The Birmingham age-herald., 1911-07-21
COTTON MARKET
 CRUMbLES AGAIN July Declines 5 Points and August Loses 2S Points
 Under Yesterday

New Orleans, July 20.-Priees in the
 cotton market crumbled again today un-
 der liquidation. At the lowest July, the
 spot month, was let down 55 points un-
 der yesterdays close and August lost
 S points while the new crop months lost
 19 points. But for the fresh liquidation
 from the long side the market would
 have reacted. as shorts were anxious for
 their profits and were better buyers than
 sellers.
 Little attention was paid to the legti-
 mate news of the day. The market was
 filled with wild rumors which increased
 the nervousness of the longs still holding
 on In the early part of the session cable
 messs ges from the Liverpool market stat ed that the sitsation In Morocco was causing anxiety. This was twisted into the statement that war between France and Germany was imminent.
 | While this caused no selling among local
 traders, it probably caused weakness
 among interior longs. The messages bearing this statement came from the
 contradcted by local brokers, who were in cable touch with French and German cotton buyers. The market opened to 8 points up on much better cables than
 due. This was only slight response
 tc the rise on the other side, but a wider
 rise was impossible, owing to the selling
 out of cotton bought late yesterday in
 the expectation of a sharp rise. After spell of nervous trading in which prices I not r,at .I,z ! up and the more active months were put l.2 to points over yesterdays close On Ithis little reaction fresh liquidation came from the long side and was in evidence during almost all of the session there after. Brokers who do much trading 1 for prominent members of the bull clique were conspicuous sellers.
 | Prices gradually crumbled away until July in which very little trading was done, was down to 1455c, or 55 points
 under yesterdays last quotations; August
 lost 2S points at 2.1c and all of the &C., tive crop months lost 19 points, Decem- Der touching 1850. At the lowest, July
 was $2,75 a bale down and the new crops
 were practically s1 bale down. The market closed with much talk of
 an overdue reaction but at a net loss Of to As points. All of the new crop months
 closed only points down, profit taking by
 shorts being heavy just before the end of the day. No attention was paid to weather or crop news at any time. The
 map was more favorable than otherwise
 and crop accounts were encouraging. rr,. tt,o size up the technical situation of the mar ket.
 | New York July 20.-Afte showing a somewhat steadier tone during the days early trading and a rally of about 10 or l 12 points from yesterdays low prices, the cotton market again weakened. Prices broke into new low grounds for the sea son with July selling off to l3c or 45
 points under the closing figures of yes
 terday, while August sold to d net loss of 27 points and all the new crop posi-
 tions broke below the 12c level, witr
 January touching Ii 90c or ahout IT points net lower. tt.
 While trade interests were large buyers on breaks, the demand became less ac- tive on advances and the market showe.
 comparatively little improvement during the early afternoon
 There seeced to be no particular item l in the news to inspire additional conf dence in the predictions of lower prices but the first time in two years the mar ket seemed to be completely dominated by bearish opinions and the market now appears convinced that no material de- tcrioration can occur durng the usually trying month of August or during the | frost period