The age-herald., 1901-07-11
COTTON SLUMPED
 ON RAIN REPORT Pronounced Scramble to Dump
 the Staple Overheard SMALL LONGS LOST FAITH Reported That a West Indian Storm Had Struck Galveston and Broken the Long exas Drought-BulIs
 Started Scare.
SMALL LONGS LOST FAITH


 New York, July 10.-Much of the ad- vance recently scored in cotton futures was wiped out today. The market open ed on the local exchange easy with July three points higher and other months one to seven points lower. These figures were the best of the day while at the bottom the net loss was eleven to seventeen points, with July leading the downward movement. The dominating influence was a report that another West Indian storm had struck Galveston and was breaking up the drought which has held Texas so long In grip that was very injurious to half grown cotton. This storm caught the local trade and the Southern and for eign interests pretty well loaded with new crop options. A scramble to dump this staple overboafd resulted in a pro- nounced break in prices throughout the list Smaller longs lost faith in their standing and also hastily unloaded. The early English market was about as ex- pected but when the rain reports reached there sensational break began, reach ing a level five to five and half points under last nights closing at the lowest. In the early afternoon bulls directed at tention to the fact that the weather for coast did not point to general rains in Texas tomorrow but indicated continued drought over the rest of the central and western belt Moreover a storm was said to be approaching the South Atlantic coast where dry weather Is now much needed to save the crop from grass and lice. But the room was skeptical and re- fused to take the bull side, preferring to await tomorrows cables and weather map. While there were some reactionary movements the general course of the market was disappointing all through the last hour Closed easy at net decline of ten to nineteen points,
 | New York, July 10.-Cotton dull; mid ding, SEC; net receipts, 7O5; gross receipts | 4123; sales, 5256: stock, 1S0,237; exports to l Great Britain, 746; exports to the conti- nent, 900.
 | Total today: Net receipts, 60O9; exports | to Great Britain, TAG; exports to the con- tinent, 5231; stock 407,115.
 | Consolidated Net receipts, 34,730; ex- ports to Great Britain 34,4S7; exports to | the continent, 26.H2.
 
 | 7,337, ,37S; exports to Great Britain, 2.947,- | 73S; exports to France, 707,3G; exports to | the continent, 2,465, 655
 New Orleans Cotton Market. I New Orleans, July 10.-There was very | little doing in the spot cotton market to- | day Buyers were looking about as usual, but showed no disposition to trade. The | latest downward turn in contract prices 4..R, far | measure of caution into the purchasing | element and bids are accordingly being | made somewhat below the level of quoted | values Factors however, ar holding on | we'll for full previous prices Sales. 1,250 | bales, including 400 to arrive. Quotations | unchanged.
 In the market for contracts there was a moderate measure of activity this fore noon, though most of the trading was in | the way of October engagements. Liver | pool was unchanged for spots, but fell off | 3-64 to 4-64d on contracts, presumably un- l der influence of the withdrawal of support | from this side. The first call figures in- dicated break of to Il points from last | evenings level, except for July, which | was 2 points up. Later on the market
 eased off gradually until the close, when
 July showed a loss of 13 points, August, | 12; September, 1S and the other months | IA to 16 points each compared with last
 nights closing
 | New Orleans, July 10.-Cotton, easy;
 sales, 125O; ordinary, SIS; good ordinary,
 1916; low middling, 7t; middling, S2s;
 good middlng, S%; middling fair, g,
 nominal; receipts, 2317; stock, 91,S05. | Consolidated statement: Receipts, net | 34,735; exports to Great Britain, 34 437; | continent, 26.Sl2; stock, ,115.
 New Orleans, July 10.-Cotton futures | quiet and steady; July, s.17@S.20; August, | 7S7@7Ss September, 7.460749; October,
 7S39734; November, Zs3Q734; December. | 7.3297.S3 January. 734Q7 36; February, | 7.36Q7.SS.