The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-04-01
DROP IN COTTON VALUES
NEW YORK OPERATORS BELIEVE
BOTTOM HAS BEEN REACHED.
A Smaller Movement Is Expected This
Month-Condition OF Dry
Goods Trade,

New York. March 31.--Whle there are
nany in the New York cotton trade who
are not willing to put themselves on rec
ord. there are still quite a number OF usual
IS conservative operators who do not hest
tate to express themselves as believing
that the market has for the moment Mt
least seen the extreme low water mark of
the present decline. There Is a listinct
tendency TO look for shrinkage in move
ment after April aud this naturally Is eX-
pected TO exert a very stimulating effect
on the market Taken ali together. de
clded disposition may be saiu to exist to
view the decline in values which has taken
place almost unintcrruptedly during the
past three months as having LETT the mar
het In fairly strong technical position.
We are now in wnat may be called
period OF transition. that i to say we are
hearing the point where the news and de-
Nelopments of the new crop will have
great bearing upon the situation aad a..
ready many long interests have shifted
their operations 10 the new crop months.
The apparently authoritative reports OF .
concerted action in the direction of acre
tgt restriction can not be said 10 have eN-
ttted any appreclnbe effect upon sentiment
thus far but the weather reports will very
shortly assume place of great import
aucc:
Ia the meantime the situation In the mar
Ret for cotton goods remains in a very ,il-
satisfactory state. IL can not lie said that
thus tar the reduction In the price of raw
cotton has had the effect OF stimulating the
demand for finished material. Bnt in the
opinion OF many In the trade. had the mills
not produced so largely in excess OF their
actual orders during the opening mouths
of tue season they would not now have 50
large stock of finished material t. wGrl;
oil at prices showing profit on purchase
price of raw cotton considerably above thar
nov obtaining On the other hand, 1t Is
claimed that when once these stocks are
disposed OF and the mills become ready 10
sell their goods at prices based upon the
ldnde for fair profit only, the consulnp-
tlon viii materially show the effect OF the
decline.
Mr.. George W Bally of Baily X Mont
gcmorN, well known local firm was asked
ny The Post correspondent TO outline his
opinion OF the current market. Mr. Baily
said During the past few weeks tho
mis- has shaken out the entire weak long
interest. Al the moment the short Interest
In the market Is large hut should there
ne any railing of In receipts, which | for
one am Inclined to look for, there would
undoubtedly be a material reaction from
NE low prices now prevailing. | believe
that the heavy movement the past thirty
days. has not correctly represented the crop
bat has been very largely due 10 the banks
calling In loans and holders being com
PEELED to sell. This cotton has consequently
been ohered In Liverpool AT declining
prices and huvers Of spots have hedged
against possible loss ON these purchases
ny sales or futures which in large meas
ure, IN my onlnion accounts for the weak
ness there The Eastern question seems
To be In less acute stage and II now
looks as II anairs may turn out NIL RIGHT
without any breach of the peace. In which
case cotton Is bound to advance"