The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-03-08
orIcs Of The Post.



Houston. Wednesday. March 4
Cotton is great ramble now. and 1t takes
q lot Of nerve TO enter the game. It may
also be mentioned that more money than
nerve is very essential lust at this stage.
Today there was another pyroteehnic dis
play. and tho eleventh hour bulls suffered.
Those who fought Nav cotton in New York
Tuesday when prices were In the nine-sixties
had to liouidate today in the nine-twenties.
A lot OF two-dollar-a-bae margins were wiped
OUT on this decline aud many think the mar
ket is in a better condition from this fact.
When old-timc bulls = men who have
watched and traded in the cotton market for
years--consider speculative dealing in cotton
entirely too daneerous at present prices. and
after a rapid advance OF 200 points, It is ccr-
tainIv advisable for the new converts to
steer clear of the bull ring.
II Is the wild mul.r dc that has rushed
into the market since cotton few past the
9-cent goal They never dreamed that cotton
was cheap at cents. and thought it too high
at cents. hut when prices went to afs conts
they er'r-~f the ring and PLAYED for the 80
points uroht that thov were sure would be
secured for In their oninion 10 cent cotton
was the next thnE on the cards
PERHAPS 10-ccnt values will be seen this
summer. b." such nr'o-- viii never DO oh.
tanned as long as the market Is held down by
this crowd of late converts. who always fur
nlsh food for the bears.
The bears went after this crowd YESTERDAY
ana had them on the run at the close Of
TUESDAYS market. This morning Liverpool
oahlod over decline OF 9di2-6id. and then
tho slaurhter WAS compiete
II is the first victory that tho bears have
had in MANY weeks. and they have been very
much encouraged thereby they are now
predicting further disaster and claim that
cotton has sen It's highest
The truth Of tho matter is however that
cotton is a great eeal stronger after the two
DAVIS decline than Il was before thu last adj
vance began. There has been a coed shak-
iur out Of the small sneculators and oon-
sevHtiye traders consider the market In
much healthier condition.
As long as prices remain at the present
high lsyel however. violent fluctuations are
Likely to be seen. md " is impossible to guess
which way quotations will run. Tho most
conservative traders are generally content
TO stand off and watch the market
Todav's decline was tho most severe and
most rapid that has been sen during the
entire season. Liverpool refused 10 give any
Snpport whatever Spota in the foreign mar
ket were reduced 5-a2d. and futures opened
aft13 ENGLISH points lower eGual to a de-
cline OF 27Ga6 American points
This break caused New York and New Or
leans to oner with nearly panic among the
bulls. Lares blocks Of cotton wero sacri-
feed with prices IN New York ls to OF
points lower. tho near nositions showing the
GREATEST decline After further decline Of
or nouts Nav at ono time selling 90
POINTS below yestsrdays close. aud u points
helow Yesterdays highest, the market began
advancing On tho advance 10 points OF the
loss were recovered. but the gain was ro
held very long, A second decline was re-
corded and at the riose futures Ia New Ier-
roy were % to 81 points below Yesterday
figures,
in New Orleans the market opened 10 TO Is
points down rallied soon af,erNsrd. but
closed at loss of Is 10 % uoints for tine
day.
The spot markets followed sns Sttiina IN
futures to some extent, IN, Nsrs uos al weak.
New York was 3-lec lover Dhle Houston
una 4NtW OIffdnh hhNWfA = AF@4tnc 81 ~.
Galveston claimed that prices there we're I'M
rhanEsd but II can be safely asserted that
no sale Of mlddiing was made in that market
todav above 95sc.
The movement continues heavy. hut the
semi-wetilv statement showed considerably
less in sight than had been Anticipated,
For tomorrow New Orleans expects 1900
to 5000 bales AGAINST 1921 on the same day
last year. Ths estimate at Houston is 1000
TO eco to COMPARE with only 2i9 wear ago
Just at this time last year the Houston re-
oeipts were unusually light but tho following
week and for several weeks thereafter very
heavy movement was seen. After this week
and for the remainder OF the season tho Hous-
ton COMPARISON is likely to BIO far behind last
YEARS.
Tho high and low record In New York to-