New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1896-03-13
PUTTING DOWN COTTON VALUES.
SUCCESSFUL TACTICS OF BEAR ofEHA
TORS on THE NETWORK COT
TON EXCHANGE.

TORS on THE NETWORK COT
TON EXCHANGE.
T, 4, r,sh lamb indeed who trusts his money
nowadays In tina; seething maelstrom or speculation
the New-York Cotton Exchange. Tho truth OF tha'
,jmowor excuse OF those who defend limitless spec
u:ation in options OF the necessar:es OF lie that
sunplv and demand regulate the price. was beaut-
fully illustrated yesterday In cotton. While Liver
poo reported spot sales OF l5ooo bales OF cotton inc
heaviest In months 1890 bales being American
while sales OF actual cotton al the spot markets III
this country were In OF the normal quantity;
while port receipts were less than half OF what they
were on the corresponding day last year, and In
terror towns showed receipts less than half OF las,
years the price OF cotton was hammered Gown
TO 70 points in the local market httIe hsh' o"
the causes that render II so comparatively easy ioi
cotton quotations 10 be beaten down in the face OF
every reason for thinking they ought TO go up m'eht
be of service those who do not KNOW the devious
uavs Of Wall Street and how often raan Ia sepa-
rated from his money without ever having MAJ
shadow OF a chance TO keep 1t In that uneluai gam
The decline OF prices on the New-York Cotton TX
change Yesterday was attributed chiefly 20 the de-
cslon of the Committee on Revision or spot quota
tons announced after $3.50 p m Wednesday re.u'-
ing TO lower the differences The high grades. Tho
quotations for the high grades OK cotton IN New
York Of which Their. Is an abundance MS year, ow-
Ing 10 the dry season are, relatively, entirety 100
n IN as compared With the existing figures FOR such
pool Mldilng fair Is quoted on the circular Of the
\cw-York Cotton Exchange at 7sc. above. while IN
the omen market line OF 100 10 700 bales can be
bought at only &c above. difference o. - points
The effect Of these false quotations cannot Out IN
lure the speculative business Of this Exchange. as
an outsider does not believe he has an "aiai
chance with the ins.d manipulators Inc con
tnuei refusal make just quotations Tor cotton
IN NV orK pS tres msrke, ends directly 70
prevent Europe from buying in this port. ana 10
person who wanis to see the commerce OF New-York
unhampered. But ono other evl Is that me ho.heis
cen, lamb out Of his long contracts. and after prices
are broken through these operations they cover their
practices when the opportunity presents Itself again
In pursuance OF these tactics the bear 9perio IS
near months scared all the small holders and thus
force doTn ey mere any Want
cheap cotton for their European customers. VINO
bear points" about great pressure to sell imminent
in the South and Preparations Tor vast crop next x,
BY tie fac, tat his market and New-oreans were
and o' every other cotton market in the world will
show the effect Of bear operations here and 90 lower
icadiar cotton man said 70 The Tribune reporter
Of o'' cotton throughout the world oday would be
cent pound higher The malisn influence Of ,hs: :e
e eSar AND aecs every southern merchant
Aqgus h f a to s nr i0 e p Ss de 70
| 739
Port receipts only s,es2 bales. against is53
| last year Port receipts for the entire week will be
less than half Of last year. Interior towns were
equally short. Houston got sSs bales against 2ssi
| against 40. Memphis got 63l bales. against GIL;
| Augusta 3H bales against @8: st. Louis l25 bales.
New Orleans sold 1900 bales: Memphis 200; Gal
weston l23: Savannah, 1901: Augusta 1904; Mobile.
400 Norfolk. 9i3, and ST. Louis 366
| bombay shipments 10 Europe wero 1900 bales.
The m s r Of the Cotton Exchange are to have
a meeting to-day to vote on proposition that the
minimum charge for buying and selling 100 bales OF
cotton shall be SO This Is supposed to be the reg
ular charge but there has beep good deal Of cut
| ting Tine question Of formal action on the subject
came up at a meeting Of the members Wednesday.
! which proved pretty lively. They got to accusing
each other Of splitting missions and calling each
| other liars and finally member whanged an
| other over the head with an umbrella: Precautions
| Will be taken to prevent bloodshed At to-day's
| p1eat ting