The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-11-12
4 SHARP BULGE IN COTTON.
New York Futures Advanced Nine-
teen Points.
SHORTS WERE DRIVEN TO COVER
The Afternoon Trading Was Active
and Excited-Houston Spots Are
One-sixteenth Higher-Notes.
oface OF The Post.
Houston, Thursday, November Il.

| Houston, Thursday, November IL.
Tho first good rally that the cotton MIR
| ket has bad In several weeks was exper'-
enced today. There was little stampede
OF the bears during the afternoon trading.
| and not at any time during the day was
| .h, market as low as yesterday Final
| figures showed an advance of IL points al
New York and 1923 points at New Or
leans. Spo; prices were lice higher Ut
| several Southern markets, with fairly
good demand reported.
| Today's Improvement was started by
better afutces from Liverpool, where spot
sales were 1900 bales. Liverpool futures
were 2ls-64d UP. and the foreigners also
sent buying orders 10 this side. II Is
quite evident from the action of the mar
ket today that the short side has become
entirely too popular, though 1t Is hardly
likely that very many bears have been
run TO cover. In fact, the general senti-
ment OF the trade is more bearish than
ever, and many shorts jumped at the
chance to sell again on the advance. They
are expecting Liverpool 10 turn cod
shoulder toward the bulls tomorrow, ana
predict that the American markets VIII
lose all the gain before Saturday night.
Prices at the close today were eggs points
above last Mondays lowest.
The fact that at the low prices now pre-
yuiling the temper of the trade is more
buarish than ever is thus commented upon
by Hubbard Bros. & Co.: "fhe trade gen
orally looks for a further decline, based
upon the expectation of large crop and
the absence OF speculation. Even those
who. OH the previous large crop, maintain
ed that the staple sold at least half cent
too low, are now, with 100000 bales less
visible and 100000 bales larger consump
ton. afraid to own bale. 1t IS forgot
ten that the crop was also estimated at
10. 100000 bales, and the many resolutions
made then to hold or buy cotton If it ever
reached present prices are forgotten t.
the rush to catch the last half cent On
the short side which seems SO certain. In
this rush the bulls of September are most
conspicuous"
At today's session New York futures
opened firm, with the first sale of January
at $50. This was the lowest point of the
day. the market advancing to 5.74. then
dropping back to 80 by noon. During
the afternoon trading was quite active
and prices advanced rapidly January
sold UP to 5.A and closed with 5.s3 bid
against 60 Yesterday.
In New Orleans, January sold at 5.3i
for the lowest and 5.iS highest, closing
witt. 5.i5 bid. agains, 5.S2 yesterday.
The Advance WINS Natural.
BY private wire to b. W. Hunter & co.
New York, November 11.---Under good
bryinE this afternoon the market became
active and strong, advancing to 5.% for
January-l9 points above last nights close
ana % points up from the low point of
McMay. Wall street sent buying orders
and added TO the knes which are already
supposed to be held for that account. ana
1t was thought that the Chicago board of
trade crowd which has been so succu. a full
bulling wheat had buying orders in this
market. Certainly the regular trade
fought the advance and thought II 49,
warra ntcd, but before the close many OF
these who have been very bearsh j/ed
in the buying, Which IN the last feXEmin-
utes of tine session became genZG ana.
the close was at the top. New Orb ans
sent selling orders and did not keep u.r
with our advance the Graders in tina. mar.
ket still remaining welded to the heal
side.
There were predictions of frost Cor TO-
night for almost the entire cotton belt.
and disposition was apparent to not be
short overnight OH this account and ii
anticipation of a more bullish bureau to-
morrow Nl;an at first expected. Tnc adj
vance Today was expected ana was natu-
raj after our heavy delrlne. but we l.orGly
think that 1t will fully hoA. If ali the
market has to sustain 1t is bullsE gov
ernment report. Receipts continue heavy
and the demand for spots Is mo-. encoi az
inE even at the slight advance of l-16c
generally recorded today. No matter what
the bureau tomorrow, we think the mar
ket will do ito sell for n turn above so
for January hut only advise salts for
short turns and would buy OF ai s.n,i
breaks. Any legitamate adv lrce to lie
sustained will have to be backed -. by n
more active demand for spot ,on,vr't Oh
at present. in the absence IF good de-
market. and the load continues tn heavy
for the limited speculative and investment
demand 10 carry except at declining
prices.