The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1911-07-27
BULLS DRIVEN TO ROUT.
Forced to Throw Over
Their Heavy Holdings.

New York, July ia renewal of
the heavy selling movement in the
cotton market to-day seemed calcu-
lated to remove whatever doubt may
have existed following the big decline
of Tuesday, that at last leading bull
interests, including Eugene Scales,
Col. Thompson, the New Orleans op-
orators. and others who have figured
so prominently in the market reports
of the last two years as having taken
fortunes out of cotton, 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, 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.
Bulls Forced to Retreat.
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, it is supposed the
bulls found themselves practically the
only supporters 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-
fected 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 seemed OF
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 ex-
pectation of a very favorable August
condition report and the demoraliza-
tion of the bull party.
Trade Interests Busy.
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 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 plant
er with reference to marketing his
yield at the lower prices.
After the early sensational break,
lull in the liquidation movement to-
wards midday permitted rally OF 6
to points, but the market soon
weakened again under selling that
was every bit as active and as urgent
as any noted since the beginning OF
the bear movement, and for the first
time in nearly two years January con-
tracts broke below the 12-cent level.
August was relatively weak on this
decline, selling at 1888 or 1925 per
bale under the closing figures of yes
terday, while new crop positions
showed a net loss of about 20 to ~
points. Trade interests were again
heavy buyers and in connection with
covering by shorts checked the break,
but some of the old bull brokers con-
tinued to sell and rallies were limited.
The final tone was very steady,
however, at the net decline of II to-
AZ points, with August closing at
1892 and January at 1906 after
that month had sold at 11.99.