The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-07-30
COTTON had A BIG BOOM.
Prices Advanced q Quarter Of a
Cent.
BAD CROP REPORTS WERE NUMEROUS
The Market Hsd Rsen Ovsrsold saa a
Scare Wss Easy - Houston
Spots Advanced.
ONCE OF Tho Post.

Houston. Wednesday. Juiy 20.
Cotton was on boom today. and prices
scrambled M with the biggest r,,Sa, SEQ,
In II long time. II was "a runaway mnr
kai, as one operator expressed II. and
the bears stainpeded for cover. The ;ac,iy,
months In New York and New Orleans
advanced " points, and at one time were
higher than since the last OF June. Nut
one-half the bullshncss experienced To-
DAY was seen a, The height of the lrc,ltl,
period In Texas the early part Of ,,u,y
October In New No'K today reached O. 20.
the top price on ;he morning of ..u,y 10
and just before The '-ans n Texas was
OK, The loves, COR Octch, n was C,la.
that being the bottom price reached on
July Is. Today's highest was 81 points
above that quotation. During the last
three days the American markets hsye
advanced about rs points and n. the closc
today were 26liao points above sainrloy's
figures. August showed some of its March
vieor and in New York maintained a
premium OF 81 points over September.
reaching ~ during the day. In New Or
| leans Angus, and September are only
| IA points apart,
| Bad crop reports coming on an over.
advance. The market has been one sided
| for "A long time, as has been stated In
this column on "A number of occasions.
| Too many pee Pile believed the same thing
and too many people sold the chalk
| marks The L,ars kept up their talk of
5-cent cotton until thousands of the small
fry began to operate upon the same he
lief, Then when Mississippi. Arkansas.
Louisiana and Texas commenced to send
in food of bad crop reports the small
operators were Alarmed. This cagcrness
to cover started a bullsh movement that
has eliminated in prices half cent high
er than the lowest two weeks ago.
While thc bulls claim that further
advance Is certain. 1t Is well 10 gcnicm-
Der that the market Sometimes runs down
even faster than II goes M. Certainly
crop accounts are not SO much worse now
than they were during the early rart of
July. Then nearly the whole OF Texas,
which ra.ses a third OF the crop. WAS sur
fcrng from very serious drouth Now
the drouth reports in this State are con-
fined to a comparatively small area Cot
ton Is cheap. however. at present prices.
and w'th an extremely small supply to be
carried over II Is easy To believe tina
the staple will 20 higher some time this
year ,snlcss n fairly good crop is made.
Liverpool doesn't seem excited over the |
trend of the market. hut advanced futures
a-s4d TO 3ia-6id today. ard spots lid. |
Spot sales Were only 500 bales,
AT today's session August In New York |
opened al 7.o3, reaohcd 7l3 by noon, then
rapidly advanced to ~ Prices cased
of toward the close and final figures on
August We're 7ldn7.l7. against To5 ycster-
day October sold at 6.46 on the opening. |
reached go by LIS, and closed al G.5snG5o |
Angus, in New Orleans opened with |
$50 bid. advanced to $50 by li5. and closed |
at 6.iaM6.5i. against 6,35 bid at yesterdays
close. December sold at 6.l5 on the OPEN
ing call. went TO SAB and closed at 6.35.
against GIG yesterday.
The leading spot markets were all very
active. the greatest advance being made
at Houston. where quotations were
marked up Nc. New York and New
Orleans advanced prices NC and Galveston
-lGc.
The following advices were received by
u. -. Cherry today from Hubbard Bros.
\ Co. of New York. 10 n, m.--The condi-
ion OF the crop could hardly he worse In
he Mississippi valley: unless ram. OK
,ect much higher prices. l;l6 y. H.
runaway market. with New Orleans !
grabbing everything In sight Unless these
rops account change further advance !
erta.n.
Vaught e. Kennedy of New Orleans.l :
dvised Cargill n Richardson as follows: :
:D7 a. m.-Cotton in North Louisiana de
criorating; Mississippi shedding and
routh Arkansas and Ala bnma favorn- A
ic. Atlantirs benefited by dry weather y
uring the week. 10 a. m.--Iiv-rpooi and =
lew York advanced on lens favorable u
rop accounts WIN l.kcly huctunte sharp
:. bul unless drouth relieves win go
ighcr ultimately.
New YsGk, july 2a-'rhc cotton markell
pcncd qniet Mt u decline of l6i3 under dir
proin,ing cables, hut Immediately turned
ctive on conf sting crop accounts ana m
gars OF manipulation. Shorts became h
iYous and an active covering demand q
" in Price, advanced 24n2G poinis from II
&c op"1lrg Tho advance eliminated on y
~ basis OF ~ for August, and $3.50 for {.
ecenbcr, after which there wns d.. ga
inc of l2uli points undo closing viii. NJ
o market finally barely steady at m adj
ance Of l0Nl3 points. Spot quotations II
re marked M Nc to conform to the adj NJ
snce in futures. unsupported by bios on
,unb lots. IL
New YORK, July 29,--Thc temperature m
as too much for buyers in tho dry goods
arke, today and beyond positive orders
+ quick shipment the demand was not
> to expec tsiions. Printing cloths duh II
7-l6 bid and declined.
|