The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-10-24
COTTON GOES DOWN AGAIN.
January Now Under Six Cents at
New York.
LOSS or SEVEN TO EIGHT POINTS.
Liverpool sent over sharp Decline
for spots and Futures-BearS
Predict Farther Loss.

Houston. Saturday, October 20.


1t 10 the same old story for cotton. An
other decline and another new low record.
January got we'll under cents at New
York today despite the fact that there were
lots OF orders to buy at thesven figures. Part
OF the days decline YVES recovered before
the close, but the total loss at New York
and New Orleans was 7as points never
theless. Liverpool came In 3-64d lower
for futures and 1-16d lower for spots,
which caused the weak opening In the
American markets. A great deal OF long
cotton was thrown overheard early In the
session, resulting in further loss.
The general feeling is still one of de-
moralization, and 1t may be that further
decline will be the result. The bears con-
tend that receipts are phenomenal, con.
sidering the many obstacles put In the
way by the quarantine embargoes and be-
lieve that record breaking weeks may be
expected as soon as the movement is free
from any Interruption. They do not think
the market is in any condition TO stand
the weight OF spot cotton that will be felt
during the next five or six weeks, and pre-
dict gradual decline of another half cent.
with only an occasional reaction.
| There are still many bullish points in
| the market. however, despite tho fact that
present prices would seem to indicate
nothing but bearsh conditions. 1t Is
fact that the worlds visible supply of cot
ton is increasing very slowly, aud that
present stocks are 7O4 900 bales less than
last year, and $4,000 less than in the big
crop year. With 9,4iO,0oo bales needed
to supply the consumptive demands, and
with only 100000 bales Of that amount
already used it will be necessary to re-
ceive fully 100000 bales from this time
forward in order to leave surplus OF
American cotton at the end of the season.
Thus far 2,S65.00O bales have come into
sight
At today's session New York futures
opened easy, with price 30Oi points lower.
January sold at 6.01 on the opening. ad.
vanced to 6.O2, but soon began another de-
cline, touching bottom at 5.95 From this
point the price advanced to 500, closing
with 5.9S bid. against GOA Yesterday.
In New Orleans January sold at $40 for
the highest and 5.62 lowest closing with
5.65 bid, against 5.72 yesterday.
Weekly Review of Cotton,
Is. w. Hunter & Co. in their weekly cot.
Ton letter say: The market today sold at
decline OF % points from the high rolnt
oil the week, and at the dose had recoy- |
cred only points. The leading weakness
has been IN the weight of SPOT cotton for |
which there seems to be little or no de- |
mand. and the contract market has had IN |
carry the load. There has been n line os |
long contracts hanging over the marke, |
ever since the August deal. which SO eriev.
ously niscarrled, and this cotton was sold
out yesterday. as was also several thous-
and bales which the Wall street manipu-
iators had bought at higher prices With
this cotton out OF the way. having been
bought by shorts, and stronger people in
the trade, the market is now in healthier
condrtion, and with any DEVELOPMENTS
favorable to the bull side, prices should
have Il decided recovery.
Cotion is cheap. too cheap, some very
wen informed people think ana they are
packing up their Judgment One of tho
ieaoihg pears remarked today that cotton
mac great Lig bottom somewhere. but
added that he thought the larger portion
OF the crop would have to be sold before
the market could hold any decided inn
The situation appears to rest
with the spot cotton trade. There is little
Or no outside interest in the marker. and
perhaps this Is better just at present. hut
1t Is long lane which has no turning
ana although some OF the pulls think thai
Ihcy nave struck circle it has never vet
proved profitable to sell lotion below 5'75
ana unless there is further imporlant
louidation we lcok for a steady market
anu some Improvement in prices. Ceramic
! rs not safe to sell short as any further
iecline will be slow, and at The presen,
ow basis quick reaction would follow :
my favorable developments.
Five Cent Cotton Predicted.
BY private wire to B. w. Hunter G. "a l
New Orleans, La. October q. -Fairchila
Hobson say Liverpool fully responded :
o our decline of yesterday, which. with )
continued large spot offerings. and fine i
weather. combined TO cause further liant. I