The sun., 1916-12-09
BEAR RAIDERS DROP
COTTON So BALE
Many Small Accounts Wrecked
and Numerous Long Lines
Forced Out.
GINNING IS A SURPRISE
Weakness in Liverpool and
Submarine Reports Also
Help Strong Drive.

A larger ginning estimate than antici-
due and news that several more steam
ships havo fallen victims to German
submarines formed the basis on which
bears In cotton yesterday conducted the
most sensational raid of the season. BE-
10re they had completed the drive they
had forced quotations down s. n bale.
had wrecked many n small account
hanging onto the market by "A stop
ioss order. had forced out n number Of
long lines OF cotton and had given the
bulls much the same sort of shaking they
have been receiving.
The bell left the market IN a weak
and feverish condition. with quotations
showing net losses OF from 30 to 81
points. the latter being In the active
months. TO which alinost all operators
turned their attention.
A surprise In the ginning figures gave
the bears their main toe hold. A re-
port of 100000 to $4,000 bales ginncd
IN the last period was anticipated. In
stead. the figure was $4,000 bales.
bringing the total crop Rlnncd TO Mo-
vember 30 TO 10.35s, 900 bales. and In
dicating a larger crop than the trade had
anticipated.
From the opening the quotations
dropped rapidly all day. Orders TO sell
reached the ring from every source.
Commission houses. Liverpool and
Southern interests were the heaviest
sellers. New Orleans and Wall Street
Afms were buyers on n moderate scale
during the day.
sharp rallies followed the first break.
which carried the quotation into new
low ground for the movement. with some
mesh buying as the prices coursed below
h 20 cent mark. II was not in suf-
hcient volume. however. to stem the
bearish raid and to absorb all contracts
that were mercilcssly thrown on the
market. The lowest OF the day was
around noon, under heavy stop loss SELL
Ing and general liquidation. Prices az
h lowest. In comparison with the high
of November %. were down eos to els
points. or more than $40.
Selling continued heavy during the
afternoon. with pir;icular attention to
me news Of submarine activity and
tension. Spots generally were weaker.
In New York the decline was 30 points.
to 1915 for mlddling cotton. The de-
cline In the South ranged from 10 to 20
points. with little doing in the trade.
Deopite the lower prMcs dealers with
Southern connections maintain tina lit
~ cotton Is to he had at tho prevailing
figures. Sales In the South were re-
ported to be almost entirely Of hcdged
cotton.
Weakness characterized tho market at
u close. although tho last was no, the
lowest OF the day. with the exception VI
December contracts.
Reports for the week isi. TO bales. sgains,
ll4W3 LIST year. Masking :,s0s. COG 81 far this
seoeon. against l.971.!Bs last year. Weekly
meve1Aent figures Of New York Cotton TX
clnnse: Port receipts ~. 7is. against :.5.
- last year overland 10 mills and Canada
u.e~1. against <S,63 southern mill takings.
eetanated. 1900. against 100. 200 gain ri
steeks at interior towns is.i77. srninst ~. $50
hfrselht into sight for the week So. ssj. against
~ Total crop movcmcnt-Iort receipts
A,Q0,3U. sGainSt 3.5c5, is last year overlani
- MILLS and Canada 40. ss2. against els. soj
HSsthern mill tatings 1850, ~. against ISIS.
~; stocks at interior towns IN rNccss ~
Ao1..1. 80. 22l, against yS3. sss brought into
s!fht thus fer for season 7,sos, 10, against G..