The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-04-26

900. 900 bales which IL the smallest on record
so far as we can discover since 1850 In
1889 the stock NJ the end OF September In
Liverpool was 100000 haies. and cotton sold
AZ iis4 cents. These figures. In view OF the
fact that Mr. Ellison presumably presents
the English and the consumers side OF the
question. IN estimating the CROP at 100000
which in our opinion can not possibly be
reached would seem to be almost imnrogna-
bic IN strength.
Good ana conservatives statisticians here
figure that the stock IN Liverpool al the end
sof tho season viii be nearer 10000 than $50
COO bales
Looking into the figures Of the visible sup
riy. We ind that for tho four weeks ending
April q the visible suppiy has decreased
10000 bales In tho same time there has
como into sight out Of the American eron
$4,000 bales and of other growth about co..
900 bales. making a total ABSORPTION Of cot
ton Tor the four weeks under consideration
of $1,000 bales or something over 2oooNo
bales per week. The visible suppiy on Aprll
Fl as made up bv the Financial Chronicle.
was 2,65s.co0 bales
Estimating that there is still 10 como into
sight OF American cotton out OF this years
cron 10000 bales. against pi2.oo0 bales last
vear. we have total roughly. OF 3sis.o00
bales. Assuming minimum weekly alb
sorptiun for tho balance OF the season. say
eighteen weeks Of 10000 bales per week
We are left with total visible suppv Of all
frowths at tho end Of August OF As 900 bales
on this Mr. Ellison estimates that $4,000
bales VIII be IN Llyernool There must be
soine cotton at the continental ports. so that
unless our figures are all awry. it would
anpear that tho visible suuply at the ond oil
the season would be nearly all in Europe. and
America would be practically denudfd OF
cotton. Comparing tho figures Of the indi
Gated visible supply with those OF past years
we ind that the nearest approach to them
was IN 1855 when tho visible SUNNY. tho end
OF the season. was $4,000 bales, aud cotton
sold at III cents. In 1890 with visible
supply Of 1.o1i000 bales. cotton sold OF 1874
cents. Today we have a consumption OF H.
100000 bales Of American cotton. according
TO MIR. Ellson's estimate. In 1890 the con-
sumption Of American cotton was only about
100000 bales.
In view Of these figures and despite the
fact that the prevailing speculative temper
ainorv ouerators on tho New York cotton
exchange IS TO drcrv them as discounted. We
can not but feel that tho situation is
stronger ono than the cotton trade has seen
so almost generation. aud that extreme
prices for cotton must prevail this summer
We therefore uuhesitatnsly recommend the
purchase at the summer positions, and. as
nlanting is undoubtedly late, the season back
ward ana ytrv large area Of the cotton
producing section overlooked and under the
Necessity Of reoantiug sales Of tho Now
oron positions are. IN our opinion. exceed
iuEiy dangerous. The eject Of the small
shrplv with which We viii enter tho new
season VIII continue to be felt until stocks
throughout the world arc materially rerlen
ished and whatever the size Of the new crop
H. Will during the FIRST TWO or three months
OF IT'S maturity be q eager demand.