The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-08-22
ONCE OF The Post,
An Monday Attriist p

f1Oubtou, NVHuhys august 1ls
The cotton market no longer reels unde
Mr.. Neili's forecast
traders are OF the opinion that be is terribl
wrong in his prediction of a monster crop.
There was a sudden and rude awakenin
for the bears today. and the bulls tossed then
right and left.
Hot winds in TEXAS and crop deterioration
reported IN other States alarmed the trader.
who were relying upon the stuffed prophets
assurance that 70, 900 bales would be forth
coming.
That historical document of August 70, 1899
was soon forgotten. The fellows who were
short OF cotton could only feel the scorching
winds in Texas. and their thronts we're parch-
ed in sympathy with the cotton plants lack Of
moisture. They concluded that 1t might De
best to buy a few hundred bales here and
there as a hedge.
Pretty soon the buying orders began to come
in from all points and the prices began 10
soar. AS the price advanced, bull kilograms
we're fed to the bears by the bushel.
That's one great thing whenever a bulllsh
movement is started-theres never lack Of
supporting news While they haven't got
a Neiil on their side. they can generally ind
plenty OF fellows with tales of woe, and their
pathetic pictures of dying cotton yesterday
we're enough to wiring tears from the most
hardened bear.
Not only did the tears come. but the orders
to buy a little of the staple were easily
wrenched from the shorts In fact, many of
them made a mad rush to the buying side and
bid up the price with a vengeance.
And TO think that only week ago the great
statistical iugger proclaimed there was to be
glut Of the raw material and advised his
spinning friends to have none of it at the
present price!
How soon did the bears forget the prag-
matte utterance of this great individual. who
toldly declared on the 18th day of August that
the crop couldn't be hurt seriously by frost,
rain or drouth--or not enough to affect the
ultimate yield!
In one short week they are ready to ac-
Knowledge that nature has more TO do with
making the crop than Mr.. NELL.
Unless the rainmakIng department of nature
soon sends relief to the drouth- stricken sec
tons they will indeed realize how uncertain
is cotton crop and how little dependence Is
to be placed in August prophecies.
The shorts were first treated to a surprise
this morning when Liverpool wired an ad-
vance OF slid on futures, with spots Arm,
attributed to continental jobbers being caught
short and private advces stating that the
drouth in Texas had not been broken
This change for an upward market in Liver
pool. and further reports from tho drouth dis
tricts stating that the plant was in bad
way, and the weather map showing no rain
expected, caused the shorts to begin to make
an advance of 20 points over saturday There
was some selling then and prices went off l |
to points. but buying movement sprang
up. with Price at its head. and everything that
was offered was quickly absorbed and prices
went up 20 points ut the close.
Reports from North Texas were alarming.
and private advices from Waco state that the
crop north of that point has deterorated so
per cent from the protracted drouth.
Spot cotton advanced with futures-yet not
in the same proportion--which is quite encour-
aging. and there is some likelihood OF the two
getting nearer together. The disparity has
been too great for long time, especially in
New York. where spots are more than cent
higher than futures. while m New Orleans
the difference amounts to only about u cent.
Houston receipts today were more than
three times as large as for the same day last
year, and should they continue at this rate
during the rest OF the month the total for
August will greatly exceed the same month
last year
Houston spots closed steady. NC up: sales
lSi bales. Galveston closed firm, l-i6c UP;
sales 100. New Orleans closed steady, NC
higher; sales $50. New York closed quiet and
steady Nc up. sales 2oeo. Liverpool closed
unchanged; sales 1000 bales. OF which $500 were
American.
Liverpool futures opened steady, 2 points
lp, ruled steady l point higher, and closed
barely steady, with further gain OF 1 to 9
points. being points higher than Saturdays
quotations.
New Orleans opened steady. IL to 10 points
Up. ruled steady. with a further gain of 2
,oints for August. October and November and
0 points for September, other months 4 to 6
Joints. and closed steady, 8 to s points higher
or oil months. net gain over Saturday of
s to 80 points.
New York opened firm. Is to 10 points up.
uied steady. unchanged to point higher to
to points down. and closed very steady,
Nth further gain Of 9 to o points, 81 to "a
oints higher than the close Of Saturday
Cargill 4 Richardson say Of cotton: with
aaximum temperature yesterday OF 100 to los
seventeen signal service stations In Texas. IL
Ct q trace OF rain. hot west winds over the
ntire State, followed BY exactly the same
onditions today. cotton went soaring Liver j
DOL took the bull BY the horns and advanced
itures lh-e4d. which means about II Ameri-
an points; but that IL only starter IL they
'ilow our lead. for a. much more is due to- 4