The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-08-04
COTTON MARKET REVIEW.
After the Opening Advance Prices
Broke Sharply.
RAINS REPORTED IN MISSISSIPPI.
Having Made . Big Advance Traders
Thought Reaction Due-Teu
Points Lost.
ONCE Of The Post

4 i'NNTN'i'i -utnNhN, AUGUST 4.
| The American markets were nervous
and unsettled today, and after the open-
ing advance. broke sharply, ,ncu reacted
| slightly but closed 6 or po,Ws lower
| than yesterday. The absence OF adyices
| from Liverpool made traders cautions In
their transactions. but further reports of
rains in Mississippi and showers in Texas
| caused the bulls to weaken, Tho belief
has also been steadily growing that a
reaction was due after the recent heavy
advance. and with such n belief prevail
Ing II was not difficult 10 sond price,
slightly lower.
Tolegraphic advices from New York IN.
dicated that there was s,ili a good de-.
mand for cotton. due mainly 10 further
covering of shorts. This covering has
Kept up for a week however, and of IT,
self can not maintain prices much
longer, according to the general belief.
An outside demand is needed and ,n,s
Will probably be felt soon II bad crop
reports should continue. Many noipts
IN Texas are sending complaints of n-
jury by dronuh but many persons think
the indications are for good raWs thls
week LaHrans" reported quito a heavy
rain today and showers fell az I,uling.
Al todays session New York nitnres
opened hrm with prices 3 TO S points up.
September sold at 6.9i, advanced 20 gas
,hcn dropped back 10 dSd and closed at
GSs. against 6.g2 SATURDAY. D,..c,,her
opeheu at e''o. reached C,aa soon there
after thon dropped to 6.s8, closing n,
GSGH6.s7.
August in New Orleans opened with s.1p
p'u' sold at o,Sl by 1850. dropped back
10 go by noon. and closed with Ges MA
ana go asked December opened at 81,
dropped TO GO on the second call. then
advanced To 667. but closed at 6JGoG u,
against d6ia6.G5 Saturday.
The American spot markets. wero qulet
and unchanged New York sold ans bnles.
OF which 221s were for direct shipment.
Sales elsewhere were Very light
| X. NJ. King OF Denson writes: 'l have
| seen numbers of the most reliable farm. r.,
| who were jnbiiant over the fine prospect
of cotton two weeks ago who an, now
| very much detected over the change
wrought So suddenly IN Tn. crop Tho late
| showers. which, whilo They threw sap
| mo me plant ana gave Il a renew ed
| growth were entirely Insufficient to en-
inie the plant TO sustain another pro.
| fhcted droulh and rendered II an onsier
prey TO the hot blasts that followed and
stu continue our farmers are not alarm ..
ISL, and when thcS cry wolf they know
What they are talking about | put tn"
detcroraiion In the crop during The last
Twelve lays easily 81 10 per cent. wan
| N" prospect OF "A creator falling off unless
| arrested speedily ny favorable seasons"
Mr. j. V. Chapman is now located In
Houston as the representative of Mossrs.
II. d h. Beer of New Orleans MI. Chap.
man comes from Bonham. and is a young
man OF excellent business quallhcat ions,
well posted Oh cotton matters, and repre-
| sents one of the oldest and best known
cotton iirms In the South. Mossrs. Beer
| a Co have very large brokerage. bus
| incss, and have proven themselves "a
| thoroughly reliable firm.
Mr.. Il. w. Martin has returned to the
| city inter an absence OF several months
| In the North and East, and will resume
! his brokerage busiuess here as n repre-
| sentative OF Hubbard Bros. n Co., tho
well known cotton merchants of New
| York.
| The total avaiiabl. supply Of cotton IN
| America decreased 2tND bales during the
past week and is now 2,3ool. or $4,000
| less than last year. of THIS supply there
| is 22on on shfpboard not cleared, but
intended for export
Hubbard Bros. & co. wired b. w. Mar
| tin AT ln.t5 a. m: Large covering dc
! msnd Light iains In Mississippi, don't
stor covering. Traders look for rcac-
| ton
| New York, August s.--Hubbard Bros. &
Cos cotton lorter says;
| Light showers were reported from sew
oral places in Arkansas and Mississippi
yesterday and this brought about reaiil-
ing on this advance III 9 morning by many
| of The longs who were satisfied to accept
their profits on the sharp advance during
| the week Cnder the weight OF this rcaliz
| ing the market after opening firm at an
| advance OF Sli3 points became oistcr until
| this Improvement bad all been lost aHd
| sharp decline resulted. CrC9 reports show
| no Improvement from the sections suffer
| ing from the dronth and excessive heat
| and the most conservative people believe
| the crop in these sections mas been cut
| short upwards OF 10000 bales from tho
| prospect OF a month ago.
Durug tho afternoon tno market fluctu-
| ated rapidly several times under renewed
| reports OF rains. which. however, have
not been confirmed and finally closed
steady Mt a decline OF from 10 points
! from Saturdays close
Now York. August 3.--In the dry goods
market personal selections and some tele-
| graph orders took good quantity of
goods Of miscellaneous description. To
all appearances the market was not act
| i've. but the invisible sales were OF good
amount Printing cloths are duh al
9 7-l5.
New York, August s.-The cotton mar
ket opened firm on outside orders aud
local covering. following further con
f1lct'ng crop reports for the most part
| adverse especially the advices from
Louisiana and Mississippi. An advance OF
5n9 points was brought on the first call.
further advance OF 3u5 points followed,
after vllch the market turned under
liquidation. The Close was steady at Imf
points net decline
COTTON.