The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1901-07-21
COTTON MARKET REVIEW.
Very Little Change in the Future
Markets Yesterday.
cHRONlcLHREPORT HAD BuLLISH EFFECT
Liverpool Opened at an Advance IN
Pnces--Spot Prices STEADY and
Unchanged.

Laverposl was slightly better yesterday
morning, due probably to the Chronicles
report that go per cent OF the Texas cot
ton crop was suffering from drouth. There
were further reports Of rains In the north
ern part OF the State, however. which caused
abe American markets to sell IN soon after
the opening Final prices at New York
ranged from unchanged to 1 point down.
New Orleans closed 1 to points up.
Under these conditions, vita Texas wealth
o. the most important influence In sight,
now that the textile trade Is causing less
dspression and the idea has become pretty
well established that the world will require
next ysar q full average crop OF American
cotton. It viii readily be seen that there
ars but Two theories upon which the trade
may base their operNtIcns--thls, OF course,
in absence OF manipulation which for the
moment has, apparently, no part In the
New York market The hrst OF these Is
in support Of higher prices and Is based
upon continuance Of the dry weather, or
should good soaking rains occur the ex-
ponents OF higher prices believe that profit
taking by shorts and renewed purchases on
the decline by longs will quickly stem any
downward tendency so long as the tech
to their arguments, SO strongly favorable
10 holders. The secerd theory, tnar IN
favor Of lower level, is, Of course based
upon a thorough breaking Of the dry spell
which those operating on the bear side pro
fess % believe thing Of the near future.
II IS argued by these that each day Of con.
tinued dryness renders the likelihood OK
rain more promising. while they also con
tend that even should the dry spell reluBlu
unbrokeu the resulting damage should
prove ln6nit5simM when into the consld-
GRAFTON is taken the increase which the
coming crop Will, In their opinion, furnish
over last seasons, plvs the Increase in the
carry over this season over last in other
words, they argue that even " the shortage
resulting from the dry weather lu a re-
stricted area should reduce rhc output from
the immense acreage OF the current season
above that OF the very uQor results from
last seasons acreage. that this amount, say
eoo'OO pales' added 10 tIe Indicated ip
crease IN carry over OF about SEQ ONO bales,
thing Ike l,4opDo greater than thar OF
last year, aud as prices are holding mod
eiAtey above those current when he world
consumed Suth vast quantities Of cotton,
the bear faction can NOT see where the Ia
creased demand NJ around Is or even "a
cents is coming from 70 render necessary
But nj tho mcmeDg RI ost Of the husiucss
traLsacted upon the door Of he New York
tld New Orleans cotton exchanges Is moi
tna result 81 any de6utte opinion 90 the
future market. does NOT take into oousil-
Grafton any elaborate theories as to supply
or demand Il reflects for the most part
nothing more serious th8n the efforts Of the
smaller professional and commission house
client 10 avail himself OF the daily weather
ports aEd their influence on prices for
ihs purpose Of scalping fractional profits
This class az operator as rule, II his
opinion Of the market Is asked. VIII say
~ am a bull on the market in the Ions
run, but AT the moment | am merely try
Ing to keep n the swim. When showers
are reported | sell md then buy again OF
the decline which invariably follows"
The range OF prices at New York ant
New Orleans Cor the active months wa
as follows:
New York Open High Low Closed
Aagpsr ...,. 7 IIb.. I17bI52 T.I2I
Octo ~ .-.... $3.50 i.1l 2 GA 64-t
New Orleans
August ..... s2oI 1871 Tsg r 900
October ..... z 1850 T.J2 Q as z q, 4