A thumb-nail history of the city of Houston, Texas, from its founding in 1836 to the year 1912 Page: 157
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THE CITY OF HOUSTON, TEXAS 157
with cash and groceries and goods. It was a most
satisfactory method of doing business and both the
farmer and merchant profited by the transaction.
After the merchant had accumulated a sufficient
number of bales to warrant his doing so he shipped
the cotton down the bayou to Galveston to be
placed on chartered vessels, to be shipped to Liverpool
or other foreign markets. Since there was no
way of knowing how prices were ruling in the foreign
markets, the merchant guarded against possible
loss by discounting his last information materially
and paying from seven to ten dollars per
bale less for the cotton than he estimated it to be
worth. This was fair since there was always serious
danger of a heavy decline in prices before the cotton
could arrive on the other side. After the railroads
were built in Texas, Galveston became the
great cotton market of the State and every bale
raised in Texas was shipped there. One thing that
helped build up Galveston was the fact that there
were no such things as through bills of lading and
rail rates favored the port. In 1874 J. H. Blake
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Young, Samuel Oliver. A thumb-nail history of the city of Houston, Texas, from its founding in 1836 to the year 1912, book, 1912; Houston, Texas. (texashistory.unt.edu/ark:/67531/metapth24649/m1/174/: accessed March 20, 2018), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .