The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-08-18

for its purpose, the great cotton statisti-
clan of the world comes out giving his
views of an enormous crop, saying condi-
ton was equal to, If not in excess, of any
previous year in the yield outlook, prefac-
ing it with the boast of how close his es-
Inmates of previous crops had been
l here state, without fear of contradlc-
ton or criticism, 1t is surprising that an
old man almost in his dotage. who has vol
unfairly and deliberately loaded the market
for several years with one million or more
bales of cotton greater than actual out
turn of crops, and whose figures will not
stand comparison for correctness with any
other named authority, who covers up his
erroneous estimates by saying 1225O,OOo
would have been realized the past season
but for the extreme weather conditions of
December January and February last
that his views now should cause stam-
pede in the market, to the detriment OF
good business and that the advance made
on actual warranted conditions should be
lost in three days.
Will these showers in Texas 5ill the
aforesaid authority by his estimates, enor-
nous and erroneous, put single shielded
boil back on the plant? Most emphatically
not. But there is a method and reason III
this--it is exactly what Europe wants
the buyer, Spectator and spinner to de-
press prices in America and buy the best
product made in the world of cotton at
the lowest possible prices, without any
regard for the producer, who swallows his
pills and, though hard to take and digest,
is inevitable against such an authority.
You are told that but for the New York
and New Orleans cotton exchanges prices
would be lower still Take spot cotton at
3-16 middlng and August contracts at
1-2c. A blind man can see the fallacy
and know that these exchanges help TO de-
press and lower prices; that their con.
tracts have no validity as based on actual
cotton, and only an additional power vested
in the large Spectator to drive the staple
product of the South to lower figures;
and this whole cultivated land and people
quietly submit and allow the New York
cotton exchange to formulate the value OF
their product.
Mr.. A. S. Johnston of Meridian, Miss,
whom I consider the best authority in the
middle cotton belt, says: From the OUT
start the pitching of this crop, which was
late, and developments since then. do not
warrant the impression that this crop VIII
equal the last but much lower figures
must be considered" l call your attention
to these main facts and you can draw your
own conclusions: i. 1t is admitted the
acreage is less than last year; 2. II is ad-
mitted the actual loss in the flooded district
In Texas viii be over 100000 bales; .,
That In all the cotton States, excepting
Louisiana, condition is lower than one
year ago and complaints daily OF rust
shedding and premature opening from
drouth and excessive heat. This forced
cotton will increase receipts and move
ment, will probably affect prices tempo
rarily and be certain to mlslead many In
their views OF the crop. ! see nothing to
il stify the extreme figures Ut 1000. 600
bales, and from present outlook and infor-
nation would consider 11.0O0,0 900 too ex.
treme to feel any confidence In. For good
grade cottons the consuming world must
depend OH the new crop of American
cotton for their wants. as there is less IN
the visible supply OF high grade cottons
than for several years past, and trade IN
Europe and America is better than IN
years. Spinners are under contract away
at full prices, and with raw cotton at
present values II means big profits, regu-
lar harvest to them. and with any concert
of action the South need not dispose OF its
product except at a fair value Ruler
p. s.-The government expert estimated
the loss in the flooded district at 27I,ooo
bales; so consider mine of 100000 con-
servative estimate. H.