The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-05-08

doWn.
New Orleans, unchanged to 8 points
down.
SPOTS:
Liverpool, t-t6d higher
New York. t-Se higher.
Elsewhere, unchanged.
The overthrow Of both bulls and bears
seemed likely in the course OF Yesterdays
cotton market. There was an indecision
about the trading that made speculation
very pliable, and small orders governed the
rapid vibrations Of the value scale. Under
such circumstances bears became holder and
sold more freely for the short account"
while the accumulation of scattered long
contracts with some renewed pressure of
liquidation and small support from new
buyers, caused periods of weakness that
were not easily recovered.
1t can not be said that any change ap-
peared upon the surface Of the technical
facts. The figures of the movement were
not as small as they have been in days not
remote, yet the shortage was quite sufn.
Client to show that unless some calamity
overtakes the fabrlc-making Industry there
will be some lively scenes for the summer
oughly arouse the absorbing contingent,
however, and It was only by a strain of the
railylng forces that a large dent was not
left npon the value scale. II is also to be
noted that options on the new crop fare
more like those on the old than has hereto
fore been the case. Developments about
the crop may be counted entirely satisfac-
tory thus far In the season, and II there
were any doubt in the mind NJ the trade
that a big yield would find ample consump-
tlon II normal conditions prevail these op-
lions might show tho tendency Of n snow
ball in August But such is not the case,
and at the same time II is equally true that
the apparent needs Of the world in the face
of depleted stocks do not cause prices to
take the strides that might be expected
Such state Of affairs makes It clear III
the uncertainties Of the hour with regard
to momentous matters are not the causes
for restlessness. A student of commercial
subjects can not look at the skyscraping
price level for provisions or foodstuffs and
believe but that n revolution of values will
come in the not distant future. and that II
is possible for all commodities IN share In
the shaking up. One can not look at The
furries that sometimes mark a DAYS pro-
ceedings on the New York stock exchange
and contemplate the leaps and bounds that
security values have taken in the past three
years, without feeling that the speculative
fabric has taken on too much. Agitation
of strikes that will involve immense labor
organizations Of the United States. and in
ternational politicaf complications that may
arise from the outbreak Of sociallstic
moves In countries Of Europe or the death
Of the queen OF The Netherlands. have
threatened the even tenor Of the trade Be
sides these conditions there are those who
fear an adjustment Of a difference Of %
points above the normal that New Orleans
now holds over New York on not distant
delivery as well as the unusual proximity
that Liverpool holds to tho values on
American exchanges. It is not surprising
that nerve" should command n premium
under such circumstances and that tho ad-
vice Of the oldest is little more valuable
than that Of the young or that prices IN
the meantime should do otherwise than fol
low a wavering course.
Liverpool was quite after the heart OF