The Richmond Virginian. (Richmond, Va.) 1910-1920, 1916-12-12

Quotations by Miller Il Co.. Members
New York Cotton EXCHANGED

New York. Dec. ia deluge OF
selling orders after the issuance of
the Federal Department OF Agricul +
lures estimate on the crop caused an
other big slump IN cotton market to- /
day. Trading was the widest in
years and alterations In prices prob i
ably were as wide as any ever es-
tahlished in the history of the local
exchange. Excellent buying finally
checked the downward movement.
Notwithstanding assertions OF bears
that the report had eliminated the
last hope Of bulls. together with the
unfayorable insurance situation. The
business transacted aggregated huge
total
Declines Of 3 to IL points were re-
corded AT the opening and the tone
was easy. Stop-lobs orders were
caught at the lower levels. but when
this supply and the selling by spot in
terests and some commission houses
had been absorbed. there seemed to be
only a limited amount of cotton avail
able. After the call the demand in
creased materially. but no supply
came out except Mt advancing bids
and by the end OF the first fifteen min
ntes rallies of 10 to IT points were
scored
renewal Of liquidation followed
an announcement of an advance in
marine war risks toward the middle
of the morning and January sold on
TO 1850 and the general list to net
loss Of about Is to 33 points. The
tone was nervous ans unsettled.
Following the publication of the
! government estimate March tumbled
! from 1883 to 1920 on excited selling,
then jumped to 1850 and Immediately
dropped TO 1880. representing one of
the greatest changes ever witnessed
on the exchange IN a. short a time.
To the many who had been looking
for yield Of around II, 300. 900 bales.
I the government fguAe of 1l,511 900
bales was a hearish influence and II
brought out many big lines that re-
sisted the heavy declines of the last
week
Trading Enornous Scale.
Throughout the last hour trading
( was on an enormous scale, the total
/ for the day probably exceeding any
thing since the days 0f Sully. At the
low point, huge buying orders for the
/ account Of prominent spot interests
( made their appearance and this sup
! port, with heavy covering by shorts,
/ rallied prices from 30 to Is points,
/ The close was steady at n net loss of
! ~ 10 96 points.
/ Port receipts for ths day were AZ,
/ G61 bales compared with 2s,ess bales
last yeaI-NeW- York warahousa- stocks
! are 1856 bales against 256.s40 bales
year ago. Exports for the day were
46.434 bales including 39.345 bales to
Great Britain; l,592 bales to the Con-
tinent and 5.49T balea 10 Japan and
+ China. ClearanCes foi the season TO
! date aggregate 2sS9ie0 bales. COM
pared with 2.044429 bales for the cor
responding period las: season
/ Spot here was quiet. rs points low
er at 1Sc; there were no sales. The
spot article at New orleans was nomi
nal and unchanged on the basis OF
1863 for middling; tho sales were 426
bales.
Receipts al New Orleans were 5.o27
bales. Savannah. &.53l; Charleston. 3as.
Liverpool spot cotton today was In
moderate demand at 40 points lower.
on the basis OF lIs2d for middlinR
upland. The sales aggregated 1000
bales, including 5000 bales American.
The imports were $1,000 bales. all
American. The market for futures
closed at a net decline of 27aS3 points.
Closing