The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-02-05
II Means Much to The Entire American
Business World.
HE FOREIGNERS MUST HAVE THE STAPLE
The Entire situation Reviewed ana
Very Hopeful summary
IL Made of II.
Especial 10 the POST

.
60 the fact that one OF the chief influences
adverse 10 the prosperity OF the country
Was the enormous diminution In our exs
ports OF cotton. At that time there had
been decrease in these exports. an con,-
pared with the previous year, Of nearly
/ !, SEQ. 900 bales, representing money value
OF $40, 100000 The troublesome part of II
/ was that at the time strngency prevailed
\ in the money markets, not only III New
York, but In all the great CAPITALS OF bu-
Z rope. Relying upon the ordinary eXporta-
ton OF cotton at the usual time. our
bankers AMI dealers in exchange IN ths
early fall had sold ahead large guam
{ tlty OF sterling exchange, expecting 10
make their sales good, or as the market
term is Cover" the market, later in tho
year when the cotton bills came to hand,
But the cotton bills did not come to hand
and the sales OF exchange had to be COW
cred at O loss, or at least at a higher rate
than was expected Our customary credit
balance In London was wanting, and the
transfer OF gold from this country 10 Eu-
rope ensued at particularly unpleasant
time The cause for the decreased eX-
portstion OF cotton as we then pointed
out, was great difference OF opinion be
tween the American growers Of the staple
and tho foreign buyers OF II. The latter,
trusting largely to the estimate OF Mr.
Henry NELL, believed that crop as large
as the previous one lin round numbers
about II 1000 900 baies) had been grown
and that the advance IN the price OF COZ :
ton was due simply 10 speculation The
Southern planters. however maintained
that the crop was very much less than
that OF last year, and that the price estah-
lished. so far from being improperly high.
was much too low, ON the other hand,
again, 40 was known that the interior
stocks OF cotton we're large and this lent
home plRusbllity to the declaration for
tho foreigners that cotton was being hela
in this country for higher prices and that
1t would come out" In great quantit as
when the effort to hold at failed. There
was, therefore, deadlock between thesc
two contending interests, and they alone
could prove whose claims were better
founded, and which side would win "
tho struggle.
The day has now come when 1t can be
stated definitely that tho battle Of Tho
Southern planters OF the the American
Gotten trade against the foreign spinherA
has been fought and won. and that tho
only thing remaining TO do Is TO settle the
terms Of the capitulation. Five month.
OF the cotton year have elapsed Despite
the fact that cotton has advanced in price
nearly 3-A Of cent pound since pecenl-
Der, and has scored a rise altogether oi
nearly cents a pound from the low prices
OF last season, with all the weather condi-
tions Of tho winter facilitating In an In
ordinate degree the markoing and trans.
portatlon OF the staple, the total enlount
OF the American crop now In sight lie but
6.S23.l30 bales, as against S.90i, $40 bales III
the same time last year. II is as CERTAIN
as anything can be that the cotton croT
E0 I'M mi
Ing TO another 100000 bales is, approx.
imately only about 10000 bales and tn,
estimates for the cotton trade now vary
between 500 900 bales above this hgur
and 900 below H. At this advanced
period Of tho cotton season, in nine years
I out OF ten, throe-quarters OF the cottoI
/ crop Is in sight n the rule holds goo.
the entire cotton crop OF the year will b,
but $500. 600 bales
, Up to within a worry recent period IN
English spinners maintained their atti
tude OF sceptlcism regarding the short
neTs or he American crop. The lola
amount OF our exports OF raw cotton
now nearly 2000.000 bales less than las
season, and by far tI- greitsr MOTTO
OF this. OF course. y Tue Ia essenn
, purchases by Great Britain TIE Eng
: lish reserve supplies o. cotton are no.
at the lowest point reached for mar
: 10000 at the same date In 1892, 1,054
I 900 in 1898, and 1904 900 in 1897. TIL
Is pretty near the danger point OF IL
Z English reserves. and the hsures give
u illustrate how large mas been the Eng
lish consumption OF so''0n during IA
, period Of contest In fact the Englls
= cotton trade In 1899 wqs The beat in II
!, history, ard all the E,G.isa authorize
i agree that the outlook for Il was ueve
brighter than In the past year In al
dition to the strength OF the statistics
D position as given the Indian crop
cotton has proved a failure VII 20 IA
: Egyptian crop, though com3arstivel
= large, has been absorbed by the unlsuali
great demand for It, and tie stocks
Egyptian cotton are now about 500, Oh
eantsrs, or 100000 bales less than la
year The Egyptian crop is, howeye
y peculiar and Is used only In oertal
specialized manufactures Its prize
i comparatively unaffected by that Of ID
r other kinds OF cotton IN the w3-ll.
II The bearing OF all this upon the pros
IS perity OF our own country Is obvious. I !
e English spinners must now como mt
"a our markets. aud buy cotton. as. I
fact. they have already bpgun to 4,
= and while they will still buv as ljtt
as trey can. they viii have 10 ray
. much higher price than they might ha'
n paid Put 10 plain wo.is. they must pa
IS us during the coming spring a sum
money which may be estimated cor
II serystively az s25,0o0. 16o whi.h. nnd,
ordinary circumstances they should has
ie paid MS last fall This viii 90 Ear q
re ward giving MS the whip hand IN n
4 market for foreign exshauge Nor
over. inasmuch as the worlds reser'
s. stocks Of cotton have gone into COZ
sumption as has been Indicated. the
weight will no longer rest upon n
price 81 cotton IN the coming season ~
a. II is fair 20 assume that the presel
!. range Of values will remain steady y
a. least ore year 10 come H. 10 add
:, tion 10 all this. the plating for u
~ next years crop. now not very far ava
should be attended with unfavorabis RI
be matte conditions md I, should otherv'
"a become probable that anothsr short ct,
OF cotton was TO be raissi. sensation
ge prices for the staple would occur. y
OF this is, OF oourse. mere Speculate
H. possibility. concerning which noth'r
SO can be foreseen Riches and congraul
TORS now attend the American cott'
~ trade
e. PARIs.--rhe farmers IN this county ha
NJ lsbout all cot their land in share 70 hes
lie planting this years .sor Whefhfr ne