The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-05-02
COTTON LOSES ADVANCE
A TeD-Point Decline at New York and New
Orleans.
TIRED AND DISGusTfD LONGS lIQuIDAIED
The Statistical Position Is strong
and No Material Decline
Is Expected.
ntnca n ne post.
Houston. ruesday Mas

Houston. Tuesday. May 1.
few days ago the bulls thought nothing
could intervene TO prevent cotton from run
Mig up TO loo After several days Of very
tullish statistics. and reports Of bad weather
the market advanced about 20 ponts Today
one. half Of that advance was lost, aud
August instead OF hanging around ths ioc-
mark. can he bought in New York for 9.25
II sold today as low as s..S
The bulls were evidently cisgustcd ard
tired out Perhaps another iJ-pont decline
would put the market in very healthy
conditon-by shaking out a lot OF weak
longs. and giving prices chance 10 soar
II is undoubtedly true th'u the satisfied
position Of the market is the strongest seen
Ia years. and there is certainly no reason
to expect any decline OF consequence.
break Of if1ilc in spot prices would very
likely cause the foreign spinners 10 take
nearly everything offered II the break does
NOT como they will be forced to buy auy-
vay. but they will hold out until tho very
last minuts before purchasing. Stocks at
foreign mill points are ridirulously small
and It is a question whether there Is enough
cotton In the world today TO keep tho spin
dies running for the next twenty weeks
It will be that long before any now staple
is available and something akin TO a cotton
famine NAV be seen in August, unless short
time Is tried BY many mills both IN this
country and Europe.
The situation is an extremely interesting
ore. and everything bearing upon tho sub
ject is icing investigated closely. one OF the
cisarest statements of the outlook from an
English point OF view. is furnished by The
Loudon Statst OF April "a which snys
The inherent strength OF the figures and OF
the situation 10 now better aud moro gcner-
ally understood. The problem Of now TO sup
ply the mills ND 10 October 10 next Is fairly
before the market aud the trade. The ship
ments to Great Britain from September
ara tuday 1.2I20b0 behind those OF last year.
The stock OF American ia the port Is l,luOUO0
smaller than same time last year. aud the
visible supply OF American is 100000 less
than April 10. 1899. Some shipments to
LIVERPOOL and to Manchester continue. but
they are quite inadequate TO such sltuH-
ton Unless some great change IN that re-
sptct presently occuTh-and there Is no in-
ti-atior Vet OF Its occurrencc--the end viii
be laIid depletion OF the Liverpool stock,
followed by snort time ia the mills In Au-
gust and September Manchester advices
givo indications that such may be the prae-
teal solution or partial solution OF tue DIM
Guilty as to supply. Ii Is more and more
evident that foreign markets VIII retuss to
bu2 for next season Oh the present basis OF
price The spinner and manufacturer may
he making big profits on contracts IN hand.
but Ia August they ought 10 be booking
iatee orders for India and China, many ut
manufacture aud Gdiyer. While new crops
sra 10 per pound below near months no
merchant Shipping 10 the East will buy ex-
cent gu the basis ot new CROP prices The
manufacturer would nted therefore To buy
in August al current months basis, and sell
81 a discount or refuse the order lie VIII
Tefpse. The difference Is too sreat and
VIII prove impossible
II MS the season advances. the Americans
choose L. ship some 10000 bales. then an
approximate or possible adjustment between
near and distant cotton might occur Or u
IN luck attended the new Ciop, new crops
W1ulG rise and some relative proximity be-
tween near and distant muuthe Take place.
But rs the market row stands. ana as ship
ntntr are at present progressing there Is
no way out Of thc difficulty kept short
time AS present orders expire.
SO Tar as can be judged Inc trndo under
stands now that a tight place is IN prospect
somewhere IN tho autumn, but have by no
means ccntcmplated any short time Earh
spinner and Manufacturer irtanS to take
care that his mill or bis weaving sheds shalt
continue 10 run He already ttels he dis
Guilty ~ booking fresh orders. but enough
has teen doing Of late Tor the home trads
and for Few Of the minor markets 10 pro-
vent any undue uneasness on llis part.
II is when be faces his autumnal India AMI
China orders that tho real difficulty VIII
arise. and that perod Is sun four month.
forward Ho stll hopes that the chapter Of
accidents will save the situation that IN
one way or another enough cotton viii vet
come forward. and that foreign huyers Will
intimately raise their limits sufficiently.
Nevertheless he is not easy, and Is, over
and above the supply parplexitles, a lttlo
afraid of the possible Vaccinations OF speou-
lators me situation rs Just such nm one as
would rive strong ring of spectators the
oppormnitv to increase all the natural dh
equities OF tho position 10 the spinners dis
advantage.
rlichard Cocko & Co. OF Houston received
kilograms from New York and New orleans
today stating that no decline Of consequence
was cxnecte1, bur that prices might sac
down II weather continues favorable.
The range Of prices on the active months
In the future markets follows.
O,erinp fIicb Inv Close