The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-26
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Now York. January 95.--Price, Mccormick
& Co.'S weekly cotton letter Of January %
says:
Tho anomalous position Of the cotton mar
ket sull further developed during the week
Liyornool has advanced sharply especially
on near positions and spot cotton there is at
the highest prices Of th' season
rhe New York market Is slightly hollow
the rriccs that 1t touched on November ~
some two months ago. for the near positions
and from 10 to IL points below tho rccopd OF
two months $50 on th' lietant uoSitons.
Abroad MINERS seem 30 he pdvine the pen
atty of their hohet in Tho large crop views
expressed b. Mr. Nei Mt tho commencement
~ the season spd having postponed surply ms
their reduircmentb a. long rs possible have
NOW come into The market and are forced TO
paw eytreme figures for a selection Of such
cotton they want from the limited Liver
poo stocks The movement has shown a
substRu'ai increase and the nuanutv OF cot
ton Coming into sight for the week promises
TO he about 225,oco bales against 10000 las,
year aud $4,000 in 1891
The nervousness OF the market has been
intensified and its activity greatly restricted
BY tho doubt as to tho issue OF the war
which Great Britain is wasinE in South
Africa
To-day the news OF General Warren's sue
cessfu CAPTURE Of an important Boer posi-
ton resulted Ia sharn advance OF about I
points in Liverpool in response TO which the
New York market has shown an advance OF
about or points over the prices current
last night the strength heiug the greatest
in the near positions The rapid reduction
which has taken place and witch promls s
to continue in the New York stock would
seem to leave this market in a very pre-
carious position so FAR as the short interest
Is concerned. and already signs OF nervous
ness on the mart OF those who have sold
here aud bought in LIVERPOOL or az the South
are apparent
a very considerable portion Of this short
interest has hoeu covered up. with the re-
suit Of Advancing March contracts TO q pre.
MUM OF some or : points on May. as
compared with discount Of from to 3
points ten days ago. viewing tho market
| broadly. Il seems to be llaudatms itself
American holders Of cotton are. apparently.
to large exteut disposed to accent prices
now current for their holdings and European
buyers are, out OF the gerry necessities OF
their position, forced TO meet tho Demands
OF sellers There Is not. however apparent
/ any revival OF speculative feeling. and IL
seems probable that the process Of liquidation
/ above referred to viii continue without any
/ very radical change in prices II Is TO be
borne in mind that tho covering of the short
interests which Is now IN progress an the
/ part OF both spinners and sneeulators ellmin-
atos from the market what would be very
! important element OF strength were American
Spectators disposed further to force the is
sue IN favor OF bigger prices, That specula.
tion does not develop afresh IN view OF the
strong statistics and thu eager demand fot
spot cotton is surprising ana can ouly be
accounted fol in one or two Ways: either the
speculative lethersy which seems to have
followed in all Of the American markets, in
Guiding the stock exchange, upon the inteuse
activity OF six months or year aga. Is so
peryasiye that IL has included the cotton
trade. or there Is sufficiently large amount
OF cotton held back al The south 70 balance
the present demand and prevent any further
Immediate advance. As tar as we eau read
tue situation, both OF the faetots above sag
sesitd seem 10 be opcratye. throughout t6e
country thcre is gcperal feeling that 5sc
In The South for spot cotton, while q may
not represent the sAtrems possibilities Of the
present situaitop IS an ADEQUATE nrlce for ,hs
| cotton. at least until Il shall be evident that