The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-05-22
COTTON BROKE BADLY.
Large Amount Of August Thrown on the
Market by Longs.
BOTTOM MARX WAS rs POINTS LOWER
Close Only Points Bettcr--BiE De-
scripancy Between spots aud
Futures--Expert Cpinions
offlce Of The Post.
Houston. Monday. May 81.

but the month which has been Of especial
interest during the past few weeks was the
one which suffered most.
Men,hers of the trade find themselves una
Bile to account for the downward tendency
which the staple is menifestng SO freely just
at present Every one seems to have forgot
ten the fact that the statistical position is
one OF the strongest ever seen and Of such a
nature generally as to warrant higher prices
oil around; that, especially but not wholly In
Texas, a great deal Of damage hns been done
TO the growing crops by the heavy rains. that
all over the belt planting hns been greatly de-
layed and that in short practically everything
in the situation seems to be favorable to the
bull.
some attention, OF course, must be paid to
the decline in grain, stocks and other mar
kets. but Just why this should produce such
a material effect on tho cotton market is
something which the average operator Will
study over for some time before ho ventures
an answer And yet the south's staple con-
tnuss to go lower producing, in It's down
ward fight some OF the most inconsistent
features Imaginable Just one OF those VIII
serve to give an idea Of the nature Of soma
OF the others. At present middIng spot cot
ton IN New Orleans liz quoted at 9isc while
in the future markets at this point May is
marekd nominal and June is quoted at $50.
So, IN New York spots are ll-id. while
May is a.sS-4o and August is S.i3-s0.
Tho developments of the day showed very
conclusively that the long interest in August
been very large one and that instead of
H.
would he the case when large Now York
house became oonsplcuousy long on August,
the people who had the cotton apparently
threw It on the market NJ the FIRST sign OF
weakness. The result, Of course. was tho
one which always follows such an action.
Liverpool had something to do with bring
ing about the decline on this side Cables
from there we're very unfavorable all during
the morning and at the close It was seen that
contracts on the other side were from ~
10 4i6-6id lower and that spots were t-39
down. In sympathy with the condition Of
affairs reelected by the early advices, the
American markets opened weak, the rnnge
being about TO s down in New York aud 4
to down in New Orleans The opening prices
were maintained for n few minutes after the
ohening and in some cases an advance Of
point was scored,
Then the pyrotechnicsl display began.
Prices commenced to go lower and, with
The exception Of one or two periods Of slight
ly better feeling. tho trend was generally
downward until the close, which was at prac-
ucally the lowest point of the day, except
In the case Of August In New York, which,
after having gone down TO s.75, 10 points be-
low the opening, which was 6 points below
Saturdays close. thus making a total loss OF
20 pointa recovered somewhat and closed at
& 1850.
When the last figures we're put on the board
It was seen that New York was 20 points
down on August white the other months
we're down from to II points. May was
tae month which showed the loss Of but
points. while July had the questionable dis
hnotion Of being next 70 August In the mat
Ter OF loss as well as in connection with
ils natural position in the table Of months.
During the last half hour Of the session
the break made was a very large one, a con
siderable amount Of long cotton being thrown
on the market then.
spots participated to some extent in the
general weakness, although the tone OF the
market was by no means in perfect sympa
Thy with that Of futures Houston and Gal
weston closed unchanged, though quiet and
aull, and New Orleans and New York lost
only l-l6c each, Business was unusually
quiet all around, New Orleans. which waa
practically the only Southern market which
did any business at all. selling only 1000
bales.
There was nothing In the movement 10 exert
any influence one way or the other. the fig
ures generally being along the lines when
have obtained for some time past. Houston
received 2I7 bales for the day againet III
last year and so three years ago. while for
tomorrow tho estimate is $50 to $50, against
RS and ass. The New Orleans estimate IL
400 to 500, as compared with 20l9 and 1851
The range Of prices on the active months
In the future markets follows:
Opening. High. Low. Close
bss:ns.s f fsi-4 is ~ s FIRES
At New Orleans
a aslss.r " i i:9s a. ~ Il: Il: f ftstE
One New York house says; 1T will be
quite gu easy to put May here TO Zoe, because
the short interest In the current month he
said to be of large amount.
IN its summary OF the situation the New |
Orleans Times Democrat says: stocks OF cot /
ton al the cutports have been so greatly re- /
duced that any further dimnution may cause
a rafting Of dry bones Despite Liyerpool,s |
Tremendous efforts to attract supplies IFS
STOCK on hand and aiioat is only $50 900 bales
~ compared with l.i76 600 last year nnd |
/! sOs'uOQ AZ the corresponding date in the year
before last Nevertheless tho trade sails con
Ientediy over summer seas, aud tho cry "AlIs /
Vel comes from the masthead with .idamna
bic iteration. Fatalism has always bean
mlghty l7rcc in the worlds affairs hut Tho
doctrine Is now. for the first time, in conrse
OF ihil exploitation In the cotton markets ~
America and Europe. Verify, the bear must
Draw upon all the resources OF his faith ~
he lights the daily battle With the moniimen
tai discounts.
II occurs to me-" said a local factor to.
lay that here Is chance to buy up lot
p August at these low prices and have a
ittie fnn when that month rolls around The |
amount OF cotton marketed In August Will be /
very. very small, and IN my opinion the
shance for a squeeze would be an excellent
1ne."
For ne into sight figures for the week end
~ WIN trloey next, comparison will be
Eade with 1855 last year, 50 ess In 1898 and
{. New York broker says; "The situation