The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-11-30
Advertisements Predicting Crisis Inserted
in New York Papers.
MOVE WAS NOT ALTOGETHER SUCCESSFUL
spots Quiet md Mostly Unchanged.
A New Neill Circular-No Home
Markets Today.
Futures s to IL points down.
spotos quiet and unchanged.
Liverpool 8 1-2-6id lower.
office Of The Pos

Houston, Wednesday. November 20.
This was something OF field day for the
professional bears.
Hy the use of the same old tactics, handled
in a slightly different manner, they succeed
ed In forcing break in the market, which
looked bad for short time. New York opened
at a decline Of to 10 points and New Orleans
was 20 10 q points down at the beginning OF
the day During the forenoon prices went sttll
lower but as soon az tho facts concerning
the causes which brought about the break he
came known. both markets gained SOME
strength and the close was at net loss under
yesterday of to II points in New York and
II TO Il points In New Orleans The New
Orleans opening was SO weak as to cause
some uneasiness, hut that market recovered
part o. the loss qulcky having eainod .
POINTS during the first fifteen minutes Of the
day.
EARLY Liverpool cables were vary good
everything considered, and tho break was d.
rectly attributable 10 bear msnpulatons OF
a very questionable nature. No conservative
man has doubted for some time past that the
extremists on the bear side were on their last
less, but everyone Was convinced that such
is a fact by the developments Of today. The
card played was the strongest in the hand
that the hears are holding now for the actual
figures will soon be known. II had some
affect. but the mar would be indeed hard 20
lind who believes that this effect viii be any
thing like permanent or that the tactics en-
1loyed TODAY will prove aught hut boomer
sng TO tho desperate backors Of the big crop
theory.
The feature which was expected to ac-
complish such far reaching results consisted
Of the insertion IN this mornings New York
papsrs Of what the local trade refers 10 as
IAN outrageous advertisement" under the fol-
lowing sensational headlines Immediate
aud sensational break in cotton certain. FIX
nerts sure of 1900 900 bales and tremendous
slump in prices. The crisis is at hand. sell
cotton for 100 points
The attempt 10 break the market was a
desperate one and served to show the perilous
predicament into which the supporters Of the
II 100000 bale will-o .the-wisp have allowed
themselves to drift. 1t was final desperate
effort to compel the farmer to part with his
las, bale. but II is hardly necessary to say tina.
1t did not succeed.
As has already been stated Liverpool was
good early. being only l-sid lower than yes
terday, as was expected. but later the weak
ness on this side made itself felt and the
Liverpool close was 3ls-sid down. Spots over
there were 1920 down. at which prices $1,000
bales were sold
The strength o: spots this sido was
hardly less than remarkable under tho cir
cumstances, New York declined l-l6c. but
the other markets, including Houston, closed
quiet at unchanged prices. Spot business In
Now Orleans was fairly good but there was
not much doing elsewhere.
The situation SO far rs the movement is
concerned is practically unchanged Port re-
cepts We're q, tle, against 51,9J1 last week
and 7sil4 last year aud the seml-weekly
showed receipts 3ls75 less than last week
and 1906 less than last year. Ilouston's re-
ceipts we're 1907. against elise yesterday
while for tomorrow the estimate is from 5000
to 5000. compared with 1856 last year and
ss2S in 1897 The New Orleans estimate Is
larger. comparatively speaking, being from
$1,000 10 1900 against 10 go in 1898 and 16, O69
in 1897
Reports from the interior are all OF the same
tenor. gentleman who had just completed
two days buggy trip through Walker county
,e,erhoned local house this forenoon that he
had been unable to buy n single bale OF cot
ton. although he expected to get hold of sew
eral hundred. lie found some little cotton in
farmers hands. but they announced that they
intended holding until Christmas. unless
material advance was made before then.
January in New York opened at 1880 and
closed at 7.iS-ii after selling high at 1859 and
low at 7.41, Tho March opening was at
1880 and the close at 1850. the high and
low selling being dane at 752 and 7.43 re-
spectigely.
In New Orleans March opened at 7.lS-15.
sold high at 7.?7. low at 7.15 and closed at
1924.
All markets except Liverpool will observe
the Thanksgiving holiday and there will be
no curb trading.
The following telegram was received by The
Houston Post about II o'clock Tuesday night;
New York. November 2s.-Reported here
cotton market heavily overbought by
South on slim margins, and crash looked
for Can you confirm. J. b. King,
80 Broad Street.
Tho following answer was sent this
(Wednesday) forenoon:
]. b. King, New York.
Cotton speculation In Texas this year
most conservative ever known. Bulls
generally close out on every advance and
buy again on declines. Practically no
pyramiding. Spot cotton held hrmiy and
farmers refuse TO sell when market de-
cines. Houston Post.
Further comment on Mr.. Kings query
would hardly be necessary We're It not for the
extreme significance which attaches to It In
connection with the advertisement In this
mornings New York papers, mention OF which
has already been made. MI. Kings telegram
on its face might simply Indicate that he Is
New York dealer who really wished TO
know the conditions existing in the South.
but the local trade Is largely OF the opinion
that, viewed MS to It's relation with the bear
coup OF today, the message Is nothing more
nor less than part OF deep laid conspiracy
TO force the price OF cotton down. In other
words, according TO the opinion OF several
members Of the local exchange, It would have
heen to the advantage Of the people who were
hehlnd today's desperate move to have
brought about the insertion of kilograms like
Mr Kipg's In this mornings issues OF repre-
sent1tiye Southern papers, The publication
q Tho pssssge n question IN The Post q
mes. 70 say the least. and might even have
beer potent factor IN influencing todays
III xs nv ss'E;'ai . s:s ss sslst T.s isss