Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-10-02
The World Of
Finance and Trade
NEW YORK COTTON
FORCED LIQUIDATION CARRIED
PRICES DOWN THIS MORNING.
Special Dispatch to The Star.

Special Dispatch to The Star.
NEW YORK, October 2-There was forced
liquidation in cotton this morning that car
ried prices down more rapidly than at any
time since the break started. From 1885
January ran off to 1913 and from 1859 De-
cember ran to 10.41. Trading was on a
larger scale and some operators seemed to
have large selling orders on the way down.
Cotton bought for advancing prices. on
the theory that when holders of October
contracts took the cotton prices would
strengthen, came on the market on the fall
ure of values to maintain the recent level,
the fine weather in the south up to within
few days has left the September deteriora-
ton smaller than the average figure and
the. fear of another surprisingly favorable
showing from Washington tomorrow led
many holders to get out of the market.
This feeling began to be noticeable on Fri
day and was the feature of Saturday.
When the traders considered the decline
or but 2 or 4 points in conditions and
the comparatively high prices. when the
long interest in the market was taken into
account and the large quantity of cotton
coming here for delivery on October con-
tracts a feeling of uncertainty began to
spread. and when Liverpool showed weak
ness this morning holders rushed to sell.
It did not take long to start a break and
the selling then became urgent. There was
no effort made to force the market In
fact. actual cotton came out faster than
there was any demand for.
MANY shorts brought early on the break
ana this left the market without necessary
support to hold prices when houses began
the market broke rapidly until nearly twen-
ty points had been knocked off the
price of some months. There was more
haste to sell than has been shown since
q
December broke to 1910 and this morning
sold back to 10.41. Very little progress has
therefore been made in the market during
the month.
There were several factors operating
against the execution of buying orders that
would stem the decline. The taking I'D of
October cotton failed to act on Me market
as many had supposed. and rainier than
take risks holders threw their cotton on
the market. Then so much cotton sNpoi1ted
this way that the load is an increasing
rather than a diminishing one The Gin
ners' Report today was expected to point
to larger figures rather than to small ones,
and this helped to unsettle the trade
But perhaps the most important factor
was the belief that the figures from Wash
ington tomorrow would be higher than the
average trader had been led to expect by
reports from the cotton belt during Sep
TENDER. Those whose figures generally
come pretty close to the Washington condi-
ton indicate a decline of but three or four
points This would give condition of any
where from 81 to 60 as compared with JS.3
In 1902, GA in 1901 and 81 In 1900
With the acreage about the same as dur
ing these three years the better condition
would point to a crop of over 1O5Go, 600
bales, and in view of the surplus from last
season and the old cotton left In the south
to come in, prices are at liberal figure.
1t was the uncertainty over the receptions
spinners would give figures as high as "
or 60 that left the market without the sup
port that has heretofore been In evidence.
The census figures showed 2, 35S, 600 bales
OF cotton ginned, and the figures were not
as large as many expected. On the show
Ing shorts started to cover and prices ran
up sharply ten points. The demand i'm
proved somewhat, but the tone continued
nervous and feverish, with opera tors wait
ing for the figures tomorrow.