The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-12-11

r4IeL Who in Yss thtr mU nu nlr
I iner IN.- another ll points hHI h.nH
l.leI .o ihc r.tt -ho buds wore thar-
onHuly demoralael. rncn shortly ueiurs
/ J O'CLOCK J1uuaty cotton Sold 'u Now York
at ccnts. onI .vcn the b,1ra Thought tr.H
was sool tllrius point. 10 meant a
/ decline Of 81 roiats from yesterdays close
or a loss OF Sl95 per bale. Compared VITA
| the price Of J.nUry on this day three
| months ago-S.a0-it represented a total de-
| cline Of $50 points, equal to 5000 per bale.
| But the decline didn't stop ait Z cents.
| The next sale was ait 500 The bulls took
to the woods at this point. refusing to
| longer witness the slaughter of values.
| One point below cents proved the bot
| tom, however. and from this the market
| advanced Is points, January selling at ia
| by 1.3o Prices eascd Oft again towards
| the close, the final sale being at 70S.
| March contracts pursued similar course.
selling at 7.4i early IN the session. drop
| ping to 7.l6 during the day and closing at
72iu725.
| In New Orleans the days decline
| announced to 20 points. though the active
months were "a points down at one time
January opened at cents dropped to G. so
by noon. and reached bottom at GU. Final
figures were at G.SliG.s2. against 7.olGfIo2
Yesterday. March sold at 7.ld for the
| highest and COZ lowest, closing at Gg7li
| Cos
| The bearish excuse for today's severe
break was the bureau report The gov
| eminent made its annual guess at the
crop. and gave out figures that were con
| strued to mean a total yield of about
| S,2UnWD bales. This the bulls thought n
| very fair estimai.e but the hears soon had
| 1t pointing to crop of 9,0G00IC. This is
| the way they figured 1t: Last December
the agricultural departments returns IN
dictated o crop of 6375,OOo bales the actual
yield was 100000 bales greater. In other
| words, she government was fully 10 per
! cent too low In ITS estimate last year
Taking it for granted that a similar error
| was made this year adding 10 per cent to
| 500. 600 and a nine million crop could be
| easily discovered.
on the other hand. the bulls argued that
| the government must have proted by Its
| former mistakes, and had no doubt re-
| doubled its efforts this season to make
| the report a true forecast Of the yield:
that the bureau this year would be more
| inclined to make the estimate too low
| than too large, and that there was no
legitimate reason for believing ito figures
Rut hrIlisb or,,,,,,,o,,,s o,,r, ,o.
naurht The qo,,arnr,1r. ,,a,,,, ,,,.a
bearish hands IN, ,r,kin, r'.t,,,,,a,,. w
mort las, wear and rotbir, IN dafons, =,
its methods would be heard The bears
jumped on to the market and hammered
| prices right and left. Stop loss orders were
soon struck, New Orleans sent "a flood
OF selling orders, and for a short while
| tiinSs were in som-panicky condition
VIVA: viii be done tomorrow dcpends en-
| tirely unor Iivernoors ,ctio, If .he 20,
| i' ''o'i "'tio'' u "ie lot
e's'ei9 lahe the bureau report on is face,
and refuse TO adopt the bearish constrrc
ton thereof prices abroad are likely IN
"c wen maintained rms would naturally
cause a ol,arp reaction on this side But
there ts vor, lt,t,o ror, 49,, -,
VIII make bulllsh move. especially when
tneF nave 'odays action of the American
markets. as guide,
ePot values throughout were affected by
toiay'S speculative decline. though hold
| era refused tn lo,ror o,,o, a,t .l
same proportion. Posted prices at Hous-
ton were reduced 'sc and at New Orleans
Lice while Galveston renor,ad c,,o,,,ton,
| nomirot W. d"'''''o'''
nominal
| NJ, ",
N'" 'o'h' december lo'-Ihe govern
nent crop report on cotton was RESPONSE
rorl,r, ,o, - V''i'seS !" '''at
moo, - 'e'o"' 70 -tS ISSUE Ut
| r.,,,, ~ NV .''" ''e" i-'fY sVeauv
WIN very niue cha'aSe In the range of
| hi,,...sLl ~ ,,,..t
| S.23S 900 bales ana Inc rn1rltat iheid ,Niito
| steady uutN about / o'c1Scl, When Ii1r@c
| 0rlca1s iSb9, 49, w. t"Vc, ~, lretn NcW
from q to 6.9D While March fell from
| ~ to I.l6, these being the lowest prices
tended by unusual excitement n, M
n NOR i or 81 - irishiened tIader' al hayns