The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-11-10
WEEKLY COTTON REVIEW.
New York Brokerage Business Injured by
the Issuance OF NELL Estimate
ESPECIAL to The POSt)

tS9eClhI TO Inc lbSlsJ
New York November Oft vas pretty
mach in order for some such deal to he
made as appeared on Wednesday morning
CT the New York cotton exchange, when
the brokers returned after their holiday to
find that Liverpool was from I to points
tciow the closing of New York on Mon
day afternoon. The cause for this was Mr..
Ncil's estimate that something ovN H.
Oco,O00 bales could be raised in the United
States during tho present season. The bril-
liant work of this prophet, who Judges
American cotton crops from Liverpool, IS
remembered disastrously by certain spec.
ulators who have not as much matgin as
they would have had If they had been less
Inclined TO follow the clue he gave two
years ago as to the tendency of prices
here. Nevertheless 1t was effective in do
ing it's work an this occasion and Llv-
erpoOi and New Orleans together have been
busy In putting up the price on account
Of its local election. The result was tlat
margins were badly damaged and the sma!
traders, who have had many hard rubs dur
ing the past few weeks in their cotton
operations, were either seriously affected
financially or pretty much discouraged Win
the action of the cotton market and with
those who control or manipulate 1t. It
seems on the face of this that 1t would
nave been more fair, or at least more cour-
teous to this market which is certainly
a factor in the cotton world, for Mr.. Nell
Ia have taken a different hour to give out
his estimate. The government here oSten-
sibly is cautious about stating the precise
time when its reports Will be made public,
and have even gone so far on one occasion
MS TO respect the wishes of the superin-
tendent Of the New York cotton exchange
and hold back the statement from SGtur-
day afternoon, when the exchange will be
closed. until Monday at y o'clock, when
those who hold contracts or their brokers
would be upon tue floor Of the exchange
ready to receive tt and to act according
to what he gave out on the condition Of
the crop. OF course, Ii Is impossible for
New York as a center of speculation to
influence the actions Of Mr.. Neil or any
other expert. but II may not he so impos-
sible for certain cliques to stand in its
good graCeS az other ccnters to suggest the
time when such Information will be given
away.
As far as the information >itself is con
cerued, II may be accepted rs q valuable
report TO the cotton brokerage and specu-
lauye business, or 1t may not. Past ex-
periences have shown him. as has been
stated above, 10 be faulty at times; this
is probably the case with all experts who
attempt to state definitely what they be
| lieve the cotton crop will amount to- II
can only he said thar i contradicts. others
In this instance who have every right to
respect and whose opinion Is held very
| high by those who deal in cotton and spec
| uiate upon its price. None have ventured
to 20 as high rs 1000 600 bales and where
this amount Of cotton Is coming from is
not easy to. explain. Unfortunately on
Monday night Killing frost was reported
which did not materieIlze. This feature
was also emphasized to hold the market
mp, and perhaps the whole thug was a
Z cleyerly arranged and perfectly carried out
device. That many New Workers, however,
went into the purchasing of cotton and the
urging Of others buying IL in good faith
at that time is not TO be gainsaid, and
several of the largest houses here We're
/ found long Of the commodity when We'd
] npSday morning and its lower nrlcps m