The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-08-17
ANOTHER SLUMP IN COTTON
futures Closed Ten Points Loser at
New OrIrsns.
SPOTS LOST OsE-EIGHTH.
The Market Has Declined nearly
One-Hnif Cent In Less Than =
week-Neslrs Estimate.



Houston. Monday. August 10.
While wheat is wharjing upward cotton
is steadiy declining. The grain famine
in European countries is proving benz
| fetal to the Western wheat growers. but
1t Will be detriment TO Southern farm
ers. Foreign business Ia likely to be cur
tailed and there viii be lessened de-
| mand for cotton goods. American mills
will want larger supply of cotton than
ever. but the export demand is the main
support Of the market. and IL that Is not
! up to expectations the worlds supply may
| be considerably greater than the con-
sumptlye needs.
Mr. Henry Neali's circular forecasting a
United States crop of s,l5eeo bales min
imum. has been another sweet morsei tor
the bears. The general feeling after the
recent rains in Texas was naturally bear
ish and the fact that Mr. Mem chose
this opportunity to throw his big crop
bomb iato the arena was Ike jumping
upon men who were already down. His
letter. as published In full In this rncr.l-
ing's Post. makes a conservative showing.
| however. and merely deals with what is
possible from the present acreage and
condition. He believes that ! er9n of
10. 10000 bales is easily within the range
Of possibilities. and no one can RAMSAY
this.
Yet It is fooihasty task for any one TO
attempt to forecast a cotton crop this
early in the season. Weather conditions
from this time forward might cut the
100000 bales possible TO 10000 actual
Lasi year Mr. Neil estimated the crop
in October and the final returns will show
that ne missed the correct figures by
$4,000 TO epooo9 bales.
In less than one week spot prices at
Houston and Galveston have lost --1Gc
Futures at New York and Nsw Orleans
are sc below the prices prevailing a
month ago. and 20 points lower than last
Mondays quotations. There was heavy
liquidation all along the nne today ard
doubtless the weak long interest has been
eliminated Liverpool spots were 1851
lower. while futures closed at decline
of 4lS-eim5-Gid
Spots were reduced isc at Houston and
Galveston today. and II Ia understood that
| actual sales were made at a further de-
cline Of l-i6c from the official quotations.
New orleans reduced everything above
good ordinary &c, but only sold twenty
| five bales. quotations there are still |.
G9h.c above the prices offered by buyers
New Orleans received $500 bales today.
nearly all being new cotton.
New York is still quoting middling at
Sc. but could effect no sales at that price
today The high spot quotations there,
hsweper. are h.ipins 10 naintaiu the price
OF the august delivery. While December
! IN New York fell points August only lost
4 pcAnts- September sofa at o.ss early In
| the session. but fell to G %. ana closed
Al 4. ~ ~
In New Orleans the August corner is
/ fast disappearing That delivery showed
a loss Of II points at today's session. while
| the distant positions fell iBIli points
! October sold at s4s for the highest and
( 6.ie lowest. closing at ssla6.s2.
The Newburger Cotton company of
Grenada, Miss. In a circular letter dated
August II. states that crop conditions have
/ improved since June in every state save.
/ Texas. and that with late fall and IA
( vorahle conditions fran bow out We wifi
! make the largest crop on record. The
firms annual crop estimate will be given
out N October.
Houston expects 500 10 COO bales to-
morrow. against SsSs on the same day
last year. Gross receipts here today were
2s4l bales; making total OF 1904 In TWO
\ days OF this week. The weeks total will
| probably range between 1900 and 20.0c
| hales.
| New York August s.-~The dry goo.s
| market opened this week. with the same
strong tcne that marked II at the clio e
| OF hast week. Staple cot.ons are firm.
with well s,iS.s'i ed demand N ali quar-
ters The activity on tho part OF iohbers-
| converters and the cutting up trades has
| inade additional REFRESHMENTS neces-
| sary. with s.'ocks in first hands fast be-
| coming depleted. The situation in cotten
goods shows imniuN en1snt from every
! STANDPOINT with every injica ton that s,i'i
| the advance OF the week. The market TO-
/ day MAS well aticn5sd With number of
| good sized transactions. Coarse cotoyed
| coiious showed GOOD results with stoefs
/ fast becoming exhausted. particularly IN
\ ueaifns. which are frequently &c higher
| than last week. Print cloths very Arm
on the bass Of 5-S for extras
| New York, August l6.--frhe cotton mar
ket opened with August points lower
| and other months sa7 poiats lower Cables
/ were very weak and crop accounts while
, conflicting, showed bearash averages Fol
lowing the opening, tho market ruled m
/ der active bear hammering. At noon
| the market was weak aud feyer!sh at
\ net decline of SAG polnts, vita sales OF
| COCO bales. Spot cotton easy; middling
| uplanGs, S: middling guilt. 50. Showers
have again fallen in Texas this being
/ from FAN River dry goods district are
/ .ncouraging. Estimated receipts Of cotton
at the ports today, 9Sfv bales. against
| IT'S bales last week and 57as last year
| This week 1000 bales. sSainst 72iT bales
last week and &c. ST last year. Memphis
.sz. 'as' year s''' A01''oa ssSaa last year
|