The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-05-24
COTTON BROKE BADLY.
Bears Hammered August 10 New York
Down to S,54.
THE LONGS SACRIFICED THEIR HOLDINGS
interest which Has Been Disturb
,,u ractor shaken Out--spots
Only slightly Affected.
ofpce Of The Post.
Houston. wednesday, May 2s'

office of The Post.
Houston. Wednesday, May 49,
The bears IN the cotton markets TO-DAY
scored the greatest victory that has iaiien
70 their lot in many weeks.
They commenced hammerinr tho staple ear
" and Ut one time during the day they sue
oaaded In forcing August In New York down
~ s4s. or rs points below yesterdays clos
ing prices. aud 50 below the opening which
lacked / point OF being the highest.
The IDEA seemed to be to rid the market
~ the extensive long interest concerning
witch so much has been said recently and
that this plan was sminently successful was
conclusiyely shown by the largo amount OF
long cotton thrown on the market during
the day.
The bulls seemed to have been routed com
r,eto,v and many who have figured proni-
nently on that side are said to have partlei-
pated In the general rush to sell
The situation now presents moro unusual
features than ever before, With mddlins
mot cotton in New York at 0 s-16c and August
cotton In that market quoted ut S.5A. It can
roadily DO seen that a condition of affairs
which the interests of the trade demand
should be regulated, has been brought about.
Spots are quoted high for the simple rea-
son that the little spot cotton still held IN
the South is not for sale Mt anything below
the quoted prices Therefore, 1t 10 argued,
there is no reason why spots should ho
marked down. while. on tho other hand, the
strong statistical position and the nature OF
tho crop news from Texas and some other
portiona Of the belt are amply sufficient to
put futures back 10 the old level and, per
hapa. even higher. II is said by those who
are In position to know that the course
OF tho market today has been really bene-
hciai to the trade inasmuch as very OK
tensi9e and. in some cases, equally weak and
nervous. long interest, has been eliminated
Such a shaking out this usually clears
the situation materially in times Of danger
and the bulls, accepting their temporary do
feat in a philosophical manner, say cheer
fully that they now have a hettor chance
than before
Liverpool contracts showed some weak
ness during the day, closing I'D TO 3-Gid
lower. but this apparently had little effect
on the American markets, which opened
steady At an advance in New York Of 10 d
points. For a while during the earlier part
OF the session the opening prices were fairly
well maintained. Then the hears began 10
get IN their work and after that prices went
down at an alarming nate. The longs be-
came frightened at the arst signs OF the
break and Immediately began to unload their
cotton on the market Tho lowest point
was reached only about half an hour before
the close. Then there was slight reaction
Q 70 points being regainod. The final figures
showed New York 10 be TO rs po,uts down
and New Orleans TO % down. In bott
markets. as the figures will show. the neal
positions bore most Of the punishment, til,
new crop months holding up remarkably wei
under The strain.
one OF the remarkable features OF the da,
was Afforded by the fact that the loss OF
spots was very light and that In soma cases
notably az Houston and at Galveston wher
prices are the same as they We're last Satur
day, the break In futures did not even hay
the oflect OF causing the quotations to b.
changed at all. New York declined i-1Gc AM
New Orleans lost isc, About the usua
amount OF business was done al both Of thes
points. In Liverpool 5000 bales Of spot cot
ton were sold at prices l-S2d higher thai
those Of yesterday.
The movement was by no means liberal an,
IN some cases the estimates for tomorrow ar
nbpornaly light As has been tho case 70
eome time past, however, this feature OF tn
situation was Ignored and the market wa
Influenced by entirely different forces,
Receipts at the ports were 1891, agans
116S last year and 1895 three years ago, Hous
ton received i6l bales, MS compared with 3.
and l6, while for tomorrow the estimate
only to 10 bales against 52l and l6i Th
New Orleans estimate IL 500 20 1000, againe
1881 and 1862,
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