The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-01-22
COTTON MARKET REVIEW.
A Good Advance 10 Both Spots and
Futures.
THE SHORTS WERE FRIGHTENED.
Ellison's Figures Were Construed In
Favor Of Both Sidcs-spot Cotton
In Good DemAnd,
SHORTS WERE FRIGHTENED.
Ofrice of The Post.
Houston, Tuesday. January u.


There was good advance In both spots
and futures today and more activity and
bullishncss than has been seen for some
tme While Mr.. Elison's figures were not
as bullsh as reported yesterday, they
were quite comforting to tho gentlemen
who are predicting an exhaustion OF
European port stocks by the opening of
the new season. on tho basis of a T,0Oo, 900
bale crop and at the present rate of con-
sumption tho English statistician con-
cludes that the stock In European ports
on August 81 will be 10000 bales, while
the mills will have $4,000 against I,6oS,co
at ports and so9.oO at mills last year. Tho
comfort TO the bulls In these figures Is
the fact that tho majority OF them attn
swear by crop OF 6,bcocco, and they say
this will leave fractonally nothing on
hand ut the end OF the season. They also
say that Mr. Ellison has undoubtedly
figured upon u decreased consumption
from now on, which they do not think
win be realized.
figures are far from being bullsh With
the surplus he claims on hand September
l. and ono OF the largest crops IN the
worlds history ready to market, they do
not see how the situation could be more
hearish. roday's advance they assert.
was merely sentimental one, and viii
he followed ny an immediate reaction A
gain OF nearly 20 points in two days un-
der present conditions they say Is dua to
character of buying that can not MAIN
tain itself
Despite all bear arguments II Is UNI
uouhtodly true that there is m immense
short interest IA this country now, and
this interest IL easily frightened Expert
enced eretulntors say the thiug has been
one-sidod for too long time, and they
predict a change soon that Will result In
n big boom for the hulls. The provorbi-
ally bullish South Is now taking the short
side of the market something that is sell
dom seen.
The firm prices for spot cotton and the
oagerness with which all spot offerings
are taken Is another favorable feature.
Unttl today very little SPOT cotton was
for sale In this section Mt quotations. ana
offerings from tho interior have been lin
itod.
Now York futures opened quiet and
firm. with March contracts points up.
ON the second call the advance aver
aged q points aud the market closed
steady, to 10 points higher than yester-
day. March sold ut 7gt for the lowest
aud S0i highest.
New Orleans futures opened barely
steady. with the near months point up.
ON the second call quotations were up
to 10 points, and the closing was steady
10 to 81 points above yesterdays rricca.
May contracts sold al TNi early In the
session but CLOSED at S.oi-0j
Liverpool futures oponed steady at n
slight advance und closed firm, about s'a-
Gid higher than yesterday.
Nearly nil the leading spot markets
advanced quotations Liverpool WAN l-3ad
M and sold 10000 bales. Houston and
Galveston closed firm at l-l6c advance
aud New Orleans and New York marked
prices IN ihc Spot sales were large In
nearly all American markets..
Now York. january 2l--Thc cotton
mnrltct opened active and higher on
brace of Liverpool cables more favoruh'e
than expected In addition to TINS II nainh
of covering orders struck the market from
Chicago shorts ana IN a1d't'oh 10 ,"'s
IJv.rpool was a good buyer of late
months This had ihs entNt on an over
sold market. and trading became quite
actlvo. At one time the market showed
an advance Of l0ul2 points. A recession
occurred later under liquidation. Ihe
iirmncss of the market was ihcfchHrh NY
the comparatively listless movement mt IN
terror towns which shows falling OF
tn N point below the movement
Of 1893. 1t Is expected that ms
falling off In the interior move
ment Will attract the attention.
Of European cotton epinners and tomor-
rowR'ss cables VIII be received with unus-
ual interest, The short Interest Is now
believed to have been cvcned mp. Close
was steady at n net advance Of i1i5 points.
New York. January 2i.-Hubhard Bros.
e. Co.'S cotton letter says. The strength
Of our market Is due 80 buying by ex-
portors as the offering of Il line of cotton
supposed 10 represent holdings bought IN
the early spring enabled them TO export
this cotton II not at u profit. at least upon
n better basis than for some time past.
As soon as this was discovered the local
interest which has boon looking for lower
prices. hasienod to cover It's previous
salos. with the result OF n substantial inn
provement during tho morning session.
our market closed steady Mt n slight re-
cossion from the best prices of tho day,
but With IL slender undertono than OF
late, due TO the comparative light move
ment Mt the interior towns.
COTTDN pnJNTI