The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-09-06
THEY MUST HAVE COTTON.
Liverpool Factors Now Realize That They
Will Have to Pay High for 1t.

and 36l in 1898; Houston expects 24O0 TO
$500, as against 1920 last year and 6oss In
the year before last.
The adyices from the country indicate
that the merchants and farmers have
heard the news from town and ore dis
posed to make a stand for the prices which
famine implies Truly, cotton now SUI
fers from no lack of friends. On the con-
trary the danger lies quite in the other
direction.
In the meanwhile, the reports from the
fields begin to make the huge discount on
December seem absolutely unreal Tele,
grams from New York Indicated
that the seneithonal accounts of
damage were. at last. making an
Impression upon the minds OF the self
eatisiled strategiets at headquarters, II is
not from one section, but from all, that
the announcement of disaster is heard.
While opinions differ as to the real ex-
tent of the deterioration. tt may be said.
in a general way, that the, consensus OF
conservative opinion is to the effect that
all hope for anything more than most
moderate yield has gone the way OF all
things human.
The meaning of q second deficit yield
stands forth from the figures Of secretary
Hester's monumental statement. II the
crop OF 1900 should not materially exceed
the crop OF 1899, 1t is evident that con-
sumption must be brought within the
compass OF supply by the action OF pro-
hibitive prices. History teaches that such
n result is always worked out in the end,
but It throws no light on the level OF
value which will prove efficient in any
particular season. In September Of 1880,
the trade was confronted with famine, as
! Il is today; but nature came to the rescue
/ with q monster yield, while the markets
4 We shaken from center to circumference
by the crisis which was preciptated by
the suspension of the Barings. Specula-
ton OF all kinds was thus dealt a stag
gerlng blow, and the dsucation OF the
machinery OF Legitimate business com
pIeted the work. No storm of that kind
is row seen in the distance. but, as
matter OF fact such bolts always come
from the Blue. Time and again has the
bear seen the logical consequences OF MS
/ madness averted by some upheaval when
was quite beyond the range of the Keen
ST dscerpment. In 1898, all reasoning
along statistical lines was brought 10 onn-
fusion by the great Lancashire strike and
the closure OF the Indian minis. IL Is, o.
course not iinpcvsibe that the Dark which
carries the bail and his fortunes may coz
tlnue TO sail over summer seas but an
abundant caution is still quite In order
Wisdom after the event is about the most
unsatisfactory thing in all this %orld. TIC
preah caution in these times o.
ebullent enthusiasm Is, essuredly. th'
most ungrntefu OF tasks, and yet the duty
is not TO be shirked for that reason
Christopher Sly did. undoubtedly. return
from the castle to his accustomed haunts
when the hlncy Of the fun loving MOBILES
had had its fling, and there is no reason
to suppose that the present diverting com
edy will lack for an epilogue. In 1898 the
thirst fer champagne remained, althougf
even the supply of beer was exhausted
Badinage aside, this cotton market is one
Of the m st dangerous ever known. Read
ers Of these columns do not need to b'
told that the statistical position is fear
fully and wonderfully strong. At the cor.
responding date in 1899 the seeming Civ
was so great as to lead very sensible
man TO suggest that committee Of pubic
safety be appointed with commission t
burn one bale out OF every three, in ordel
that value might be given to the othel
two. The South has a great opportunity
but, like all other opportunities, 1t mal
be married by wild overc0nfdence. ThC
recent experience Of the bulls in whea
teaches the folly of an unrestraine
furore in the face of crop that is abou
to move. Something should be left to time
instead OF allowing the Imagination TO d,
: it all