The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-05-06
NEW YORK COTTON MARKET.
The 6earish Influences Caused Sersn.
bic to Sell Out.

Die to Sell Our.
New York, May 5--The cotou market
opened steady with prices to s points
higher in keeping With gratifying improve
nent In Liverpool and active covering by
room shorts who had sold freely late sat
urday IN expectation OF further weakness
In the English market today For very
brief period the market gave promise OF
doing better but turned n sharp corner at
1910 o'clock under reports that three Wall
street houses had suspended. At 6rst the
selling was OF a waverine sort, with the
room Inclined to believe cotton would not
ne seriously Affected Then came heavy
sell'ng for outside accounts. marked
break In Liverpool and serious declines In
the stock market Tight money" reports
and OFFICIAL announcement on the weather
map that good rains had fallen over the
western belt where most needed completed
the load upon the bulls and scramble 70
sell out ensued, Prices broke heavily AMI
thefe was not single halt until July Nal
sold on from 024 to 500 Even then bug
crS were slow 70 come forward, while every
raly point was the signal for fresh selling
OF large proportions Then camc a rally
OF IL points on covering and support for q
turn, followed by another slump TO O.03
for July under another wave of heavy llqul-
dalton. The trade was In a semi.demoral-
ized state. and no concerted action WAS
taken to check the fright OF the outside
public. Whereas the stock market stifcn.
ed M later. the cotton market continued In
a feverlsh state throughout the balance OF
tae morning and during most OF the late
session. Near the close the ring was inhu'
enced TO some extent by exports of nearly
lIOuu bales, as compared With port receipts
Of 1000 RslSs ana by S ss In ntsE io
were steady, net to o points lower. Total
sales were close to 800 bales.
Carel & Richardson's Letter
Houston, Texas, May with Liverpool
cotton market Lea higher after . p. M,
prices in our markets opened firm about 5
points better than Saturdays close but the
ticker news from the Stock Exchange was
anything but reassurlng not only many of
the leading stocks showing big losses at
| the opening, but 1t was rumored that SOW
eral Wall street houses were in financial
straits 1t was found that these rumors
were true. three houses Of some prominence
announcing suspension on the stock ex-
change. Money on call opened at II per
cent, later quoted at % per cent, another
disturbing feature; and the result was thdt
cotton for few minutes was In semi
panicliy condition. tho market breaking
quickly With brokers selling stop orders
heavily. Later strong interest came into
| Wall street and bought In the weak stocks,
reassuring their brother brokers on the cot
| ten exchange prices for the staple recover
! ing quite quickly from the bottom, sloWn
/ some little strength at the, close on the
| failnrc oil spot markets to decline lnateri-
| aliy, quite extensive rains in the state Of
! Texas was about the only legitimate bear
! ish feature of the day; The movement was
| free but not excessive showing at the
| ports and interior towns about ~ per cent
| OF last years cotton In New Orleans a
large house who does a lucrative spot bus.
ness were free sellers of May In thnt
| market at go and p.3c, expecting to de-
| liver the cotton, These sales make sp1ts
| at ga look rather fshY. Everything ndi-
Gates that 1t will at least he some time
! before we sec another good hul movement
| In cotton and al the same time 81 per ID ne
should he enough reaction. With the ytsi'
! lie supply decreasing rapidly, ana stocks IN
/ America getting to a very low ehb, the
| staple will have many friends who VIII
buy II on depressons, which should give us
good rallies and an active sralping market
liverpool is due ia be unchanged to a
shade higher tomorrow.
Money on call In. New, York closed at G
| per cent. tufglI hlchhrus'n'
r. 3. Morris & Co.'s Letter.
Houston. Texas, May 5,-Livcrpool cables
we're better than expected this morning
In sympathy with Liverpool, our market
opened to s points up. but. immediately
went of and kept going of until July hao
scored drop of % points and August p
points below the opening. Things looked
very pnnicky all during the FIRST two hour;
of the session. Liquidation was the ordel
of the hour: there seemed however, ia hi
a stopping point ON New York July arounC
Sc. the low on this month being 500, from
which point there was gradual reaction
and the market closed steady.
Advices from New York were to the efec
that 1t WAS generally believed among prom
inent brokers that liquidation was abou
completed aud that the market should worl
higher Other flashes" from the SAM
point stated that commission houses wer
urging the purchase OF cotton at the low
urlces. aud another dispatch stated that tn
Wall street crowd were again buying Jul
cotton This information can be taken 10
, what II is worth, but at the same time
/ TO size up the situation from speculatlv
point OF view, 1t would appear that tn
market had been thoroughly shaken up am
that IL. as claimed by great man
, prominent operators, the market was over
bought II seems have had sufhcicn
, amount OF shaking up the longs TO jus
fify n reaction. However, 1t may be tina
they are not through yet, hut 66 points
n very heavy decline, and according to III
rules Of manipulation a reaction IS due
), Thc values for the old crop viii he go,
! erned largely by supply and demand. Will
> tho new months VIII he governed by Gro
! conditions, etc. H. Is. motifs Co.
n. g. 9. Beers Letter.