The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-11-18

RAINFALL OF SUNDAY
STARTED BEARS TO COVER.
Foreign Market Showed Distinct inn
provemert--Top Crop Reports Less
ENCOURAGE, 1--Salient Features.
At THE CLOSE:
Liverpool, points higher.
New York, to 10 points higher.
New Orleans, 7 to points higher.
SPOTS:
Liverpool, revised.
Houston 1-t6c higher
Galveston, i-i6c higher.
Elsewhere, unchanged.
ESTIMATES FOR TODAY;
Houston, 10000 to $4,000, against
1924 last year.
New Orleans, 5000 to 1900 against
1917 last year.
Yesterdays cotton market WINS an enigma
TO bears and was lmbued with some condi-
lions that augurcd well for a change. At
the outset the bulls had reason to believe .
that the dawn Of day long looked for had .
come. This turn Of affnirs was chiefly In
duced by better feeling that developed /
IN the foreign market and the fear that |
the constant rnlnfall on the intervening |
Sunday. followed by a fall in the tenn |
perature over the entire South. had put an
end to what Is commonly called the sec
ond crop. Reports received from the belt |
stated that unsuitable weather had pre-
vented the heavy fruitage of the plant that
has been depended upon to make the yield
mature which the big crop cstimators have
forecast Thesa advlces stirred the
shorts to very active covering on the first
call and while the supporting force on so
heavy a scala spent itself early the adj.
vance was distinctive at any moment Of
the cali.
The frost visited area was materially in
creased and an Improvement in the spot
situation stimulated the buying. 1t is we'll
to note that there were no really brisk
developments In this connection since tie
conditions Of trade was somewhat disturbed
by new weakness In the value Of silver
The takings on spinners accounts, how
ever. were sufficient to give the market
reports we're received alike from Man
chester and Alexandria, Egypt. also con-
ctrning the China and Japan trade. To
offset more liberal aspect TO the figures
Of the movement the size OF foreign
Eh .pmcuts Iesched high place and coat
paratively small chang took place IN the
relative position Of consolidated stocks.
at the same time the lightness of the pres
mro to sell removed all bad effects from
The temperate tone that existed on the
buyng side. There was also n well dcfued
feeling among the friends of cotton that
he market has that appearance which
presages a very decisive upturn in values
II any change at all takes place. The
short interest ia generally conceded to be
large. a total decline OF about ] cent is
registered, exporters and spinners nppar-
entity want cotton although the bids are
,ot quite up 20 the required mark. Under
shese circumstances II is said that the
markets for spot cotton hold a hullish
relation 60 the speculative list New
York authority mentions the following in
eldent IN connection with the market ut
the close Of last week: There appeared
20 he q special demand for December con-
tracts, which some undertook to explain as
due to q transfer Of certain January long
interest to December In order to steal a
march on parties who nave cotton 10 de-
liver, or, being without the actual cot
ion. must compete wltl spinners and eN'
porters In the Southern markets IN which
spot holders are already conservative, II
Indifferent. to the question of selling. We
mention this bit of December gossip foJ
Ehat IL may he worth. Assuming tnnt the
special January long interest has sold out
December rather than January might natu
rally receive the preference OF buyers foJ
The reason indicated. II is certain at all
events. that December contracts have been
much In demand Of late phase Of the sit
nation to which we have before called
'ttestion'"
Liverpool was much more encouraging
Than expected. Sales on the spot amounted
Ia 5000 bales II quotations points
higher on all grades excep. ordinary, which
I'll net change At the close contracts
rcre higher by points.
New York opened to 10 points abov,
Tho previous close. There was slight
sasness en- the FIRST call followed by al
Improvement that brought best prices 81
The day, There was slow hut steady
recession afterward which continued until
few moments before tho noon call When
bottom prices were touched. 3-poinl
gain then appeared anil made the rang
Tor the next hour when similar nd
rance took place again and extended tC
the last half hour of The cali A > 10
point loss at this time made the limit NJ
fluctuations TO the wind-up In the mel
result December advanced 10 points Jan
aary 8 and the other months went 4
} points higher.
New Orleans started 9 points UP on De
henlber and 10 to II higher on more dis
hnt positions. There was small variation
from this level In the early moments but
/ decline quickly followed and continued
Bor an hour when low mark was reached
Some recovery took place by midday and
ap additional gain Of 10 points soor
afterward made range for trading that
did not vary more than points through
the balance Of the session In the net
result February gained points and
other months advanced 10 points Sales
az the four American markets amounted u