The Birmingham age-herald., 1911-07-19
EXCITING TIMES ON NEW ORLEANS COTTON MARKET Heavy Sales With Sensa- ti0nal Decline in All
 Futures
BULL CAMPAIGN NOW
 BELIEVED ABANDONED
Opening was 15 to 26 Points Under Yesterdays Close and August Finally Lost IS Points-New
 York Also Active

New Orleans. July 1s.-Today's cotton
 market was one of tho most exciting in many months, with heavy sales and sen- sational declines in all futures. Private
 reports from Liverpool early this morning | to the effect that the bull leaders were liquidatlng stirred up selling orders in all
 parts Of the cotton. world and futures on
 the New Orleans exchange opened at a
 wide decline. only to go still lower as
 trading progressed.
 1 When the trading was over 1t was the
 general opinion on the floor that the bull
 campaign in the summer months had been
 abandoned August, the most active old
 crop month, lost 4s points at it's lowest.
 or nearly half cent a pound. A couple
 of points more and it could have been
 s2.5o bale under yesterdays close This
 represented an enormous loss on the lines
 of long August cotton the bulls are sup
 posed to own.
 The new crop months were not as weak
 as August. although at their lowest were
 s1.75 a bale cheaper than on yesterdays close. The general opinion was that lead- l ing bull interests materially frightened 1 iheli lodd uuflng tue udN. One DrokeTdSo
 firm that does a large business for cer-
 tain New York traders was heavy seller
 at times. This was supposed to be llqu-
 dalton. The business done around the
 ring was the largest in many weeks, not
 even excepting bureau days. It Is we'll within the limits to state that the sales
 included 75,0o0 bales of long cotton liau-
 dated. in addition to the cotton sold short. Prices Crumble
 | Prices crumbled on the opening of the
 market Heavy selling was in evidence 1 in Liverpool before the markets on this
 side of the water opened and at the first
 stroke of the going brokers began to fill
 an immense accumulation of selling or l ders, wired in from all over the cotton course. These orders were fairly we'll di- vided between the two accounts, aceord- l ing to the gossip Of the ring. < fThe opening was 15 to e6 points under l. yesterday's close. Later August was 1s e points down and the new crops were 25 ,s to 27 down. There was comparatively lit-
 tie trading in the old crop deliveries. but
 for the anxiety of shorts for their profits land heavy realizing purchases on their part the decline would have been wider.
 Buying by shorts who wanted their profits
 was about all the support the market had. ] December sank to 12 .21c. or over a quarter of a cent under the F. 50c level below
 which the bulls have claimed 1t would bs impossible for the market to go because lof trade buying There was little trade buying in evidence this morning.
 Reports of heavy rains in Oklahoma ap- parently started the selling. Private mes
 sages from Liverpool said that heavy sell ing orders were coming from America. the continent. the Orient and the cotton
 world generally on the widely cabied re-
 ports that big American bulls were sell ling out. Friends of the leading bull oper-
 ators denied that there was any truth in this story. At the lowest in the slump
 that followed the opening. December was l 25 points under yesterdays close. This
 was a break of a quarter of a cent a pound or s1.25 a bale. The buying by shorts checked the decline and caused a reaction of about points. Toward the middle of the morning the market was quiet
 l August 43 Points Down Later in the morning the market weak ened again under fresh selling based on l the promise of more rain In the cotton country and what were called favorable weekly weather reports. August was put 43 points. or s2.15 & bale, under yester- days close and the new crop months were put 35 to 3e points under.
 In the last half hour of trading August l sold down to 13. 15c, drop of AS points, | or nearly 1ac a pound under yesterdays 1 last quotation. The new crops did not widen their decline. The market closed steady at a net decline of Is to A points. | New York, July 1S.-The cotton market 1 had a more active and exciting open 1 ing today than for months past, and 1 there was a sensational break In prices.
 Before the opening private cables had l been received from Liverpool saying bull
 dealers were liquidating, and when busi-
 ness started in the local market, prac-
 tically every broker around the ring was
 supplied with selling orders. First prices were at a decline of from % to 29 points, and while a rally of from 10 to 12 points | occurred from this level, liquidation of | long cotton continued.
 | The south was big seller and before midday August contracts had sold at
 B. .24c, or B 50 per bale below the closing price of yesterday, while new crop
 months were from s1 50 to H.70 per bale
 net lower, with December selling at 12.17c, against IS. .7Sc, the. recent high point. Continued rains in the southwest, inc creasing confidence in the big estimates of the coming crop, together with un-
 favorable trade advices, seemed to be | responsible for the general selling move ment including the fear that after two years of almost uninterrupted success the l bull leaders had at least found them- I eelves op tha xyrouy Sidp of ha arlat