The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-04-23
REACTION IN COTTON VALUES.

a drop 70 the lowest OF the day. A partial
recovery occurred by noon and limited the
fluctuations to . points through half the
afternoon, after which there was another
small decline which formed the range until
the hnal call took place. In the net result
present crop deliveries gained TO points
ana later ones stood unchanged to / point
better,
New Orleans started to points above
the previous close There was little
change in the early fluctuations, after
which sudden drop OF 4 to points oc-
CURED with q portion Of same regalned
towards the end Of the morning. This was
quickly lost and a drop to bottom prices
was recorded by midday. Slight variations
followed until in the next hour there vas
gain OF to points. gradual reces
sion from this position appeared and con
tnued until the closing call, when low
mark was touched again. ln the net re-
suit April lost o points. the fonr options
following dropped points while those later
declined I to points. Sales at the four
American markets amounted to 5643 bales.
| sIot quotations were marked down 1-10
| at New Orleans and elsewhere left TN
! changed.
No deductions could scarcely have been
drawn from the seward movement. Re
CENTS at all ports for the day were 12,04t
bales, compared with 1880 for the CORE
spending day Of last year Since Friday
they have been 81 ,23I bales, compared with
~ ,ls2 for the same time OF last week and
35 025 for the corresponding time OF las
year. Thus far in the season they have
been 7,0aD50O bales compared with ESQ
5d4 for the corresponding. time Of last sea
son. Exports since Friday have been AZ,
53s bales. compared with l4.Gs7 for thj
same time Of last week and Ao,4O6 for tn,
corresponding time of last year. Stock a
United States ports for the day was 90,
AZ bales, compared with GJA.siO for tn
same day OF last week and 500, 2B6 for tn
corresponding day OF last year
Atwood Violet n Co. say in a recent let
ter; AN explanation Of the reasons VIII,
New Orleans Is at a premium on contract
for May, juno, July and August deliveries
over the same months IN the New Yor
market, is substantially as follows:
; The New orleans cotton exchange ha
! spot committee composed of buyers
brokers who 90 through the market DAT
and cotton factors, or those who reeeiy
cotton ON consignment
I'm this way a thorough knowledge q
: the market is always had as to the dt
rereuccs between grades, and the comnl
. tee not being restricted as TO the time viii
in which they can revise the difference
weekly II they like they are changed
3 often as the superabundance or scarcit
! 90 one or more grades may make thel
cheaper or dcHrcr, In their relation TO mi
ding cotton, which is the basis Of futul
delivery.
4 THE result Is that the receiver and d
, | liNerer Of cotton on contract accepts AZ
? tenders, respectively, any grade above
uClOY middhug at practically the dlhc
a enceS between grodes existing on the op,
r market. Therefore the receiver Of cote
n on contract at New Orleans, suffers
injury should he choose 10 sell prompt
on the open market cotton that he receiy,
+ ON contract rather than redClyer Il
t. cotton on contract to some other buyer
a q month for future delivery, because
obtaining Ia that way practically the sar
= value Of each grade In It's relation to M
>: ding as those existing when the colt
T. WAS delivered to him on contract.
"a ''fhe buyer of n contract In the NJ
" York market has TO receive the cotton
y delivery subject to differences In grade
I'd tahlished last November, and which dtn
M next September.
~ ''Thcre IS not in amy season that I
~ New Orleans market does not change
es grade dlferenres between November
nd ore year aud September OF the next 80
+o simply because. I'm some seasons the gra,
- above mlddling are the most abundant =
vi In other seasons the grades below middl
e. are the most abundant
Mt But the New York market ignores
+s practices and experiences In this resp
vs. at New Orleans, where the market VA
NJ Of euch grade NJ cotton, II governed IN
relation to middllug 10y the abundance
ut scarcity Of high or low grades at any a
o., all seasons Of the year,
y" "TnJl the spot committee la the \