The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-07-22
COTTON BULLS ROUTED.
THEY HAVE LOST MANY MID.
LIONS.
heifef OF Drought and Expectation OF
Large Supplies From New Crop
Have Proved Too Much.

IL
New York, July ia renewal Of
the heavy selling movement in the
cotton market too seemed calcu-
ia'eo 10 remove Jer doubt may
nave existed ng the big de-
cline of TT = that at last leading
ouil I'D - including Eugene
scales -. thompson, the New Or
lear ~ Ators and others who have
+ ~ 50 prominently in the mar
-. eports of the last two years as
V ding taken fortunes out of cotton.
had largely thrown over their hol1-
ings. Various estimates were ven-
tured during the day as to the prob
able losses Of the bulls and thei-
friends, all Of which ran up into tho
millions.
The impression appears to be that
the bulls, emboldened by the success
Of the last two years, have maintain
ed their position on the market owing
to the strong statistical position OF
the old crop and an expectation that
drought in the Southwest or the
boil weevil in the central belt would
cause another partial failure OF the
crop.
With trade reports unfavorable,
the drought in Texas relieved new
crop cotton already beginning to
move and promising an unusually
heavy addition to old crop supplies
during the summer, 1t is supposed
the bulls found themselves practically
the only support of the market at a
time when Southern offerings against
prospective yields were likely to in.
crease steadily and that the heavy
selling Of the last few days has re-
fiected the practical abandonment Of
their holdings.
In spite of feeling that rallies
were to be expected after such dras-
tic liquidation as that Of several
days past, local sentiment. still seem
ed Of very bearish average after
the close of business here tonight
and there was talk in some quarters
OF II and even 1O-cent cotton owing
10 the expectation of a very favor
able August condition report and
the Generalization Of the bull party.
Trade interests. however, had been
heavy buyers Of both old and new
crop deliveries during the day and
many traders who had sold before
the big decline started appeared to
be taking profits on their short cot
ton. possibly to wait for further re-
ports from the crop, which, however
brilliantly it may promise, is admitted
rot Yet assured, and for a better idea
Of the attitude Of the Southern plant
er with reference to marketing his
yield at the lower prices.
After the early sensational break.
lull in the liquidating movement
towards midday permitted a rally Of
to points. but the market soon
weakened again under selling that
was every bit as active and as ur-
gent as any noted since the begin
ming of the bear movement, and for
the first time in nearly two years
January contracts broke below the l2-
cent level. August was relatively
weak on this decline, selling at 1888
or $2.25 per bale under the closing
figures of yesterday, while new crop
positions showed a net loss of about
20 to 22 points. Trade interests were
again heavy buyers and in connection
with covering by shorts checked the
break. but some Of the old bull brok-
ers continued to sell and rallies were
limited
The final tone was very ste adv.
however, at the net decline Of I2 to
AZ points, with August closing at
1892 and January at 12.O6 after
that month had sold at 11.99.