The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-10-21
COTTON FELL BACK AGAIN.
All Of Tuesdays Improvement Was
Lost Yesterday.
FUTURES ARE SEVEN POINTS LOWER
Iiverpool FAILED 20 Sanction the
Adynnce-Bears Think the Mar
ket Entirely Too High.
ONCE Of The Post.
Houston. wednesday, october %


Houston, Wednesday, October ~
The bylls have had very little consola-
ton from the cotton market recently
Yesterday the market took turn ior
tho bstter and everything looked more
favorable. but Liverpool failed to Sane
t,on the advance and today all the I'M
prcyement was wiped out. Futures closed
1h.e4d lower In the foreign market ana
prices were ed7 points down at New YORK
and New Orleans.
The temper of the trade rs hard TO de-
terminc just at this time. but 1t is un-
doubtedly true that the continued down
ward course of the market has been very
discourag cling to many interests. In less
than two months the market has declined
fully cent per pound. equal to a loss OF
IS per bale. Prices are stil rs points above
the lowest recorded in 1895. however and
the bears contend that present conditions
warrant Just as cheap cotton as was seen
that year. They say that In the 1895
seas on the market wenk down in the face
OF all precedents and despite higher prices
for cotton goods than are now prevailing.
The bears, therefore, ask, " the lowest
quotations ever known were then estah-
lished. with the whole world unwilling to
believe that a 10000 900 bale crop could be
raised in this country, why shouldn't SIM
ilar prices be recorded this season, with
a crop as large Il not larger?
That is the bearish argument and 1t Is
one that is causing many people to lose
faith In the market for the time. On the
other hand. bulls believe that the crop
can not possibly be over 100000 bales;
AZ o,f. l1,,t MAJ
much cotton. and that there will be a
very small surplus at the end of the sea-
son. Under such conditions they see 10
reason for expecting lower prices and be-
lieve that all future Developments will go
toward enhancing values.
At today's session New York futures
opened easy, with 600 bid for January.
The highest sale was at go ana the low
est 6oG, the market closing with SOS bid
for January against els yesterday. In
New Orleans. December sold at $40 for
the highest and SIC lowest, closing with
SIT asked against $50 yesterday.
Bearish Factors Exaggerated.
Bv private wire to 3. w. Hunter & Co.
New York, October 20.--The market
opcHed unsettled this morning at a decline
of 4G5 points, consequent upon the failure
OF the Liverpool market to respond TO our
Improvement of yesterday afternoon. The
disappointment which resulted prec.pi-
tated some local liquidation, under the in
1rence of which prices receded 8 points
further. but a frner tone has since de-
veloped and prices have recovered slight
~. showing at the close a net loss OF
about points as compared with yester-
days closing. AS was the case yesterday,
the market reflects an oversold condition
and with any encouragement from LIVER
pool would doubtless experience a sub
start.ial recovery In fact the steadness
OF THE past two days would Indicate that
we have already practically discounted
all the known unfavorable factors In the
situation, and unless receipts following the
raising of the quarantine assume formid-
abe proportions the munitions of the
Nv eAhautted
Experts continue heavy and the demand
is rot likely to decrease. owing to the ops
portuntty offered TO secure cotton at Il
verJ low level. Notwithstanding the re-
por. of poor trade conditions abroad. for
elglers are taking as much of our cotton
as last year. Apparently the bearish fac
tors In the situation have been exaggen-,I
atod and as consequence Il may ,Iiti-
mately be found that the legitimate facts
nave been more than discounted At curol
rent prices for cotton, manufac turt RS
oeegn. 70 be abb to realize fair margin
OF nroft upon their manufactured goods
inrthernore the influence Of low prcss
IS 10 Increase consumption. ami unless
prices soon appreciate the consumptiyo
reauhtrements this season will doubtless
IsAcn such proportions that the sur,,lus
Supply VIII net be materially increased
unless the views OF the extremists are
d doaiiHed; which the movement thus FAR
dces nv na aSSpear 10 justly. falling. as it