The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-07-12
COTTON MARKET REVIEW.
The Bears Are Making Many Dole
full Predictions.
FlVE.CENT COTTON IS THEIR GOAL
Every thing Seems Bearish, bat Things
Are Not Always VIVA, They seem.
Futures Lower.
ofhce Of The Post

Houston, SATURDAY, Jul! A.
FIVE cent cotton Is now the goal iow'l1
which the bears are directing ;aeis ene'-
eies. claiming tina; prices viii reach 'aat
point before the ist OF October Iaey sAs
that all thar has been needed 20 se1t me
market on a downward run was genera
rain in Texas. and with the downpoA'
experienced in the last two days. .hey -
lave that the outlook for an immense col
ton crop could hardly be better oiaer
Sear.sh features brought, forth are. Cot
Ton mills cloeed down. financial umceF-
tainty throughout the country. extremely
low prices on all other commodities ana
tie lack of buying power to support TIE
market.
This latter fact--thc statenen. tina. the
disposition ls 20 go short on cotton
throughout tho conutry-.s doubtless the
mosst bullish feature N the situation
Nearly everyone IL predicting much lover
cotton. and wha. everybody believes very
frequently turns out TO be the wrong
side OF the market. When everyoody IS
selling is often the time to begin buying.
bat whether TINS rule VIII apply now Is
very difficult to determine. The statistical
position OF cotton IS certainly 0IlLsa. even
with 100000 bale crop assured The
uncer,taiIIty of politics and business IL
general VIII have a depress 1r effect.
however. and just al this tnle the sita-
a,.on secins to favor the bears.
Liverpool evidently took a b. arlsil view
Of the bureau report. and With .he aid OF
the Texas rains sent futures down li--sid
02-s;d. while spots lost i-S-d This was
hardly equal TO the decline tn. American
shorts expected. but they ddn': stop sell
ing on that account.
New York futures opened steady 70
points off and closed TO 20 points lower
than yesterday. The decline Continued
steadily from the opening. with hardly i
rally, tho closing being a. the lowest
figures Of the day, New Orleans futures
opened with very .t,le change from yes
terdays figures. but soon took down
ward turn and closed 8 TO u points below
yesterdays final iigures.
New York spots closed dull and l-lsc
lower. but other prominent American
markets were unchanged.
Cotton men OF Houston ana probably
everywhere else In tho State, were very
mach amused by statement in the CAL
ves-on News this morning 20 the effect
that the agricultural bureaus report Is
sued yesterday substan,iared the
News estimate of an Increased crop
in Texas proportionate to the Increased
acreage over 1895 of i6G per cent. The
bureaus report applied entirely to the
condition Of the plant and had nothing
that the condition OF cotton in Texas or
July / was so per cent considering los
as perfect against % on the Is. of June
THIS IS deterioration of IL points. TIL,
News in its cottcn report issued last
Monday Summarizes the condition thus
Taken whole there has not been
much change since tho june report"
This conclusion appeared ridiculous &c
cotton mcn ut the Time. for 1t was baseo
on neither facts nor figures and was ever
cortradicted by tho returns from the
News correspondents. which followed the
summary. II was further contrad!cted
by the bureau yesterday, and was also
entirety opposite 10 mo fosl5 URures
published last Monday. On tina. day TIL
Post gave n complete summary of the
condition of cotton in Texas. based or
replies from over 400 correspondents
Taking the average of the entire State /
was found that tho crop had been dam
aged 10 per cent by drouth. This was no.
guess work. but was carefully cal
culatcd estimate based on the returns
from each county. That The Posts
summary was fair one Is certainly sub
siamt.atcd By the United States agricul
tural department. drop from con
d!tion OF 20 In juno 10 So In July, Is caua
to deterioration of 10 per cent. There
fore Instead of substantiating the est
mate OF the News. the News fatty con
tradicts 1t. On tho other hand. the re
port does confirm The Posts estimate.
| New York. July 1.-The cotton marke
| opened barely steady prices laa point
lower and during the rest of shc session
| was weak and irregular but active. Tn
| Chronicles weather report was reEardc
IA quite beaIish and /, indicated benefca
| rains IN most parts of Texas. Ensl -
| cables showed loss and produced de
| c.dcd disappointment and our marke
| closed easy ut the lowest point-a ne
decline OF 7alo posnts.
COTTON