The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-05
COTTON AND IT'S ENEMIES.
An
| arke Is


Market
Cotton has bad few friends this season and
even those who have posed as friendly TO 1t
seem willing to give the staple push down
ward II their own selfish aims can be aided
thereby.
Despite exaggerated crop reports, stories
OF cotton being boarded. wars and rumors Of
wars. tight money. stock panic. financial de-
preston and the undetermined efforts OF those
who Wish to force prices lower. the cotton
market has maintained a high level through
out the season.
With the opening OF the new year middlng
spot cotton was worth AZ pence at Liverpool,
equal to Q cents in American money This
meant s cents per pound at Houston and
Galveston. although the price offered In these
markets was not over IA cents.
The British spinners had refused to buy
except In very small quantities and had
practically used up their surplus stocks, The
supply OF cotton abroad was unusually small,
and those who held it demanded big pre-
MUM on all sales for immediate delivery
There was a good stock OF cotton in America,
but very little in England, aud decidedly
small amount afoat for that country. The
British spinners had been fighting the ad-
vance in prices, had bought sparngly and
were hoping that their stubbornness would
cause the Southern farmers and merchants to
sacrifice their holdings. When they dlscoy-
cred at last that the farmers were indie
pendent of the foreign buyers. and quite
willing to dole out the staple to the splnners
at fair prices, but not at all anxious to sell
n thnv n
frightened and the Liverpool market ad-
vanced rapidly.
~
Just at the height Of this advance, aud
at time when 1t seemed that the foreign
spinners would offer much higher prices for
the unsold cotton in America. a New York
brokerage firm that has heretofore posed
as friendly to the South. sent this telegram
to all parts Of the country:
New York, January ., 1900. Liverpool to-
day touched the highest prices OF the season.
Our investigation leads US to believe further
accumulation OF Southern stocks at this juno
ture unwise. We therefore advise selling
spot cotton on present level while full prices
obtainable Price Mccormick & Co.
| Messages OF this sort were sent to banks
to cotton factors. to merchants. to specula-
tors and to newspapers. They also sent tele-
BThnub u every part Ol Lne south ueclarlns
that "ns a result OF an investigation made
through expert representatives who have
visited all sections OF the cotton territory
we believe that stocks at uncounted towns
are larger than has generally been ad-
mitted.'
These kilograms we're calculated to force
decline in the speculative markets. and to
cause large sales Of spot cotton In the South.
As result OF these messages and as a CON
sequence OF the feeling OF nervousness and
uncertainty created thereby, cotton futures
did decline some 10 or ic points This was
break. but II was hardly the decline that was
expected. Wednesday night this telegram was
received by The Post, aud similar messages
we're sent to many other newspapers:
To the Editor of The Post Houston. Texas
| New York, January 3-Cotton closed weak;
our opinion confirmed that present prices
| Tor spot cotton should be accepted. Move,
ment promises relative increase during Jan.
uary and with England involved In war and
| tight money in America conditions are not
| proptious for higher prices at present Our
efforts have been for best interests of South
| which VIII not be best served II they over
stay market. Price. Mccormick & Co.
| This was seemingly Intended to influence
yesterdays market and TO caus. another de
cline, hut n so, il failed Of its purpose. There
was some uneasiness early in the day. but
when it was found that the holders Of spot
cotton In the South were treating the New
York messages OF unasked aud unwarranted
advice with contemptuous indifference, tho
speculative markets quickly recovered their