The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-09-23
COTTON SITUATION.
A Review Of Conditions on the New
York Market.
THE SENTIMENT is RATHER BEARISH.
Some Operators Predict Decline to Eight
Cents.
STATISTICAL SITUATION IS VERY BULLISH
The weakest Feature Ii the Low
Price of Cotton Goods-Two
Interesting Views.
THE SENTIMENT is RATHER BEARISH.
STATISTICAL SITUATION IS VERY BUlLlSH
tspec,al to The Post.)

fSneClhl 10 mt fOHlsl
New York. September ga critical point
has evidently been reached in the cotton mar
tet Both sides OF the situation have played
their strongest cards and while neither has
done anything like surrenderng they have
gotten TO poist where they are facing each
other Will. the situation clearly defined
One thing mus; b. sad for the operator
and s,ttstician in the extremity which they
flud themselves in. The cotton business. in
Gudine ali its phases from planting to re-
tailine manufactured fabrics, has refused to
follow The precedent made by all other forms
a commercial commodities. The larger OPP
orators In this market have studied the move
uents OF prices iu different materials and
have seen cotton advance much sathey have
known all of them to do up to certain
point-the final results CT the labor expended
toe cotton goods fabric. has not kept up in
stuLitiine block to all theories and caculn-
tul4blins block to all thcohes and calcula-
tons and during the present week it would
seem 10 have put the capstonc to the aug
incubation Of the value OF the bales
Cottcu growing is more expensive carrying
hos to decreased IN price, the staple itself
has practically doubled mill laborers de-
II better wages and the owners OF mill
stocks larger dividends and IN the end the
value o, cotton values is only inhuiteemally
bru0te. than they were year ago. The price
az Hour advances with wheat and stel billets
With that Of iron hut muslin is practically
tNc same now that cotton Is 10 cents pound
as l Was when the staple was purchasabe
cts Here IS the actual situation that stares
every operator in the face as the bids for
options WAIVER near the 10 cent mark and he
tries TO find upon which side safety 10 spec
ulatl0n is To be found
The Sew vo,p h-ot,. d. ,,,o,,,,,,, o.,
"'' "'
Llltlhb i0day mat the hEht OF the 9pinners
has been successful the natural trend of
thlprs WINS TO make the las, i,rrs.s. ne ,roa,
a., 49,, -.
- '''9 n'7'' wv IT. mas" % ana IL i' were not
the case that The natural order OF things has
proven itself unworthy iu this instance 1t
,,glt, te r.,s,.,,,i.. o., ,,.. ,,.. a., ..n-
"N~'u ~ 'e'aV''No'' w expect 'hdl lhe 'aHuIe
"oulu De renec'ed nuWu tho hnt again TIL .
'oat cotton Wolld once more be fact
.his possibly seems Tar more vague how
ever, IMAM does thai or the commodity sell
iliF at To- rue theory OF probability has failed
'ne calculator ana. to tel the truth, after
1l4 ms hre arguments he would not be- half
50 surprised 10 see options at Is cents by
'Ae ena OF me year as hs would to see them
d. . me professional here has lost the edge
OF bis bulhshneSs. but he is not making a
Eoo1 bear. The high priced sentiment Ia es-
taoished. and It looks as II tina, was quite
us potent as are receipts and weak Liver
liirket IN spots broke, In equivalent, foI
'hcre than cent, ana the exporters hxe hur
lealy lowered their purchasing price TO
their southern agents. Al the time the Zoo,
Nember Tor one OF the largest exporting
houses ID town said 20 The Post correspond
vnt thei the turn had come. aud another "th,
pullS nave certainly discounted everything
now but nevertheless after Il very little
more decline Ga about $50 for january
SUPPORTING ,Sders appeared that would have
disconnected much better organized beaI
CLIQUE than was present then
For TWO years now bullish sentiment IN
cotton h3S neen built up among the far scat.
tered public and semi-prOfessonal class and
with every argument on It's side so far AZ
supply is concerned II simply refuses TO b,
oyerihrown by any conditions the spinning
clemen' may be able to mako and maintain
IN position more or less prosperity fol-
grove, and speculator they seem TO have de
ierpineG that an advanced price for then
rolnmcdity is the only one i'm which the,
WIN allow u to he dealt in Unreasonable a,
this mfr be, y rs not more so than has beer
ne martial maintenance Of prices - certain
ann port receipts increased enormously
Sentiment is pitted against fact and OK
peTience has shown that the latter Invariably
High prices may however, prevail with NOR,
or less constancy II sentiment can keeI
them uD until the bear forces lose some n
the necessary elements to their present stronl
position. and this may very easily happen
For while the pit becomes bearish at tn
t,si hush Of adverse news the last holdc
al lonr cottoa Is not to be frightened Int,
cancelius his order to continue huying on ,
ofscer ding scale unts ne has CONF TO an
nrecsta the CHANGED conditions which ma,
be long time after The scalpers have no
failed 10 appreciate this and they have Dough
q every even figure generally realizing Z
few points as old buying orders Jumped quo
tdtinrs up a little. Some 10 cent shorts GOV
has had Little to do so FAR with tue genera
results The purchasing has been done IL
the creation Of new long contracts and tn
1ints Valts H. n