The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1902-08-12
DISTANT OPTIONS WEAKENED

source Of weakness came rather from the
South than Lancashire.
practically unchanged on later deliveries
There was an immediate bulge extending
only through the carly moments, after
est Of the day. A steady recovery then be.
gan. and with initial prices regained by the
last s0gr q ne SS morning sg the top was Sgch
the early part Of the afternoon. but was
again recovered In the anal moments Of the
points sep a ME- su and later later deSeries
went TO Q points lower.
New Orleans started j 10 points below
the previous close. gradually declining
wave soon began It's course and continued
until bottom prices were reached by the
end Of the nrst hour. First prices were
changes until midday. when n small IN
crense brought the highest ~ the day and
formed level that prevailed with little
deviation during the rest Of the session
IN the net result August declined points,
September gained a point and the othor
months stood unchanged 70 / lower SIZES
az the four American markets amounted
70 2Jo5 bales and spot quotations We're left
the same
The movement was extremely moderate,
Receipts at all ports Tor the day we're 1915
bales, compared with 2o6o for the CORE
spending day Of last year since Friday
they have been 1923 bales. compared with
4i57 for the same time OF last week and
1915 for the corresponding time Of last
season. Thus far In the season they have
been T.+46O95 bales. compared with 7,43T,-
Sos for the corresponding time ot last
season. Exports since Friday have been
2eSS bales, compared with a925 for the
same time OF last week aud ID 4OJ for the
corresponding time Of last year.
Following is the latest from Theo. II.
Price:
While do not modify my previously ex-
pressed opln.on IN regard to the possbili-
ties Of the cotton crop now approaching
maturity aud append hereto extracts from
the advices reaching me today, which
abundantly corroborate my views. prices
for the new crop deliveries are now below
the average Of the past three years; aud in
view OF this ! can not longer encourage
consumers to defer securing such cotton as
they ARE likely to require before the new
crop, which is undoubtedly a large one
shall be in abundant supply.
New crop deliveries are now within a
| fractional range OF four pence IN Liverpool
and nc IN New York. at which figures
sound commercial Judgment would suggest
In my opinion. that actual consumption re-
Quirements for the next two or three
months should he protected
My reasons FOR this opinion are as fol
lows:
! relatively light movement during
August and September a. not unlikely. A
late movement Is characteristic of large
crops. especially where. as IN the present
case. Texas has had abundant July rains.
The South having realized compare.
lively full prices during the past three
| years where cotton has been held, will be
| slow TO accept much OF a decline during the
| early part OF the coming season. and its
| financial condition will enable It to hold II
| so inclined.
! g. Stocks OF cotton both visible aud in.
! visible throughout the world are light.
! and until they are replenished the advan.
! tnge will be with the seller.
! 4. The short interest In the market is
! large, both 1gcinst conSumpttyc require
] ments aud speculative commitments, and
/ tie trade IS for this reason more rcspOn
sive than otherwise TO crop scares, which
| NAV lead 10 conclusive fluctuations to say
| nothing Of the ghost Of an early frost
! which viii not be latd for scme months t.
| come.
In making the above suggestions desire
! 80 distinctly understood that l have NJ
! deep-ald manipulattve purpose WHOM tdc
| market was considerably higher. In fact foi
! several months past | have not been alb,
| to advise buying cotton The market as
write this, IS Within 10 points OF the .fw
| cst hgures touched for new crop dcivcrici
| in New York. and am unwilling longer &c
| take the responsibility of advising spinuers
TO defer the purchase of thcir Immediate
requirements.
Total insight TO August 8, according &c
New York Chronicle. lO,2e5,s57, against
io,3oe, ISL last wear; the past weeks move
ment figures 1882, against 10, 1902