Evening star., 1916-12-10
COTTON MARKETS.

NEW YORK, December 9.-Yesterday' s
big break was followed by further sensa-
tional declines in the cotton market to-
day, with the selling SO active and excited
that at times prices broke some 10 or Is
points between transactions. Heavy mar
gin calls necessitated by the slump OF the
previous day appeared to have brought
in selling orders from all directions. and
il was not until March contracts had been
sold at 1850, or IS points net lower. that
the decline was checked. The close was
at 1906 for that delivery, and the final
tone was steady at net loss of II to
"a points.
The opening was comparatively quiet
with first prices points lower to
points higher on little trade buying
and covering. Offerings very quickly
increased however, and it was soon ap-
parent that long cotton carried over
yesterdays big break was being press
ed upon the market. For a time the
selling was SO heavy that the ring was
practically demoralized- The rapid de-
cline uncovered stop orders faster than
they could be executed. and. before the
selling slackened, January contracts
had sold at 1895 and May at 1880, or
about 60 to IS points under last nights s
closing figures. This made break of
1873 to 1874 points from the high level of
Thursday afternoon and of aboout s14
per bale from the high records for the
season. and established just. before
Thanksgiving. The market then stead
led on active covering for over the
week end and the government report
expected Monday. Rallies met further
liquidation, but the selling was not Sc
urgent and last prices showed recov-
cries of about 40 to 55 points from the
lowest.
There appeared to be nothing in the
news, SO far as reflected in the talk
around the ring, that had served to
stimulate the days selling movement
and the decline was attributed to q
renewal of the urgent general liquida-
tion which had started after the pub
lication Of the census report on Friday
morning. No fresh views were ex-
pressed as to the probable showing OF
the governments crop estimate on
Monday and no material change was
reported in the southern spot situa-
ton.
Estimates by lis members of \the
New York Cotton Exchange as to the
size of the crop. excluding linters
| ranged from 10.s7s.00O to 1880. .O0t
bales and averaged 11,427.000.
| for the season. 4.357,925 bales. Exports
| today. 34.120 bales; for the season. D.
64s.21s bales.
Port stocks, 1,552,s72 bales.
| NEW ORLEANS. La, December g.
Extreme weakness again was in evi.
dence in the cotton market here today
| severe hammering by bear trader,
| bringing out liquidation on a large
| scale. AT the lowest levels prices were
| 40 to 65 points under yesterdays close
This wide decline stimulated muct
profit taking from recent sellers who
did not care to carry their contractl
over Sunday and the governments es.
innate of the crop Monday. and on thi,
buying prices made a good recovery
| the market closing steady at a me-
| loss of 26 to SO points.
| There were no new features to excit,
| the decline and the selling seemed t.
be a continuation Of yesterdays move
ment. The effect of bear pressure OF
| the market was intensified by the un
favorable tone OF Washington dis
patches relating to the submarine is
| sue between thisncountry and Germany
| Around the opening the market wa
irregular, first trades in the nea
months being at q rise of to Z points
while the distant months opened at 1
small loss.