The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-06-04
BEARS HELD THE DAY.
SPECULATION NOT AROUSED
Governments Condition and Acreage
Statement Center OF lnterest--Market
Went Lower but Recovered Later.
AT THE CLOSE
Liverpool, 7-64 to 1864 lower.
New York, 8 to 81 points lower.
New Orleans, 5 to q points lever.
Liverpool 3-32d lower.
New York, t-Sc lower.

Yesterdays cotton market was oiled with
honors for the bears. Indeed, every theoret.
ical fact pointed to the time when the ope.
rator viii be troubled by an ovorabundanca
Of the icecy staple while actual conditions
pointed to q movement of such proportions
us to make It's utter ,aLishmapt-a yciy
probable thing In the near future. Under
such circumstances the selling was i'm
lnense and the buying limited, which accG-
sioned rush that ggon the Issuance Of
the governments first monthly report sng-
gested sensational move. The frst uplu.
Ion was sEort-llyed, hov ever, aud when
the trade caught its treath there was quite
a reverse turn 10 Affairs. The absorption
might really have led to better things had
speculation been OF different nature, but
as 1t was there was nothing out u partial
recovery aud the bull couteuted himself
with display Of that supremacy which &
felt over one who stakes his Judgment on
contingencies.
Naturally the bureaus document WINS the
center OF interest 1t Intensified the hrll.
liant flashes OF recent origin about the
growing crop. The loss from the bumper
acreage Of last year is not worthy OF
thought while the condition stands l3 q
points TO the better. Late estimates had
done good deal 10 discount the result Of
such statement and the effect was cleo.
tric only for moments Then, too, a re-
view Of the reported conditions do not Curry
out the contentious OF the bear. a glance
at the table IN another column viii show
that the top record n7 y In average con
dltion In June, 1896, Drcccdes tho bottom
record 100. n In october, lsg6, ana the crop
reached barely to eight and thrcc.quartcr
millions. The bureau supplemented the
bearshnesE Of this doc, mcnt With high
~ encouraging weekly bulletin and tho
only detrlmcnt so far to the plant appeared
IN the reports Of boil woevil though not
yet outside Of limited district such in
formation gave rare opportunity for the
skill Of the hammer club Foreign advicos
served to swell the tide With cables ndi-
eating that current prices are likely to stop
consumption under present prospects.
Fluctuations took broad sweep Ia man
ser that offered n harvest for the scHlper
sven when such apparently important H.
rues are brought into play. It IS right "a
say, however, that the New Orleans bull
leaders evinced greatest reserve when the
the little cotton which Is held, as well as
large part Of the long interest, Is In a.
strong hands as ever and those committed
are as widely scattered. II Is also worthy
Of note that tho public still retraincd flon
taking a part In the proceedings while III,
talent weighed the evidence and moldc,
opinion But the power Of bumper
crop does not need description here Tn
discounts on the option board are peeulnrl,
itted Tor such Development They ar
Equally as untitled II It fails to mnterinlisc
The advice given the hoy about the powdc
cnn is old but umely when conditions o
the kind prevail
Liverpool sounded the nrst notes Of pes
slmism. Sales on the spot amounted t,
300 bales at quotations lower by 1924
There was n hnal loss In contracts OF o :,
io-04d on ncar and 7 70 s-6id on remote
deliveries II IS plainly 70 be seen thu
transatlantic operators were simply digest
Ing tho late news from the field,
New York opened down on June and Il
to Il down on further deliveries, Their
was an advance In the early moments tina
made the best Of the dry slow decln
followed until loss Of 10 points was score
IN tho first hour. recovery OF fully hal
this loss then occurred, after which an
other recession set in, which was later re
gained Towards noon the decline bechm
more rapid and continued until low mar
was touched. A Spont gain was scored o
the midday call with an increase OF a
much again shortly after, which formed
level that ruled with little change until Oh
last half hour, when gradual sag con
meneed and extended TO the end. In IN