The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-12-09
rHE NeW YoRK MARKET.
Bureau Report Should Have Been Dis
counted More Closely.


Special to The Postp
New York. DeccANr THE past week
has been a historic one Ia tho cotton world.
the December report Of the department Of
agriculture. which gives the estimate Of
the bureau Il Statistics of the number Of
bales that are 10 be produced during the
season Of 10ol02 was given out aud the
market had ono OF those notable rises
which caused suffering among the bears
aud rejoicing with the bulls The report
as it appeared was rather less than had
generally been agreed upon by statisticians
who have given ont late estimates. II was
y couple Of million bales away from MI
Nei 80 tog Instance, who was one of tue
hrsl prophets in the hcld this season. hut
during the last few weeks 1t has become
apparent 10 the most expert observers that
something around lOWO,OoO would he the
number given out los tho bureau Why
10 did, aud why such fear should have
been displayed thar q high estimate would
9' put iorth Us dithcnlt 10 understand
Ncyerther,s. such was The case and up
10 Wednesday, not only did the large mass
OF operators fail to procure cotton. hue
there was even tendency To go short ON
the part of small dealers aud by some of
the professional clique. In was stated
nUthorlfa'iyc'y on the door of the exchange
THAT the bears we're prepared 10 dissecdit
Any low estimate that might be made and
Ould hold thcr ground In spite Of the
tgtr that might Doe forthcoming from
The bureau. fhe falacy OF this position
frw days Of the week thaS 1t need not be-
con mrntcd upon. one house Of consider
able Importance rs known 70 have sold ont
ON Tuesday long line ~ cotton contracts
which Il had held for months, but believing
that large figures would hc forthcoming.
it az almost the moment Of success de-
cid"d 60 avoid taking ANY chlncc Us 10
what tho morrow would bring iurtu. Toe
result was taat when Wednesdays report
was received. the shorts were driven f"
cover BID there was struggle Ia hlv.
although little cotton was procured ar any
thing Ike the figures rcigniug before the
estimate was published. What rs more
surprising than all this perhaps. lis tbnt
the report was not discrcdltS al Either here
/ nor abroad, and II stands today as doyu-
ment Of especial value and worth to the
cotton world as n whole That the actual
! mated one is probable but II Us expected
4 ihat the government has done as goo
work Ms possible In ma6ing mp ITS rcpor,
upOu the crop.
There wnS ono party in the exchange.
headed hv well known operator NJ former
days. that neither lacked conviction nor
/ rourgc. and who prodted immensely hy
/ the results These people held contracts,
especially IN January and March. and With
tle peculiar fairness dld not attempt 10
conceal th'n position before or after t1c
report was given ont The leader of This
party made an estimate Of bis own which
be published shortly before the govcmmgnt
/
lower than that which the bureau sa d
would hc produced. The difference was
not material, however. IN affecting tho
price of tho commodity and he aud hls
friends today enjoy not only the distinc
tion ~ being on the right side hut also
feel tho effects pocket wise Tho whole
{ thing was nicely laid out by this element
aud they played the market we'll whom the
report was received buying the very small
amount ~ cotton that was offered at -
o'clock on Wednesday and with very liz
tic effort sustaining ii az near the highest
prices How Liverpool operators must
have felt when they read tho report after
their market had closed, and had over
night to think ahout IL Is not a cheerful
thing 70 contemplate,
As 10 the future ot the market, now that
! Mr.. Ellison has said a larger amount Is
needed than the South can produce. only
poluts 90 one thing and that IS that cot
tom has gone consider bic higher and shuul
remain th6rs II certainly does not even
react q, II should after SO notable an al
vance ~ Wednesday last. But ncvcgthe-
less certain rcactlonf are inevitable and
upon these there Is every chance for an
excellent purchase to he made, Cotton
Is again attractive ~ the general public
and unless by some strange circumstance
another dampcr put upon hull Snecul0-
ton Il Is hard TO see how very much other
can happen than a reasonably continued
advance from this time on