The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-05-07
EQUILIBRIUM OF FINANCE
ENABLED BULLS TO CONTROL,
Speculation Took on More Confident Air
and the Demand Was Quite Suf-
fieisnt to Raise Prices.

fieient to Raise Prices.
AT THE CLOSE:
LNerpool, 8 to 4-64d higher
New York, 9 to 1s points higher.
New Orleans, 8 to t6 points higher.
SPOTS:
Liverpool 1-32d lower.
New York t-sc higher.
Houston, 1-eo hisrer.
Elsewhere, unchanged.
Yesterdays cotton market displayed the
perversity OF things that move great fnan-
cial developments as well as those that
control more trivial matters. Just as the
bear was exulting over matters that prom
lsed 70 entirely transform the sentiments Of
the trade there was a squirt from the quar-
tiers where the feecy staple Is most needed
that caused the average operator TO forget
any danger signals about the condition
In high circles OF finance. The bureaus
crop bulletin might also have been counted
q besrish ally, for the progress Of the
new crop was reported as very encouraging
up 10 the present stand. There was moth
Ing new revealed in the figures Of the move
ment. Receipts at outports were about on
& parity In point OF shrinkage with those
recently prevailing and the falling OF In
the Interior was not Of the kind 10 give re-
newed cause for alarm.
These conditions did not urge on the de-
cline however, which the proceedings Of
the day before and the break on the initial
trading seemed TO warrant, There was
nothing panicky about the tone Of specula-
ton on Wall street News regarding the
political disturbances which have been
threatened. rumors Of gigantic strike AMI
the loss OF one Of the worlds foremost
rulers did not enter the situation. Il Is thus
easy to discern where the real forces lie.
When the health Of the trade is preserved
there are no fears as to the dnal outcome
Of consumption. The question OF supply
is well mooted and more than three long
months must pass before the use OF Interior
warehouses will be required again. The
ugllest problems must be solved during
these months. There are those who are
confident thst In tae face Of early estimates
that were short half million bales on the
one side ana over a half million bales on
the other there must be a discrepancy that
viii allow the holder Of the learlaEs OF the
crop TO name the price until the last bale
is changed from gin TO spindle. These
thoughts gained action in the early hours
OF the session and the power Of absorption
simply lifted prices as though they were
o. much air. 1t was also clearly TO b.
seen that the short interest had quite
over-stepped itself and the Covering
which was later forced by the confident
buying helped 10 swell the tide. The de-
sire for reaction had really gone 50 far as
to give the market q sold-out appearance
and under such a condition the force OF
the actual demand for the commodity only
worked with greater effect The course of
fluctuations was from the weakest at the
start to the strongest at the dnish. Their,
was only one direction 10 the drift Of -,
scale and bu,lishness appeared to gain new
strength on each transaction. The rang
was wide enough 20 remove any questiQl
OF doubt as 10 the mind Of the trade
change was also to he noted In the fac
that New York was ahead In the procession
and al signs OF backwardness were early
cast away
Liverpool gave the cue which bulls wer,
eager to follow. Sales on the spot amount
ed 20 lo010 bales at quotations l.32d lower
Contracts on the hnal call showed an ad
vance OF 10 ACID on all positions In the
face of current statistics 1t is plain thai
Lancashire believes the Juggling" IN.
been carried far enough.
New York opened to 4 points down or
near and to . M on far positions rhi,
was The lowest Of the day, after whlct
there was a steady advance Of to :
points, followed by a slight recession dur