New-York tribune., 1910-01-11
COTTON TUWBLES.
Bull Leaders Fail to Check
Sharp Decline.

notwithstanding the presence in the local
cotton pit of Frank B. Hayne and William
P. Brown. two of the bull leaders, who ar
rived from New Orleans on Sunday with
the reported intention of conducting a cam
paisn here for 20-cent cotton, the price OF
that commodity experienced one of the
worst slumps in its history on the local ex-
change yesterday, the March option drop
ping so points. or 81 bale, from Saturdays
close. and the other active options declin-
ing almost as much.
The market opened firm at an advance of
4 to il points under heavy buying by COM
mission houses and good Wall Street sup
port. The publication of the government
ginning figures. which were regarded as
fully confirming the reports of very short
crop. induced active covering by shorts and
prices went up several points more, May
and July going to 1919 cents March TO
1902 and January to 1872. after having
opened respectively. at 1915, 1913, 1895
and 1870.
After this show of strength. however, the
market became weak and unsettled and
after the first hour a flood OF selling orders
came into the market which broke prices
"a to 40 points from the high level of the
morning. The bulls. headed by Messrs.
Hayne and Brown, who remained calm in
the general excitement, made effort TO
stem the tide, but seeing the drift of things
gave up the attempt and began taking prof
it's with the idea, apparently. of letting the
bears sell themselves Into a hole" The
latter did not hesitate to take advantage of
the opportunity to break the market further
and continued 10 hammer prices down until
they were nearly S5 bale under the high
point of the day. Many stop loss orders
We're uncovered on the way down which ad-
ded 10 the decentralization of the market, and
the unloading of enormous quantities of
long cotton continued throughout the after
noon although there We're occasional brief
rallies caused by short covering. The close
was weak at near the low point of the day,
the net declines ranging from 81 TO so
points, or 50 10 TO 81 bale May closed
at 1894 more than 100 points below its
high record for the season; July at 1894,
March at 1911 and January at Il 500.
Washington, Jan. 10.-The report of the
Census Bureau, issued to-day, shows that
o,646.2S5 bales of cotton. counting round
bales as half bales, were ginned from the
growth of 1909 to January !, 1910, as COM
pared with IL, 465 29S bales for the crop of
1905 $751; for the crop of 1907. and
l1,741.0S9 for the crop of 1906.
New Orleans Jan. 10.-Another sharp
break in the cotton future market this
afternoon carried the July option down
TO 1900, a point S. a bale lower than the
high level Of the day. There were heavy
declines in other options. CONSERVATION
prevails in many quarters and a further
slump is feared.
Within the hour following the opening the
volume of selling orders became so great
that prices finally broke 81 so bale The
May option went TO 15.sSc. a break Of 90
points, and March dropped % points, going
10 15.64c The heavy selling largely of
a realizing character, orders pouring in
from many points through the South. Many
holders of cotton were closed out when
nothing was forthcoming to keep up their
margins, and great excitement prevailed in
the ring