The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1899-12-19
Was Unable to Withstand the Pressure OF
Slump in Money and Stocks.
II WAS FORTY POINTS DOWN At ONE TINE
Close WINS About is Points Better
Bullish Movement Lost sight OF.
spots Strong.
Spots Lice to 3-f6c lower.
Liverpool 4-64d Oft.
Office OF The Post.
Houston. Monday. peoember ls.

kets today, and like the back OF the pro-
verbal camel, they broke.
The unsatisfactory condition of affairs ex-
listing in the commercial world affected prnc-
tioaly every commodity to say nothing of
stocks, bonds and money. and the south's
staple received It's share Of the reverse.
A, one time during the day. shortly after
the noon hour contracts wero 40 points lower
than Saturdays close, and for the first time
in weeks, cotton for March delivery sold at
cents on the New York market,
Evidences of the pancky feeling were in
evidence all over the world. The causes which
primarily at least, influenced all markets
more than any others. we're tho recent re-
verses to British arms in the Transyaal, the
nature of which hayo been such as to attract
the undivided attention OF the civilized world.
AS a result Of the several terrible defeats
of the queens soldiers during the past week
the financial situation IN England has beDu
fearfully strained The climax was reached
toda~ when not only South African securities.
hut an Others as veil went down at an alarm
ipe rate.
Naturally, under the circumstances, Ameri-
can stocks we're very seriously Effected by the
condition on the other side and eome veFy
hoagy Losses wera in evidence in tina larger
oen,ers Of this country rhe day was, on
the whole. the worst that has osen cspeii-
eaeed "a years and it would be moro than
dl.hoult 20 estimate with any degree of &C.
curaey the amount OF money that was lost
Under thu pressure Of this storm !, was
simply impossible for cotton to holi its own
notwithstanding the unmistai:s.le strength
of is position.
Prices began TO decline early. when tho
reports from abroad began to come in im,bt :
diateiy after the opening. enh for the n ct
three hours Of the day he mlcllst was in n
fearful condition. The decline. which would
naturally have been made under tho orGum
stances. was Of course. hasteuid ny etter
raanous, for when the bad condition al affairs
began 10 make itself SO much in evidence
everybody attempted tn sell az once wit,, the
Inevitable result Of forcing prices down SIN
further.
Then. too. the reachins OF stop orders proved
10 he powerful factor in sending values
down Thousands ard thousands Of these
we're reached on tho downward course and not
until March cotton in New York was marked
at cents. or about Sc per bale less than
the price which, iued Saturday, was the
bottom struck
BY this time practically all OF the weak
cotton had been shaken out and the market
was in a fair way to recover of its los
strength, which 1t proceeded to do. An ad
vance would have been natural under tbs
circumstances, but In this instance 1t wal
helped along according to Now York re
ports. by Price who came in and bough
at tho bottom figures and by determined ef
forts succeeded in bulling the market quit
largely. But. Notwithstanding all this. tn
loss on futures was very noticeable. tn
to 26 points down and those in New orlenn
being from 25 to q ponts below Saturday
close.
The decline In Liverpool futures was cn
4-s4d, or IL American points. Spots over Their
were dull and at prices 1-32d down 5000 bale
were sold.
h. ykahl faaf nf ha al
from the Liverpool situation, was the condi
tion OF spots on this side. The larger market
we're affected somewhat, It is true. hut thei
decline lacked so much OF being commensurate
with the break in futures as to excite wide
spread comment and to bring some comfor
to the horned gentlemen who had been treate
cline in spots was noted in New York. an
even there prices only went down s-i6c. Ne'
Orleans figures were but isc and Houston
but i-l6c lower, while Galveston, strange q
IL may seem. closed nominal and unchanged.
snot business at these points was PRACTICAL!
at standstill but notwithstanding thi
fact the bulls contend that the remarkable
uanucT III WhiSh WiSto were
demonstrated as clearly as anything coul'
possibly could have done the correctness o
their claims regarding the strength OF cotton
Paper cotton. they point out, will not assis
he spinner 10 providing for his mills TO an,
appTecabie extent. II takes the actual slut
10 keen the spIndles moving. they say. ans
The nrmness exhibited by spots under thu
y fearful fre Of the day was source OF unusua
x rratihcauon to them. The break, they al
lese. was the result Of outside conditions en-
tirely and for that reason II will be impossible
according to their way OF viewing tine matter
70 keep prices down, In fact some Of then
are congratulating themselves on the amour
Of weak cotton which was cleaned out BY thu
Y slump.
The movement for the day, which was prac
ticslly lost aight cf In the excitement wal
suits bulltsb ard the estimates for tomorrow
{. ~ ~ favsrsbls % Tho bull side Receipt