The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-07-20
LOSSES OF BULLS
REACH MILLIONS
Prominent Figures in Cotton
Market Throw Over
Their Holdings.
RENEWAL OF HEAVY SELLING
Trade Interests Are Heavy
Buyers and Check Days j.
Break.

New York. July ia renewal of
the heavy selling movement in the
cotton market to-day seemed calcu-
lated TO remove whatever doubt may
nave existed, following the big de-
chne OF Tuesday, that at last leading
bnil interests. including Eugene Scales.
colonel Thompson, the New Orleans
operators. and others who have :igured
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 we're ventured during the
gay, as 70 the probable losses OF the
bulis and their friends. all OF which
ran up into the millions.
Inc impression appears to be THAI
the bulls. emboldened by the success
or the past Two years had maintained
their position on the market. owing
10 me strong statistical position or
the ola crop, and an expectation that
drought In the South and the boil
"eeVil in the central belt would cause
another partial failure of the crop.
win trade reports unfavorable the
drought in Texas relieved. new crop
cotton already beginning to move. and
promising an unusually heavy addition
10 old crop supplies during the sum
'ner II is supposed that the bulls found
port OF the market at time whom
southern offerings against prospective
Yields we're likely to Increase steadily,
ana that the heavy selling OF tho past
several days has reelected the practi-
Cal abandonment OF their holdings.
IN spite OF feeling that rallies were
10 be anticipated after such drastic
Hiuidacon as that OF several days past.
I"cal sentiment still seemed 0! very
hearish average. after the close o,
business here Tonight. and there was
,a!k IN some quarters OF II and ever,
II cent cotton, owing 20 the expectal
tlon OF a very favorable August CON
hltion report and the decentralization
OF the bull party
Trade interests, however. had been
heavy buyers Of both old and new
crop deliveries during the dav. ana
many who had sold before the big de-
cline started, appeared to be taking
prohts on their short cotton, possibly
10 walt FOR further reports on the crop
which however brilliantly Il MAJ
promise, is admittedly not yet assured
ana for u better Idea of the attitude Of
the Southern planter. with reference
I" marketing his yield at the lower
prices
After the sensational break. luil
In the l!qu,da,ing movement toward
midday permitted Of a rally Of or :
points, but the market soon weakened
hgain, under selling that was every bi:
as active and as urgent as any noted
since the beginning OF the bear move
inent and for the first time in nearly
Two years, January contracts broke be-
low the IL cent level August was re-
latively weak on this decline. selling
al 1882 or s225 per bale. under the
closing figures OF yesterday, while new
crop positions showed 4 net loss Of
hhout 20 or 90 points. Trade interests
We're agG.r heavy buyers. and in con-
motion with covering by shorts. check.
cd the break. but some OF the old bull
brokers continued to sell and rallies
were limited.
The final tone was very steady. how
ever. at the net decline ofl2@+2 points,
with August closing at 1882 and
January at 1906 after that month had
sold at 1899