The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-01
LIVERPOOL WAS HIGHER
Futures Added 2-Sld and Spots We're
I.32d lp.
NONE OF THE HOME Markets WERE OPEN
Manufacturing Holiday Generally
Decentralization Receipts-In-
teresting Communications.

UffICe OF Inc FOSl.
Houston. THURSDAY. November 30.

all OF the home markets today. The Houston
Exchange was open only during the morning
and only few OF the members we're seen
on the floor.
Liverpool was very good. futures closing at
an advance OF lis-s4d TO 2-sid, and spots be
Ing In good demand at prices i-s2d higher
than those OF yesterday, at which figures
eco bales were sold.
Houston receipts we're only $3.50, against
Ii. co. yesterday. The estimate for tomorrow
is from 5000 to 5000. as compared with 25.O2i
last year. and 14io1 in 1897.
Unofficial information from New orleans
was TO the effect that March sold at 5.Sl-32
during the forenoon. This was 5 points
h.gher than yesterdays close.
The suhloned article is taken from recent
issue o. the Manchester Guardian:
To III. Editor of the Manchester Guardian.
sir-As an cid warrior" ana a constant
reader Of your paner for nearly forty years.
may be permitted to ioin issue in tue va
rious "strateEic arguments OF those wnc
sru using them for the bulls ana gears
oil cotton--a commodity ahich so directly
concerns the welfare of Manchester and
Lily srpool and the whole OF the Lancashire
cotton Industry
Tho fight fss become an annual one since
$50 the year OF the introduction of the 'op-
ton systems into Liverpool Now, am
trust my views Will be accepted without pref
udice ! haze READ every Notd that has
appeared in your paper, also What Mcssrs
Neill Price Mccormick 4; Co. ana others
have published. IL scemE TO mo clear tnat
with regard to tho world supply and con-
sumption, with the nrile over ID Gas asduSt
Sd last YEAR, and even supuos,Hg the Amer
lean crop to be only 9.JlNh'i taihnuSh "
MAJ ultimately reach io.50aeNi * is ample.
and more than enough. considering toe large
stocks left over at the god OF last season
A rftH1 NNsaFnF ire hH
will find out when their present hugo ana
unprecedented bull fever has run It's
course / further admit the shortage of the
Indian crop. which, however psr SO. does
not affect Lancashire. Bat the fact that
the Indian mills have gone on short time
will affect not only India itself, but also
Lancashire. Why? Because the demand for
Lancashire goods will be considerably les-
sened In the future. Another important
point that has not been touched unon Is the
Indian famine, ALWAYS Il direct enemy against
any Increased consumption either OF Indian
or OF Lancashire goods But. sir are there
cot more powerful factors 10 regulate option
and future prizes than the mere question
Of supply and demand OF the actual pro-
dUce? Are we not engaged in the largest
campaign this country has ever entered upon ?
Tibet is to say. We have more men under
arms. more navy and other ships employed,
and more reserves, etc, called out--a war
that may possibly cost us twenty millions
OF gold. May not this mean a heavy strain
In the future. directly and indirectly, upou
our too small gold reserves? Have We moi
seen in previous yesrs--say 1865, 1873 and 1881
what the effect was on the prices Of al
commodities when hoth gold supplies anC
credit were seriously straiue12 ] remember
those awful financial panics. and nroguost
Gated the two latter in a circular | was thor
editing basing my views partly on these lines
also am aware that my present forebodin,
in. so far an isolated one. IN 10 the nresop
We have not reached even the alarm stage
But the position of gold today all over In,
world is strained II may become serious 8
the war continues FOR six months or longer
and Is the Trapsyaai supply continues to b,
clt OF. One has only 20 read between tht
lines Of the words o, the president al tn,
Institute Of London Bankers last week and
watch other signs, both az homo and abroad
to realize what may be "
Money so Jar has only beer raised to per
cent In London, In the United States, where
money stringency Is already acute, loans vary
from . 10 30 per cent On tho continent they
are already grabbing for more gold besides
protecting, as We are doing. what they already
hold. Gold is not really scarce II is made
Bruhcaly so by the action OF governments,
banks aud mapipulatons. Let this policy be
pursued more theoretically, and why should
not money in Europe tgoldl shortly command
the value of or even per cent? In 1866
II Was at 10 per cent In London for three
months Now. what would he the effect OF
such on commodity like cotton under tho
option system? IL gold is boarded, and
all countries continue 10 scramble for more
especially In case of European complications.
there - only one way TOR them 10 obtain it,
u Is to sell other securities. but also those
commodities which can be exported. This
took place in 1901 Why should II not hap
pen again, n a modified form. under GER
tsin eventualities? II it should land | say
''if'0international credit for trade and
finance have become International would be
impaired. and the consequences of such on the
values of commodities under the option
system would sink to an unwarrantable level.
Us they did In those years quito irrespective
OF the mere question OF supply and demand
OF the actual commodity Thus. while 1t
is stated In many. Influential quarters that
one OF the original causes OF this war was
gold the outcome of It possibly may be
hnanclal war Tor gold. and carried on
all over tho world.
Such. then. are the possibilities. should tho
bladder OF International finance he prcked.
maintain that every prudent business man
ought 10 take It into consideration--tor the
unforeseen often happens-especlally not for
getting the further important facts that any
curtallment OF international credit at the
present time owing TO the gigantic number of
trusts. syndicates and combinations which
arc In evidence both In the United States and
IN this country 'notably in cotton copper,
iron. tin. etc.), would mean breakdown
accompanied with financial and commercial
Crisis. more, or less severe, OF the result OF
which on the prices Of commodities under
the option systems the younger generation
have yet to learn their lesson. Therefore.
specially with regard to cotton II would not
be What price Maiuba?'' as. our gallant
soldiers lately shouted op their victory at
Glencoe but What price ootton?" leave
the bulls" and bears to answer this.
Late Edtor Of whtaker as' Circular smtn
cheltenham. November IL. 1899.
From circular issued by Nell Bros. on
November "a. the following. which is printed
In order that all sides may be given repre-
tation Is taken:
Recdpts-Until October 6. with what was
probably natural Aow OF receipts, there
were brought TO light l.44s 900 bales. against
1,s65.00o to same date in 1898 and 1902. 900
in 1897. Since then. however. a great effort
has been made by the American bull party
10 prevent planters and country merchants
from sending In their cotton. and in the past
nye weeks there has. consequently. been a
heavy decrease IN the deliveries. which have
been only 1860 600 bales. against l.l40.000 and
s.ssT.000 respectively In the previous two
an unusualy heavy demand for cotton on the
part Of the Southern mills. partly owing Ia
The prevalence OF short crop ideas and partly
10 the fact that there was an Immense de-
maud for their productions. the advance In
K the prices Of goods and yarns being much
greater than even that of raw cotton. These
Increased takings are put out OF sight b,
this mills, and as no record can be kept Of
them still returns are obtained OF the actua
consumption OF each mill at the end OF ths
4 season. and they are not til then added Il
either freceipts' or consumption. they MI
20 10 reduce the apparent relative mcveinen.
Of the crop. On this subies< Mr.. Henry Neil
Nr1tc0 aD fcllowss
New Orleans, October n. 1893 .--lt Is re-
u1arkahIe fact that practically this whole de-