The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1897-08-18
COTTON MARKET IS WEAK.
Houston Spots Lost Another Que
eighth Cent.
FUTURES SEVERAL POINTS LOWER.
The August Deal No Longer Exists
at New OrIcnns-Betfer Dc.
mund for Cotton.
Office of The post.
Houston. TUESDAY. September II.

Houston. Tuesday. September IT.
Another eighth was chopped from spot
quotations at Houston and New Orleans
today. The local market is now 9-lgc be-
low the prices ruling early in the month.
and spot business shows big improve
mcnt. Eastern spinners are making pur-
chases in the South for prompt shipment
and exporters arc also appearing in the
market There IL stili wide difference
between spots and futures. and many
persons predict that this difference must
be adjusted before the market can reach
a settled basis. Midding at New Orleans
Is quoted at 5-lsc. while September de-
liveries are offered at GAS.
Cotton is beginning to move quite freely
In Texas. but elsewhere receipts are next
TO nothing New Orleans ard Galveston
are the only ports that are receiving any
thing worth mentionfng while Houston
has daily movement equal to the com
bined receipts at all ports. Savannah had
95 bales of new cotton today aud this
would seem to indicate that Georgia will
have large quantity of the staple to
market by the end OF this month. In
Texas there is some disposition In the
interior to hold for higher prices. but 1t Is
difficult TO understand this optimism I'M
undoubtedly be a good demand for Gotten
every day from this time forward. but
when September deliveries are offered at
eizc In New Orleans. there is very little
In the situation to warrant the belief in
higher spot prices just at this time An
increased demand and light movement
might possibly effect such a result how
ever.
Liverpool spots were 1-32d lower today
and futures were reduced 1-6id12-6id. Spot
sales were only 500 bales at the reduction
New Orleans futures closed at further
decline OF ea7 points, while New York
showed loss of cas- points. Both mar
kets held up quite firmly early in the
session, but later in the day there was n
brisk selling movement which met with
little opposition. "A New York telegram
stated that Graham was hammerlng the
market and buying orders were scarce
Advices from New orleans indicate that
there Is no longer any fear of an August
squeeze there. but prices are still held
above the distant positions by the pre-
MUM on spots. August closed at 7c. with
nothing doing. October sold at GA early
In the session. fell to 6.35 and closed at
6s5a6.26 against 6.4lGte,42 yesterday
In New York September opened at e.Ss.
advanced to 6.s3. but fell to Csc again
by the close. December sold at 6.75 early
in the session. but dropped to 665
Mr. r. W. Martin. the newly elected
secretary of the Houston Cotton Exchange
and Board Of Trade was the recipient
of many CONGRATULATIONS from the mem
beers and outside parties today. He will
take active charge of the office at once
having resigned his connection with Hub
bard Bros. n Co
In discussing his new duties, Mr. Martin
said; Il feel very highly honored IN bein,,
selected for this position. and Will do
everything In my power to perform the
duties of the office In manner salts
factory to the officers and members OF
the exchange. | recognize the Importance
of the Houston Cotton Exchange, and
know that 1t has been closely identified
with the progress and development of
Houston in the past, as II viii be In the
future. The secretary OF the exchange
has wide field of work, and hope TO be
soon familiar with al the details OF my
new position
Mr. Martin received the following telc-
gram from Mr.. S. o. Young, secretary
OF the Galveston cotton exchange: Just
lcarrcd ~ your election. Accept sincere
congratulations. Hope cur relations will
be as cordial as those that existed with
your predecessor" The new secretary
sent cordial response, expressing similar
sentiments.
New York. August lakewood Violeis.
Lockwood & c.. says OF cotton: Some
covering BY shorts helped TO sustain the
market Yesterday and today, but further
advces frcm Livsrria9i of bad effect on
Erg,and's trade with Iadia, produced by
N <
the growing crop from sem'-ofiicial
sources brought selling orders from
abr5ad and further weakening locally.
Except from I'exas. crop accounts are
generally good. The weekly government
announcement today IS favorable and un-
favorable. but reports cotton opening fast
nearly everywhere. Port rccints 81 far
this week are 800 behind last year. SILL
ing and u desire to sell * becoming very
fashlordble. Part experience has shown
that too much company on either SIDE of
the market week.-mrs. rather than s.rengtn-
ers the side moInentar.ly. Stocks of print
csoths al Fall niver and Providence are
SO1.00O p,seceT below las; y.ar.
StntSs-~The murkc; be ng IN the process
OF d.r,st,rs Il l.cavy quantity OF STOCKS
which Tie acVai'ce has tempted holders
10 r,ai.zs uron, is vulr, rable to savase
at5asLs, THESE conditions. il IS COINED,
are only temporary.
New York, August 1.-THE cotton mar
ket opened easy at decline OF eIi7 points.
following selling from Liverpool, New Or
leans and the locu, contingent. but SELL
Ing became more cautious on the fear
that the market may have been oversold
aad become subject TO q sharp upturn on
the appearance OF any bull news Later
there was some conflicting crop tntelli-
gence and the early loss was recovered
before noon. The weekly government re-
port was rather less favorable than had
been expected. In the forenoon the mar
ket ruled moderately active. with the To-
cal contingent In control. but inclIned 10
De CONSERVATIVES, as reports from the dry
goods district arai from Fall River were
encouraging. A reported break OF the
squeeze In August In New Orlean
started local LIQUIDATION later in the day
and prices broke to the lowest point. The
market closed quiet and stesdy. at a net
decline or 9. TO S points. with the total
sales 10000 bales.
New York. August 1.-THE feature of
the dry goods market today was the pres.
cnce of a very large number OF buyers in
jobhing stores. The purchases Of these
buyers have been freer than Is generally
the case at this season of the year. The
sales In nearly all departments OF tho
lobbing stores were heavy and buvers
seemed coutent TO trade at the somewhaf
advanced pr.ces now nrevni1Ip, A, g..