A thumb-nail history of the city of Houston, Texas, from its founding in 1836 to the year 1912 Page: 158
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158 A THUMB-NAIL HIsrTOY OF
to a foregin market on a through bill of lading in
1874. This was the first shipment of the kind ever
made. That method of doing business soon placed
Houston, if not on an equal footing, at least on
nearly such with Galveston and saved this market
from utter extinction.
Then the system of buying and selling future contracts
was established. This was perhaps the greatest
advance that could possibly have been made towards
stability of the cotton market, and the establishment
of something like uniform prices all
over the world. The system was not complicated
but was very simple. Cotton was purchased on
this side only when prices in Liverpool were favorable
for such purchases. The cost of freight, insurance,
commission and other charges were added
to the price paid for the cotton and then, if Liverpool
prices were sufficiently high to warrant doing
so the cotton was bought and future contracts sold
in Liverpool by cable. In that way every possible
chance of loss was eliminated from the transaction,
for when the cotton arrived on the other side the
future contract was closed out, the difference in
the price of the contract and the price of the actual
cotton equalling each other.
The next great change that took place was more
radical and farreaching. In their effort to do away
with middle-men, the spinners on the other side
established buying agencies of their own on this
side. These, in turn, established sub-agencies all
over the country, so that the producer of otton in-
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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/m1/175/: accessed August 17, 2017), University of North Texas Libraries, The Portal to Texas History, texashistory.unt.edu; .