The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-05-25
ONCE Of The Post.
Houston, Thursday, May "a.


day was characterized by the failure OF the
New York firm OF Price. Mccormick & Co..
which has been generally regarded US the
leader OF the bull campaign.
The Arm in question made an assignment
for the benefit Of creditors, without prefer
enees. William ]. Curtis being named as as
slgnee. :,
Price, the head OF the firm, was absent from
New York on his wedding trip and Mr. Wof-
ley. another of the partners, was ID europe
is is thought that whoever was lett III
charge became panic stricken when prices
began to decline SO rapidly and that. had tue
proper efforts been put forth, the failure
might have been averted, One member OF
the firm is quoted as saying that 1t would
be able to pay dollar for dollar Of It's IN
debtedness and that its creditors would lcse
nothing.
A report was also current during the carly
part Of the day that anothcr vol known
New York house had failed. but this proved
TO be uufounded.
The failure Of Price, Mccormick & co. had
a bad effect on the market which was
naturally very weak indeed. Liverpool OBJ
served a holiday. as a. result OF which the
hears had things all their own way, there
being no outside influences TO aid in sus-
tanning prices.
AS has already been stated, the fluctuations
we're many and violent At the opening the
New York market was rather weak, as was
TO be expected in view Of the developments
Of yesterday Two Of the near months, how
ever, showed some additional strength May
helnr points up and June I points higher
than yesterdays close.
For a while during tho forenoon the bulls
had hopes Of retrieving their losses of yes
terday. August in New York at one time
showing a gain OF 10 points over the open
ing while the same month in New Orleans
was z points higher. These prices were
gradually worked W TO. but after the high
point had been reached considerable amount
of long liquidation began. everybody seemed
to become panic stricken and the market
went to pieces.
The summer months, as usual, bore tho
brunt Of tho hammering, The worst suf-
tacer was the current month, May. which
broke SO badly as to cause a considerable
amount of wonder az to why some of the
other summer positions kept up MS well as
they did The total loss on this month
slightly higher than the lowest point OF the
day.
In the other months. while the amount of
less was not so great, there was sufficient
decline TO take values something like 100 points
below what they were few days ago, be-
fore the bear campaign began. June lost a
points. July % and August 10 points. The
loss en- September was ouy II points and tho
months following II were but II to "A down.
New orleans also suffered severely from
the general break, although the course pur-
sued there was considerably different from that
seen in New York, in that, although the
losses under yesterdays close we're large,
the final figures were practically the same as
those put on the boards at tho beginning
Of the session. In this market the decline
ranged from to q points, the distant posi-
ttons, as in the case Of New York, showing
more strength than the summer months
What was probably the worst feature OF the
nay from the bull standpoint was the fact
that spots suffered severely. declines ranging
from is05-16c, THIS is regarded by those
who have been studying tho situation as be-
ing moro fatal to the bull side than almost
anything else that could have happened, for.
II is argued as long rs spots maintained their
strength there was nothing very serious 10
be feared from declines in futures. which,
under such circumstances, could at the best
be but temporary
But there was no consolation to be derived
from this source today. The strong stats,
teal position. the probable backwardness and
possible shortage OF the next crop. the weather
conditions-everything was lost sight OF. The
a. "a
spots followed. Galveston, which has re-
NAMED unchanged heretofore during tho
week. could no longer stand the pressure
and niarked prices down 5-i6e, New York
went down Nc. New Orleans Mc and Hous-
ton s-1sc. It was waterloo for the bulls
and victory Of immense Importance TO the
hears
There was OF course, an enormous amount
OF trading done In futures, but spots did but
little. notwithstanding the concessions, ex.
cept at New Orleans. where 1850 bales were
disposed of.
What will happen next Is hard to say.
Everyone in the trade is waiting breathlessly
for future developments. Some of the bulls
think that revulsion OF feeling and ma
teTiai reaction in prices are now due, but
tue rank and nle generally seem to be some
what disheartened by the failure OF the ac-
knowledged bull leader. who although quite
erratic at times, was still leader. The
bears say that the breaks OF the past few
days have been perfectly natural, that prices
arc still too high aud that, In short, the
era Of lower values has only begun. The
comparatively few spot holders in the South.
according 20 reports, are still rather firm in
their Views and say that they will resist to
The bitter end the efforts being made 10 com
pei them TO part with their holdings The
struggle will be watched with intense I'M
terest from all parts OF the world Ia which
cotton IL known.
The movement. which was a very light
one, was totally ignored Receipts at the
ports were PASS. against 1905 last year and
2i0S three years ago Houston received only
9 bales for The day. against 5gi and lei
while for tomorrow the estimate is but 20 10
% bales. as compared with $50 and ga. The
New Orleans estimate Is 100 to 200. against
1891 and 377.
Tho range Of prices on the active months
ID The future nerkets follows;
Opening. High. Low. Close.
august .... s.ss-As SIS sss sac