Is, in all prob
sphl'Y, due to the steady pressure of spo
odSi. ON the market. with no specu,sllon
to absorb the surplus over current con-
sumption. 10 re is a silent panic in pro-
gresS throughout the country. in conse-
quence OF the persistent tendency toward
lower prices. There seems to be a general
desire TO rush cotton in aud sell it while 1t
sum possesses money value, however
small. 1t is already becoming apparent tina,
y serious crisis is upon the Soutl and it S
heginning to receive the attention OF
thoughtful men, as will be seen from a
pc rsl Of the following letter from one of
the leading citizens OF The parish of Fast
Felcana:
ITO the Editor of the Times Democrat
Clifton. La, october 81, 1881 esti-
mite the cotton crop of this year In East
Feilclana alt $4,000 bales 400 pounds each.
iNtaf
the grade being half grade over
this year than usual, on Account OF storms.
rain, etc, we will realize cents per pound.
II Is our only money crop; our parish reye-
nue. VIII therefore be 100000 We hive
population Of 10000 people. That is $3.50
per capita.
Let me now s;ste the fixed charges
lhat are first TO be paid out of this gro
revenue Our assessment shows in the
parish $l,5OO 900:
Parish taxes, 10 mills SIS, O10 |
ron taxes .......... ......... 1000 |
sta'e taxes E mills ............... 5000 |
!, :, lenses 49,. ..'................- 5000 |
Freight ON Mississippi Valley rail-
road on cot,on to New Orleans.
less than 40 miles ........ % 50o
5agglng and ties for cotton ........ 1000
TOTAL fixed charges ........ So. 500
Jotal products 30 900
lhns we sec that to- fixed charge on
'nr GOTTEN amount to % $40 per csnt OF
is present markat valne
Take the fixed charges from the
roi, N'ue ''''.'.'.''''...... S270.00o
'ixei charges ...................,. "a 80
saiance ..'.......... ............s2 O55OO
'hgoh. divided up among our people. give.
er capita. $40 27-10O.
our section is over the ave- ze in thrift
ma econuny How in the face OF this
ot OF business men, scattered, as they {
ay' all over the South. pretend and act
ally report prosperity in the cotton sec.
on. and go on 10 say, even the Pl,4yuns
ayS' that the low price of cotton il a
tossing. and that everything is lovely and /
he goose hangs high. !
a man is uncandid who Dies moi know 5
lat we are on the eve of universal bank-
tptey-et course, meaa cotton people /
cry truly yours. j. IA some T" I
Mr.. Stone, as a leading LAWYER aud |
rominent politician. has .he best Of on. y
'rtureties CT observing the effect OF cur y
'nt prices en- the producer. 1t VIII be Oh
'1Ved that his diagnosis of the case differs
ideally from that Of the bankers. WHO
'sert mat Low prices means prosperity.
well-known exporter yesterday gave 4
follows: 4
Il do not think the cotton one may rea- G
eNract to get on this contr.r, 4, G
of'h as much by one half cent as The cot. j.
IA W. got last year. An increasing propor. I;
on Of th9 receipts is low. disc5lored n
it&y ans generally undesirable. Yet mis- N
'tton is tenderable, and n great deal of II n
"A no doubt be rendered, fer the simple n
: son that no other outlet exists Durinx g
Y last TWO years the exporter was ALWAYS p
lilirg 10 receive cotton on Contract when. n
er there was a shipping difference be- ST
zen the American and the European Tt
arkets, because he knew that il was y.
lysical .mpossibiNy for the deliyerer ~ VI
We him undesirable cotton. Now the Gaze NJ
quite Inherent, and | expect 10 see ex- r,
r,.rs nsh1 shy OF the contract marker p.
ring the entire season OF course n ia n,
SIS Die that tho official differences he r.
zen the grades may become SO wide mi D.
Q Q, contrast basis so low. that thu rocelver A.
~ practically get the lower griles ms n Co
~ IT. chat case, tbs present fear az tbe SO
pg side would disappear. but we have
V yet by any means reached that stse,
the game. The market is full OF co,ion
ilch Is going to be extremely difficrir q,
lie, unless prizes are driven 10 snn, Sa
int as to bring In the men OF money wba A..
buy cotton rs an OUT and On, sel
Vtstment. My own opiuian of oo,,..