The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-09-19
SPOT COTTON VERY WEAK.
selling for Less Than Six Cents !,
the Interior.
A FURTHER DECLINE IN FUTURES
frices Were Twelve Points Down n,
One Time. hut Part OF the Loss
Was Recovered.

Houston. saturdav. ssntnmher is

Houston. Saturday, September IS
To-Day December cotton touched 81
cents II New York Many people hone
that this Is the end OF the decline for the
present. II 1t isn't. the Texas farmer will
soon be selling his cotton arolnd cents.
| Limits In tie Interior today were at 7-ssi
cents. basis middling.
| Strange to say. cotton has fewer friends
now than when pr:csss were 20 points high
| er. When December sold at cents many
operators thought the market good for n
| cert advarce. Around ~ cents for mid
ding IN Texas, few men OF pro<nnence
advised farmers to hold their cotton and
told them 90 force the foreign splnners to
nay them what the staple was worth
But the spinners held or. They saw their
home supply decreasing at a RAPID rate,
but in resnonse to nearly all offerings
from this SIDE cabled that they could walt
And their waiting, combined with heavy
receipts from plantations. has brought
about the decline they counted upon.
Now that December has touched SIC in
New orleans and 6isc in New York, u
would seem that a great many bearish
features had been discounted and over
discounted. And yet the bulls are less
confident OF an advance after today's
break than they have been for long
time past They are afraid OF It. They
have suffered a pitiablc rout, aud all the
nerve and aggressiveness is now on the
bear side.
The bears say that heavy receipts and
no demand from abroad will enable them
10 smash prices again Monday They
have laI I.
phere with apprehenesve uncertainty
This was especially noticeable IN the early
part OF today's session, when everybody
who does not know the conditions OF his
own mind was prepared 10 dump n lot OF
long cotton on an apparently wayering
market. Liverpool was rather better than
expected. hut this had only a temporary
effect. There was another decline Of 10
points from Yesterdays close AboW half
81 this was recovered in the last hour OF
trading. manly due 10 buying by shorts.
What the market will do Monday no one
Is willing to prophesy. Much will depend
upon Liverpool The main thing IN favor
OF the market is the fact that the weak
long interest has been wiped out and that
the short side has become entirely too
popular. Bears have fixed the limit OF
the present decline AK cents for Decem.
Der in New Orleans. They may find their
surmises entirely wrong. however, for
cotton IS now at the lowest price ever re
corded in September. with the exception
Of only one season. The Visible supply OF
American cotton is 10000 bales less than
at this tine last year. and the greater
part of the future supply Is still In the
fields and still dependent upon weather
conditions Present prices are based upon
belief in $500. 900 bales yet to come for
ward from plantations. Whether that
amount viii ever be gathered IS SKIN N
doubt and as long as there ts an uncer-
taintv there Is no Justification for cent
cotton.
Spot prices were lower in all markets
today. New York New Orleans ana Sa
vannah closed nc down: Houston and Gal
weston lost 1-lsc.
At today's session New York futures
opened steady at an advance OF lf2
points. December touched 6.6i early in
the sess' on. against $50 AT Yesterdays
close. That proved the high point OF the
dav, the price gradually falling 10 SO.
Just before the close buying orders caused
an advance to 6 sc. final figures being 656
Gs 81. September sold at SIS for tho
highest and 6.55 lowest closing at 6.dr
6.5e.
In New Orleans, December opened with
C 81 asked The first sale was at 6.35 AMI
from that polH the price fell to b,2l. Late
In the day the market reacted and Decem-
Der advanced 10 ST. closing at 9. 3@aSH.
against 6 3aas.33 yesterday.