The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-08-11
THE COTTON SITUATION.
Important Moyementln Prices Looked
for Soon.
THE GOVERNMENT REPORT FELL FLAT
searish Accounts Of Crop Outlook from
Agents Sent South for Eastern Buy
ers--Fabrc Trade Looks Better.

New York, August 1o.-rhe government
crop report was chiefly surprise In the
way that IL fell fiat In a market that was
prepared to receive II with acclamations
ana fluctuations In price. The document
was not very far from what was expected
On the morning that it appeared the gen
eral estimate that was given out named 40. %
rs the probable figures and that which
actually was reported was too close 20 IL
W. 100 muse " very much surprise Still how
ever, II was bull argument In small way
ana should have had some effect upon the
MARKET Its failure to do so shows the
bbesui%E situation existing in the staple 10.
uhy. tor the rest OF the week the market
sagged and VIXEN Liverpool was little
rover the circumstance was grasped at with
eagerness, much as II prices were near. the
top instead of being as they are in fact
pretty low down. It's a hard market 10 BE
pearlsh IN, end yet there seems little else
TO DO. The bull spirit is still alive, but
hOt IN evidence. No one cares to buy to
any extent, and yet few dare to sell.
IL Is about this season of the year when
the New York and Eastern buyers send
thetr agents throughout the belt In order
10 gather statistics for their own private
information. These reports when gathered
together are probably the most valuable
that are received throughout the whole sea-
son, for they are at least unparalleled and
the people who receive them and make
them up are certainly anxious TO gain the
truth for their own use, no matter what t
may be that they caro- to have their neigh.
bors believe. In this instance IL viii APP
pear that the buying element is luclined TO
he bullsh, and IL they were to lean to one
side more than the other 1t would be IN
that way. The facts that surround them
most intimately, the condition of the fabric
trade and the cotton goods market, all
point toward higher prices and give n lcgt-
innate cause for the spirit that is possessed
by most OF those who are IN this line Ihree
or four OF these reports have been made
up and their contests are known by The
Post correspondents and 1t Is remarkable
that they are invariably bearish in their
tenor, although they are the works of
agents scattered practically throughout all
parts OF the cotton growing States, Those
that have been seen leave no exception In
this way. The cotton states are teeIning
with the white staple and there seems no
getting back of the fact but that an enorm-
Gus crop is to be harvested and In due time
Will he placed upon the market. Only one
bulllsh feature can be. found, and this argu-
ment lngenuously brought forward caused
the little advance that took place in the
middle of the week. 1t Is that, while Texas
has been closely watched and the result
there proven so favorable, the Atlantic sea
board States have been overlooked and the
enormous amount of rains that have been
coming down in that section Is more than
likely 20 cause rust aud depreciation OF the
crops generally. This lis mere surInise,
however, and even II a fair amount Of loss
takes place through untoward circumstances
occurring from now on, the net result VIII
he so great that If higher figures are to be
looked for 1t will be upon the basis Of cx-
traordlnary and enormous consumption OF
cotton that Will inevitably appear
Nevertheless Z cents Is not Il high or
perhaps even q fair figure for the futures,
and on Its face II should he great deal
easier to start a bull movement with this
as basis rather than bear one. What
is likely TO occur Is that no effort will be
made to advance prices and that Iitfle
more sagglng is to take place There Is
some stopping on the short side, almost
enough, 1t may be said, to cause reaction.
and as this has proven a success for thes
last week or two probably similar opera
lions VIII be INDUCED In Il, larger ex
tent. and then we may find sharp turns
taking place until the final one occurs which
causes something new In the cotton world
Bad news is likely 70 appear and is senti
mental effect VIII be felt In the market
whether there Is Just reason for IL or not
Ever those who are more bea1sh at tile
do not believe that the present
state Of affairs. as far as price movement
is concerned, can continue very much long
err Stuart Acheson.