The Birmingham age-herald., 1911-08-05
 COTTON MARKET PASSES DAY IF W|LDESI TRADING Spectators Bewildered By Wide Bulges and Quick
 Slumps
MARKET IN HANDS
 OF MANIPULAT0RS
Sensational Drop of 9 to 56 Points Follows Big Advance of Morning Trading Clique
 Is in Charge

New orleans, August 4.-Today's session in the cotton market was one of the widest of recent years Extremely wide hulges were followed by slumps that left scores of bewildered speculators nursing losses in their wake. In the early session the scaiping element counted immense profits on the long side but in the after noon session these profits were replaced i by losses. At the highest of the day the trading months were g to 40 points over yesterdays close, or g a bale up; at the lowest prices were Il to 25 points ander yesterdays last quotations. From the highest to the lowest there was t drop of 2b to 56 points. No such fluctu- ations have been seen in months. The market closed at the lowest. According to the gossip of the market the wild price changes were entirely dus 10 the manipuative tactics of a new and powerful clique just entering the market This clique bought heavily in the early hours and kept shorts on the run to cover; when this ammunition was about ex- i haTsted and the rings were buying heavily for turn on the long side the clique suddenly commenced to sell and SO heavy were the offerings that prices crumbled away in the twinking of an eye. In the morning the tone was firm; in the afternoon it was weak.
 Absolutely no crop developments, nu changes in the trade situation were re- sponsible for the fluctuations The mar ket was first bought up and then sold down At the close of the day some of
 the oldest and most experienced traders were willing to acknowledge that they had been "whipsawed" in the most thor ough fashion.
 It is generally supposed that the fact that the Liverpool market will be closed tomorrow and Monday had much to do with the manipulation and in connection with this the refusal of the New York cotton exchange to close on those days is now regarded as significant The New orleans cotton exchange building Is undergoing extensive repairs and brokers here thought that if they closed with Liverpool it would give the workn,sn 'rS good chance to finish up. Telegrams wero sent to Kew York asking if that market would close but traders there refused m the most emphatic manner.
 Opens Firm 1 The market opened firm at an advance of 27 to s1 points and did not stop rising un- tii near noon when the trading months were Ss to 40 points over yesterdays close. This was rise of two dollars a bale Shorts scrambled to cover in the greatest confusion and longs bouhgt | tafina were on their way to over the 12-cent level.
 The market was a manipulated affair Even the bulls did not deny that Large operators have, according to rumor, re- gently formed a new clique for the pur- pose of putting new crop prices up. They have succeeded in running in a large short interest and in stimulating fresh tullish interest in the staple Thus far their operations have been brilliantly successful. It is said that in the three biz markets of the world they have bought over a quarter million bales of cotton.
 Buying by this clique started in the Liverpool market early in the day and caused heavy short covering. It caused the excited opening here. The weather mar could hardly have been more fla vcrable and crop accounts were also Ia vorable. Sheer buying put the market up. Around 11.5O for December, there was fresh short selling but the bulls filled the ring with buying orders and the shorts were glad to get their cotton back at a loss of ten points. Toward noon December sold at 1163.
 In the afternoon session the market did a right about face that startled the oldest traders. With the tone strong and the new crop apparently on it's way to the 1, cent level. the leading bulls suddenly turned profit-takers and the market broke in as sensational manner as 1t ba6 risen in the morning session. Buy CTS of the early hours were glad to throw their cotton overheard at a loss Scores of room traders and ring scalpers were "yhip-sawed" into heavy losses. The market closed practically at the lowest or the day, Il to 25 points under yesterdays close and s to 55 points down from the highest.
 Now York August A big overnight iump marked a continuation or the new hull movement fin the cotton market. Flrst prices this morning were about so-oo per bale above the low points of last Mon day.
 Peactions of 10 to II points followed as a result of realizing, and southern selling, but very heavy offerings were readily ab- sorbed and the market became 1rmer again toward midday on d TeHoWdi ol sth- eral covering and bull support, with Oc- tober selling up to II 75c or se per bale above the closing figures of yesterday and about es points above the low records of the week The market was excited and extremely unsettled The old time market leader Theodore Price. was generally cred tied with the management of the new bull clique which is supposed to have be- come active in the market following the publication of the August bureau report.
 Rumors that the new bull pool was making profits led to a renewal of gem eral selling during the afternoon Prices broke quite as rapidly as they had ad- vanced during the morning, and lost all their early advance. The readiness with which prices declined led to the belief that the events of the past two days had been tho result of a bold bull raid rather than any change in general conditions. for, hearing" said Senator Smith of Michigan. and comes with poor gracs from that side of the chamber. The truth is the senator '(Overman has been