New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-02-28
COTTON SUFFERS 4 SETBACK.
A BREAK OF FIFTEEN POINTS DUE TO BEAR
OPERATIONS HERE AND IN LIVERPOOL.


Working both in Liverpool and this market q
couc OF bears broke the price of cotton yesterday
fifteen points: August deliveries were hammered
down to 7.8 Tie result Supplying 10 the
majority OF traders on the New-York Cotton Ex-
change who believed that the trade situation IN
cotton was so strong and had increased TO sucn an
extent during the week that such a slump was I'M
possible The result only goes to show the ire
mendous and malign influence OF men who. by tho
sole power OF wealth built up by such practices.
can break down the price OF great staple at tneiT
own sweet Will. regardless Of intrinsic merit or
actual value OF the product dealt in the basis Of
supply and demand.
II was difficult 10 ind out among the 'rattIed
brokers on the floor OF The Cotton Exchange from
Just what direction the blow came that struck them
yesterday. The statistical situation. which Is only
another way OF expressing the supply and demand.
and on which the whole bull argument rests con-
tanned nothing TO Justify such a slump or even any
slump at all. All that seemed clear was that Liver
pool was lower. and there was Pile o. paper eo''o"
dumped this market. Houses representing '"'
Philadelphia exporters and other big concerns that
usually lead In these bear assaults on the Market
sold heavily 1t was said that heavy selling orders
from this side broke the market Ia Liverpool To-
gether with the receipts at Bombay OF osooo pa'eS'
against 90 600 bales last year. and shipments thence
70 the Continent OF 1900 bales. against none ass
wear As these Bombay receipts ard shipments
break could hardly have had It's origin l" '"i'
quarter A big lot Of notices ranch cotton cams
ot q, the proper time yesterday and helped ID push
The price down Port receipts yesterday were i1'''
ba,es against 2S 900 bales las year. ard interior re-
c.,nts were equally light by comparison Inc eN-
,or,a marc 10 600 bales The sales or spot co'to" II
s,unern points were fairly good ample. indeed 10
,.,o,r all bull predictions In fact. not by single
,sh,a legitimate item of news was there Justiica-
,,on ,or .uch a smash occurred yesterday IL
,, or,, hs attributed to bear manipulation on
,o th., ia nj once colossal and sinister Al the
,,o.,oro there was "A lively buying OF cotton. whic"
vu nr,baby net the exporters and Their ooheasueS
w. nrodts When they satiated the price
will doubtless rise again -, 49,
,..h,.h mis- particular bear clique netted a pot OF
-, was on the circulation OF rumors that Fan
D,,.ar was going on short time. In reply 10 IN
u,-,.s these kilograms were received yesterday:
rau River Feb. 2I-No action whatsoever taken
here looking to short ,ime and the sentiment OF
manufacturers Is decidedly against such move-
ment. -, ~ W.. .,,., ,.o.o l. anu
ograement as yet, but believe II 10 be more than
probable as It Is generally talked
II IA safe TO believe that while Fall River con-
tnues to run on fun time and all the rest OF the
cotton world. the lesser mill centre OF Providence Is
Augusta received COG bales against s2s bales last
year; Memphis. i?2 bales. against ..s bales; 81;
bales against sc1 bales, and Houston. 1858 bales.
against 3sl7 bales. Houston expects to-day l.SO 10
1900 bales, against 4,Os5 bales last year.
New-Orleans sold $500 bales OF spot cotton yester-
day: Memphis. 100 bales; st. Louis. l,sl2 bales:
Augusta. iSS bales Norfolk, 3s5 bales; Savannah.
$40 bales. and Mobile. eco bales.
reductions had brought many more buyers Into the
market