The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-07
HOUSTON, SUNDAY, JAN. 7, 1900.
TWENTY-FOUR PAGES.
A COTTON SCHEME THAT FAILED.


the holders OF spot cotton throughout the
South has signally failed of its pur-
pose.
During tho last day or SO The Post
has been notified that kilograms from the
New York firm OF brokers at the head
OF this scheme had been sent to nearly
every town in the South. and that the ad-
vice In all instances was to sell spot cot
ton. Had this advice been followed to any
extent whatever the result would have
been indeed disastrous, There would have
been moro cotton offered for sale tenn
porarily than the demand justified, and a
sharp decline would have been preclpi-
tated.
AS It was a feeling OF uneaslness was
created in the speculative markets. and
futures arc now 20 to % points lower
than they were last Tuesday morning
The spot situation is still strong. how
ever, and the holders OF the staple in the
South have wisely refused to become
frightened by the changes In chalk marks
and the very apparent scheme OF this
Arm OF would-be market makers has been
thwarted.
The most remarkable feature of this
latest antagonism TO cotton is that the firm
engineering this plan to break the market
have posed as friends to the South. and
are even now claiming that their action
was caused by their anxiety TO protect
Southern spot holders against losses,
f,,t -, ~
has such fierce effort been made TO force
cotton prices down, and the fact that 1t
failed Is the best possible proof Of the
inherent strength OF the staple, Thousands
Of dollars were spent In telegraphic mss
sages 10 four days. and many more thou
sands were paid for advertisements in
Southern papers, these advertisements be-
Ing devoted to circulars further advising
the sale of spot cotton.
1t was the most selfish scheme for
money making at the expense OF the
South that has ever been brought to light
u was planned by men who believed they
had the confidence OF thousands of farm
ers. merchants and spectators, and whC
were willing TO use the influence they wer,
thought to possess to enrich themselves
even though panic was created thereby
aud terrible disaster wrought for tn
legitimate interests of the Southern people
They took no thought OF anybody bu
themselves. yet at tho same time hypo
critically professed TO he actuated by un
selfish motiyes--by anxiety to have TIA
South secure the present good prices ia
eotton
Arm that for months have been at
yisng the purchase of cotton futures
predicting s cent values. declaring ths
the crop was shorter than any one bC
lieyed possible, and beseechlns spot hold
ers to keep their staple until higher pric,
were realized. suddenly change front. an
then have the audacity to claim they WEI
working for the best interests of u
South. After sending out letter
thousands OF correspondents on Decembt
80 declaring that statistics pointed to
crop OF s,250,00O bales. they five days lat,
declare that stocks at uncounted towI
are very large. Their own estimate OF Il
greatest possible crop was s,Tb000e bale
and II this proved true the stock held al
not yet counted could not exceed 1850. o
bales, as 100000 bales had come In
sight by January l.
just at a time when Liverpoops sto
Of cotton is less than fer twelve yea
past at this season, and when the amou
generally held abroad is surprising
small. this Arm declares that the mark
Ia on the eve OF a decline. and that 10
cotton must be turned loose. KnowiI
that foreign spinners have been usil
every means in their power to break /
market. IN order that they might buy /
south's cotton at lower values. and sect
the farmer the master Of tho situate
they lend their aid at the most critic
time to those striving TO depress prices
knowing the worlds visible supply
cotton to be l.s5o.ooo balea less than
this time last year, and realizing fun W
that foreign spinners have only a am
part Of their yearly consumption ON has
they counsel the Southern merchants q
farmers to turn loose the staple.
Knowing that even IL their own ma,
mann cyop. estimate should DO exceeded
sQe,ooo bslsa the american staple wo,
stlll % scarce the world over, ana III
%rfth cents per pound in Southern m,
~ tAsy urge The owner Of spot cot.