The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-08-28
COTTON GOES DOWN AGAIN.
Liverpool, New York and New Or
leans Closed Lower.
A DECLINE OF SIX TO TEN POINTS
Houston Spot Prices Reduced One
sixteenth-smsil sales for Export.
The Situation Reviewed.
Office of The Post,
Houston, Friday, August "a.

| their support TO the cotton MARKET AM
refuse to countenance the attempt 10
boom pr.ces on this side. Today the Brit
ishers jumped upon the bulls with spiked
shoes. and as result the Liverpool mar
ket for arrivals closed 3-6idclSls-Gid lower
than yesterday. while spots were reduced
1-S2d Spot sales were only 5000 bales
New York and New Orleans were both
put lower by the bearishless abroad, and
the general feeling throughout the day
was one OF depression. The days decline
at New York was 6ml0 points, and at
New Orleans 7fi9 points.
| Spot prices were reduced 1-16c at Hous-
ton and Galveston today, and as usual on
a declining market, the demand was rath-
err slack Exporters are buying only an
odd lot here and there, and the main
inquiry thus far this season has been
| from Eastern spnners,' whose spot and
! future sales of cotton goods have been
very heavy recently. All the idle mills In
| this country have icgrned work and they
are running full time. In England and
| on the continent there are many COM
| plants of poor trade, and the small pur-
chases being made in this country for ex-
| port would seem to indicate some truth
| in these reports.
| It should be remembered, however, that
II is the business of the European spin
ner to talk poor trade at this time, and
| to keep out of the market as long as he
has any reserve supply, in the expecta
ton that prices will decline. This year
the heavy discount at which October and
| December futures are offered gives him
additional encouragement in expecting
| lower spot values later In the season.
| Although there are many things against
| the market, the bulls still have a great
| deal of ammunition left and may be able
| to resist any further decline for the time
| and possibly cause an advance. The
| stocks in this country show little or no
| increase. while the supply abroad will be
decreasing for three or four weeks TO
| come. The crop promises to be a large
| one, but 1t is not yet made. and early
| frosts in the Atlantic States might cause
| big shrinkage in the prospective yield.
| At today's session New York futures
opened easy, with 1882 bid for September.
| The price advanced to 7.35. then fell to
| 7.30 again advanced to 7.37, weakened dur
| ing the afternoon, and closed at 7.3lGp
| 1882 against 737a7.3S yesterday. Decem-
| Der sold at 6.ss for the highest and $50
lowest, closing at 6.sOa6.Sl. or ten points
down for the day.
In New Orleans October touched $50
shortly after the opening, fell to 6.52. and
closed at 659G6.53, against 6.60d6.61 yes
terday. December sold at IS for the high
est and $751; lowest.
Houston expects 400 to $500 bales tomor-
row, against 1859 on the same day last
year. The receipts for the past week were
2S.2si bales. making g. 400 thus far in Au-
gust. During the next four days the Au-
gust receipts will probably be swelled to
5000 bales. against a total of 1li,N0 for
the same month last year.
Farchld & Hobson's cotton letter by
private wire to b. w Hunter & Co..
New Orleans, La, August G.-The run
of news on the whole today has been
rather OF bearish tenor, although from
the Mississippi valley numerous reports
of deterioration of the crop have been
received. Complaints of worms. bolls rot
ting and shedding, are being received
from sections of Mississippi and Arkan-
sas. but the majority of reports are of
such a character as to indicate good
yield. Liverpool quite unexpectedly
started off poor, Cables reported London
as heavy sellers. due to the gloomy re-
ports received from Manchester, which no
doubt will shortly be supplemented by
similar reports from the continent. on ac-
count OF the general crop failure through
out Europe. AS Europe consumes three
fourths OF the American crop this is
factor that can not be ignored. Opening
prices here Notwithstanding the unfavor-
able Liverpool news We're comparatively
steady, as reflected by only loss of to
.tt,s. l..,t tt,A ole
the expectation of a largely increased
movement was promised. an easier feet
ing set n. with the result that total
loss of some to . points took place. Ow-
Ing to the limited speculative interest at
present in the market a decided disposition
either way will have Its influence to a GER
tain extent, but we are of opinion as the
season wears on lower range OF values
Will take place.
New York, August 27.--Atwood Violet.
Lockwood & CO. say of cotton: There is
no making Roadway without Liverpool
support. Therefore their decline today
brought out plenty OF stop orders and new
selling here. September October were
again conspicuously less decline than la
tfr months. December and months be-
sond are standing the burden of sales,
with corresponding weakness. The argu.
ment is that the lighter receipts now that
much heavier VIII they be little later.
and with abundant offerings domestic and
foreign spinners will have the market at
their mercy. Whether buyers will have il
all their own way remains to be seen. Too
much Gotten was bought on the last adj
vance and II has been gradually lduid
ated since Tuesday. II requires fourteen
pounds Of cotton at December prices to
luy bushel OF wheat here, barley and
cats here are 2S cents. flaXseed liz, De
cemher corn 49, hut 7-cent cotton goes
begging. There may be no analogy In
this, but II Is rather striking. Stocks--
Even London woke up little and showed
slight advance instead of the customar,
morning declines. which. by the way, are
uniformly ignored In the market here.
New York. August H. Especial I'D
vices by telegraph this evening from the
South to the Commercial and Financial
Chronicle indicate that Texas late cot.
ton has been much improved by the re-
cent rains. but that in number of dis
trsots more moisture Is needed Elsewhere
the conditions have been fairly favorable
but from sections Of Alabama and few
localities In Arkansas and Florida there