St. Tammany farmer. [volume] (Covington, La.) 1874-current, 1911-07-22
DECLINE IN
COTTON
The Bulls Get Cold Feet
and Turn Loose.
A Scramble Follows to Get
Rid Of Holdings.
Crop Conditions Turn Out
Better Than Expected.
Breaking of the Drought in
Texas Aids Fall.

| New York, July ia renewal o
the heavy selling movement in tht
! cotton market today seemed caleu
lated to remove whatever doubt thaI
may have existed following the big
decline of Tuesday, that at last lead
ing bull interests. including Eugene
Scales, Colonel Thompson, the New
Orleans operators, and others who
have figured $50 prominently in the
market reports of the last two years
as having taken fortunes out of cot
ton, had Largely thrown over their
holdings. Various estimates were
ventured during the day as to the
probable losses of the bulls and their
friends, all of (which ran up into
the millions.
The Impression appears to be that
the bulls, emholdened by the success
ses of the. last two years, have main
tanned their position on the market
owing to the strong statistical posi-
ton of the old crop, and an expecta-
tion that drought in the Southwest
or the boil weevii in the central belt
would cause another partial failure
of the crop. With trade reports un-
favorable, the drought in Texas re-
lieved, new crop cotton already be-
ginning to move and promising an
unusually heavy addition to old crop
supplies during the summer, it is
supposed the bulls found themselves
practically the only. support of the
market at time Whep Southern Of
ferings against prospective yields
were likely to increase steadily and
that the heayy selling of the last
few days has@rsfsacSed the practical
we're to ne experteu d1rcr @ssfess 'S4-'--------
LIQUIDATION as that of several days
past local sentiment still seemed OF
a very bearish average after the close
OF business here tonight and there
was talk in some quarters of Ii and
even 10-cent cotton, owing to the
expectation of very favorable
August condition report and the de-
moralization 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 TAX
ing profits ON their short cotton,
possibly to wait for further reports
from the crop, which, however bril-
liantly it may promise, is admittedly
not yet assured, and for better
idea of the attitude of the Southern
planter with reference to marketing
his yield at the lower prices.
After the early sensation break, a
lun in the liquidation movement to.
ward midday permitted of rally OF
six or seven points, but the market
soon weakened again under selling
that was every bit as active and as
urgent as any noted since the begin
ming of the bear movement and fol
tho first time in nearly two years
January contracts broke below the
12-cent level. August was relativel,
| weak on this decline, selling at 80
or 1925 per bale under the CLOSING
| figures of yesterday, while new crol
rositions showed net loss of abou
20 to % points. Trade interest
| were again heavy buyers, and in con
nection with covering by short
checked the break, but some of tn
old bull brokers continued to sell an
rallies were limited.
The final tone was very steady
however, at the net decline of y t
AZ points, with August closing a
1892 and January at 1906 afte
that month had sold at 11.99.