The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-02-18
COTTON MARKET EPISODE.
Concerns Two Exchanges, a Cotton
Firm aud Government Bureau.
EFFORT TO DlScREDlT CROP ESTIMATE
Meets with Severe Arrangement at Hands
OF Trade and Houston Cotton Men
Express Themselves.


cerned a prominent New Orleans cotton
firm, the cotton exchange Of that city, the
Liverpool cotton association aud, most i'm.
portnnt OF all. IT. concerned highly use.
full department of the United States GOV.
eminent in an unusual way. The matter
as arranged in legal form by the New or.
leans Times Democrat may he set forth as
follows
tEShibit AZ
] President Cotton ExchQngc. New Orleans.
Liverpool, january 81, 19O2-Circulhr re.
ceivcd here today from II. & u. Beer states
1 congressional Investigation of IrrognlarIties
In llEde's department confirms suspicious
! regarding bureaus estimate. Is this corr
rect2 .. Wilmer,
President Cotton Association.
| ; tExhlblt 81
Wilmer President Cotton Association, Liv-
New Orleans January 81, 1902 No,
| And now comes
| TO the Editor OF the Timcs.Democrat
! New Orleans, February l. 1902. Refer.
ring to the cable correspondence passed he
! tween the president Of the Liverpool cot
! Ton exchange and the president OF the New
/ orleans cotton exchange In regard TO a9.
! vices we wired Liverpool correspondents,
! we beg to say that we are today in receipt
! OF the following cable from Mcssrs Beer,
! Cowell Co, Liverpool:
president says your action most praise
WORTHY Very truly yours.
III. & b. Beer"
! The consequences OF this episode may
have faded into "Reminiscences and the
sentiments of the men who compose the
cotton trade may have been hushed in
silence had the event not again become
conspicuous by the fling of a suit in Fed.
eral court at New Orleans q few days ago.
| The suit was Instituted by Statisticlan John
Hyde against Messrs' II. s. b. Beer for in
jury TO reputation and asking damages in
the sum Of $4,000. Although the latter
AFFAIR concerns only the parties at issue,
1t is upon the event out of which 1t grew
that interest hinges.
All those connected in any manner with
the industry of cotton from the time 1t
I leaves the sDii until it reaches the spindle
have learned to watch the department. re-
ports and estimates With closest attention,
and as an honest exponent of the facts that
bear upon the CROP For this bureau, which
Is a function OF the government and a very
valuable one at that. to stand abroad as
a dlscredited institution very strongly
aroused the feelings Of the cotton men OF
the country and other citizens as well. 1t
could only work injury to the producer OF
the crop II given credence and to all who
nave at heart the interest OF the South
an effort to detract from the welfare Of
its greatest staple is surely worthy of con
demnatlon.
III connection with the matter, Post rep
resentatlYe yesterday sought an expression
from some Of the members OF Houston cot
ton cotton firms and indignation at any at
tempt to reflect upon Tho governments
bureau was universally expressed.
Mr.. II. W. Garrow of one Of the Oldest
Houston firms and president OF the Houston
Cotton Exchange, was inlphatic in his de-
nunclation and said: 81 have implicit con-
fdence in the integrity OF the governments
ctcu report. / believe that Mr.. Hyde WAS
anxious to give a report that could be relied
upon, both from a conscientious desire to
be right and as a matter of pride. be-
lIeve that Secretary Wilson has impressed
an earnest desire throughout his whole
stan to make his department a credit TO
the government and of. value to the people.
My intercourse. with his representatives, as
well as with Mr.. Secretary Wilson, i'm
presses this opinion fotcbly upon my mind.
think that Alessrs. H. s. B. Beers cable
was a gratuitous insult to their own gov
ernment and sent to serve their own specu-
lative interests. -
Mr.. William V. r. Watson, of w. d.
Cleveland & Co. stated that his confidence
In the honesty of the government officials
was absolute. They may be mistaken,
he continued, las any human agency might.
but the estimate has all the signs Of being
obtained by careful research. Five prom
inent firms after dill1Ant inquiry make their
estimates within % 900 of the bureaus,
and the fact alone shows that there is
ground for the figures arrived at. / have
perfect faith in the good purposes Of all the
officers who have been at the head OF the
bureau"
Mr.. William Christian of the Arm OF I.
W. House said: II believe the department
has the best facilities and uses the most
reliable sources for information on which
to base its crop estimates. 1t can not be
TO its interest to bias or prejudice in favor
of either side, and ! don't think that any
one can Justly question its honesty. 1t
has aiways been valuable aid to the
farmer and merchaht and the later dealer
in cotton, and very properly carries the
greatest weight"
Mr.. NJ. E. Andrews said the bureau
needed no defense for its honesty OF pur-
nose 1.-THE estimaters that have gained
their information from merchants, ginners
and planters" he stated, "al conform 20
the conclusion of the department while
those that differ materially have based
their figures on receipts and percentages OF
same With former years II the bureau Is
mistaken It is through mistakes OF their
correspondents
Many others were seen and the feeling
OF Houston cotton men en- the subject was
invariably along the same lines as these
statements.
Cargll & Richardson's Letter.
Houston, Texas, February 17.-whenever
this cotton market reacts points. 90 per
cent Of the traders turn bears and holloa
',Wolf. the ton has been reached" They
can scrape up enough bear consolation
| among themselves in an hour TO put the
market down 25 points. but II does not
| decline enough 10 even worry the scalplng
longs. Today the bears had good Liver
nool TO contend with 2i364 TO 3-64 higher
| han saturday, and excellent reports from
| Nanchester which had string TO them.
| hoyrever. saying the excellent trade eondi'
| Mons were due entirely 10 the bull Ameri-
can cotton markets. England Is not buy
| ar ~ sDot cotton In our markets 10
| Sraat extent. bnt the continent continues
| 10 take on freely. and with r general De