The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-04-04
COTTON MARKET REVIEW.
Unusual Activity and an Advance In
All Markets.
FUTURES EIGHT TO NINE POINTS UP.
Spot Pprfces Advanced one-six-
teenth - shorts Were Scared "A
Bullish Letter From McElroy.
ofncc Of Tho Post.

Cotton showed unusual activity today.
and surprised TRADERS by on advance OF
TO points. Spots were Lice higher In
nearly all American markets. with the
tono very steady. The quick change from
the dullncss and Indifference that has
hung over the market for several DAYS
was quite marked and fluctuations were
n ore rapid and sales on larger scale
than for some kime past. Although this
was half-holiday, more business was
done during the short session than during
any day last week.
Sondheim of New York wired CargilI &
Richardson that the strength In tho mar
ket was caused by Mohr & lIagerdorn and
local shorts covering. New Orleans also
reported good buying of tho new crop
deliveries, and these late positions were
quite active at the advancing prices. Re
ceipts continue Nther disappointing and
provo that a fair export demand will
cause a rapid diminution of American
stocks. The Texas movement has been
very light for the last two wo.ks. and
gives no Indication of increasing. Hous-
ton receipts arc averaging only slightly
more than one-half of last years ut this
time. Tho April movement was quite
large last year. the total at Houston be-
ing 1000 bales. This month 1t will hard
ly exceed 10000 and may bo 5000 less.
Despite tho rapidly decreasing supply
and the outlook for depleted stocks at
the end OF this season. the crop of bears
Is q. large one. and the bulls are not very
enthusiastic. There IL as yet no actual
disposition TO anticipate fun revival of
confidence In the future course OF values.
although II is undoubtedly true that the
cotton market is moro susceptible of bull
ish manipulation at this time than for
many years past.
AT today's session. Liverpool futures
were steady. with moderate demand
and closing figures showed an advance of
li.-G4dQ2-64l. New York futures opened
steady. with May selling az 7.04. This was
tho lowest price. and by ll:H May sold
for 40. Closing figures were 7.07a7. oS
against 70ln7.02 yesterday. August OPEN
cd at ia, ADVANCED to 7.2l. and closed
at 7l9a7.20.
In New Orleans. May started at 500
advanced to 7.04. and closed at 7.O3Q7.o4.
against 6.9ia6,95 yesterday. July sold at
Cos early in the session, but advanced
TO 7.06 by the close.
Hugh i. McElroy Of New Orleans
writes: For the first time In several
months. the market has shown decided
activity. and the rise which followed de-
veloped the fact THAI a much larger short
interest existed than was generally sup
posed.
Ever since this crop season commenced
careful thinkers have been making close
comparisons with the corresponding pc
Rod of last year. In no case has the COM
parlson been IL favorable one. because. as
we all remember. the last crop season
was almost perfection, from the time tho
first furrow was run until the middle OF
July.
During the past three weeks tho compar-
ison has become strikingly unfavorable
Tho Hoods In the valley of the INSISTS
more. in front and behind the levees
with threat OF further inundation lower
down as the crest of the flood progresses.
makes u impossible that the acreage this |
year should equal that of last.
Tho old observers tell that Hood year
Invariably brings wet spring. owing to |
flowed area. The conditions existing dur
ing the past few weeks certainly con-
firm this theory. Not only are the valley
States affected by the rain but the Atlan- |
tic district also has been deluged 10 such |
an extent that farming operations have
been practically suspended and crop prep |
III are uf'HltbIy Aoi CAV"
eral seasons past.
AS we all know. the balance of the crop |
will be smaller Than for many years past. |
The hope of the bears. therefore. lays en- |
tirely In new crop preparations. Now
hat a late crop IS very probable. they |
are becoming charmed. with the result
that prices show a decided upward tend |
ency. Tho small sales from tho |
country show plainly that stocks arc
small and offerings smaller. and that eN-
porters who have waited too long to I'LL |
heir contracts will have TO pay factors
prices mt the ports, as they can expect |
40 relief from the Interior.
The situation Is strongly bullish. ana |
with n continuation OF the present broken |
weather (Which promises. from all ap-
to LAST for some time. we have |
very reason to expect active speculation
the only thing now necessary for
substantial advance.
The weekly movement of cotton at 81
eading interior towns. according TO tho
Chronicles Statement issued this morn
ne. was as follows: