The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-07-17
COTTON MARKET REVIEW,
Iuman's Appearance Frightened the
New York Bears
CAUSED THE SHORTS TO COVER
Aud Advanced Ausust Dslivsrsss Histasu
Points From the Lowss,--Livss.
pool Failures Lower.
once of Tho ros..

klOuctoh, SNty Az
Although Liverpool came In with de-
cline Of 2-6adu2,s- lid on futures, the
American markets were iess bearish than
amy day this week. Tho greater Part OF
this was due to shorts covering. There he-
Ing very little support to the market from
any other quarter. Tclcgrams from pri-
waite sources intima,ed that lnmnn was
again taking an active interest in August
deliveries, and this gave some Of the
shorts scare. Very few bears pu. any
faith In such reports, however,. believing
that 1nman and all his bull backing could
not operate squeeze under the present
condition OF the market. Nevertheless
Angus, in New York advanced 10 points
from the lowest today. and closed with
a steady tone. The fall months only
gained or points.
Sentiment ia now the only thing ruling
the cotton markets.. and this sentiment IS
Enthusiastically bearish. II Is n sentiment
however. that Is based on neither facts
nor figures, and may he chaaycd at any
moment. There is very little actual move
men, of cotton ut this season Of the year
tina spot demand Is comparatively light
and everything In the way of business
seems TO favor lower values. II tho sea
son gives promise OF opening with OK
tromely small stocks of cotton ana n
very light movement. It Will be possible
to advance prices materially from the
present basis Should the stocks hold out
better than expected and the movement
begin carly in August. there Is IL iikeii-
hood of further depression. The bulls
contend. however. thai cotton IA cheap
now. no matter how tiatt+rng the crop
prospects nor what the outlook.
AT today's session New York futures
opened to points up and advanced II
total of points on tho active months by
10 O'Clock After this there was a decline.
and on the second call prices were only =
to points higher than yesterday. More
activity was developed during the after
noon and the closing was TO II points
higher than hast night The summer
months scored the greatest gain, July adj
vancing II points and August and Sep
TENDER 10 points.
New Orleans futures opened with very
little change from last nights figures. but
closed 7ai3 points higher than yesterday.
August opened ~, 6l5 and advanced to
625 by THE closing. October sold at 6.So
for the lowest and b95 highest.
All the spot markets were steady ano
unchanged. with sales above tho aver
age.
New York. July I6.-Cotton opened at
an advance of to points, ruled fairly
active and generally firm. closing steady
at net advance of 7al7 points, with
| sales of 192,4Oo bales. The early i'm
provcmcnt was due to n bcttcr class OF
cables than had been looked for. while
there were renewed Indications of manip-
uIation in August contracts The market
was sensitive and nervous throughout. but
showed some tendency TO takc highes-
level on the accumulation of short inter-
est. Liverpool orders gave considerable
support to tho winter months. The Ger
mans bought August quite freely against
short contracts. Shorts were generally
the best buyers throughout the day. I'm
satisfactory reports from the stock and
duh trade conditions continue TO check
confidence.
New York, July i6.-Hubbard Bros. n
Ike, has been stcadlcr today on a demand
from the continent for cotton for future
shipments on u basis Of prssent prices.
kilograms have also been received from
New Orleans stating that the recent rain
full In Texas Was Insufficient and tina.
more rain TX needed. The market rallied
on local buying and the continued demand
for Manchester ana continental account
through larger export houses. This de-
nand was sufficient TO absorb all the Of
forings August recovered on short COW
crng.
New York. July 16.-The dry goods mar
ket was very slow today. as far as new
business was concerned. for whsle IL good
number OF buyers were present. their
time WAS given TO shopping, though orders
took IL good quaptity of stun Of Il INSECT
lnneous character.
vaught & Kennedy OF New Orleans
wired Cargill & Richardson at $40 p. m:
curb quite strong: feeling that decline
has gone too far; Inman buying August"
After Wednesdays sharp decline IA
prominent Now Orleans brokerage FIRM
wrote: There seems TO be iittlc In favor
of cotton except that much can happen
yet to the growing crop and that pres
cnt prices discount good deal, there
fore. In our opinion, IT may be wise to
cNctc.se caution from this time on. ~