New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1916-12-09
Cotton

On tod Of an early decline Of about
40 points cotton prices dropped with
amazing rapidity in the afternoon, los
ing about So points more inside of ten
minutes. This brought January down
to 1890, March TO 1910, May to 1894
and July 10 1885, or from 100 to 1O6
points below the closing level of Thurs
day-a decline OF over 50 bale. The
days lowest figures represented losses
of about 2i3c. per pound compared
with the highest prices established late
last month-roughly sli a bale.
A rally OF about 20 points followed
this remarkable break, being the only
noteworthy upturn of the entire SEES
sion, and all of this was not retained.
The sensational decline was said 10
have been caused almost entirely by
enormous liquidation of long cotton
the particularly rapid drop in the at
ternoon being traceablc to the eXecu-
ton of a world of stop-loss orders.
The market was started on Its down
ward course by the fact that the Off
cial report on the quantity glnned was
in excess of general expectations, while
the weak closing in Liverpool, more
pessimstic opinion as TO British pollt-
zeal Developments and the renewal or
a decidedly brisk submarine campaign
by Germany all served TO accelerate
the decline afterward.
For a time the downward movement
was checked 10 slight extent by the
buying on the part of some of the big
trade houses, who were supported
somewhat by room operators and by
buying orders from New Orleans. In
the mean time Liverpool traders were
decidedly heavy sellers, while huge Of
ferinps also came from Wall Street
and the South.
The decentralization was made com
plete when enormous selling orders
were received by wire from the West,
il being stated that holders there
threw over fully 100000 bales Of long
cotton, buyers being discouraged partly
by the failure of a remarkably bulllsh
Chicago crop report to cause strik-
ing advance.
The Washington report placed the
quantity ginned between November Is
and November 80 at 740,290 bales. max
ing the total since August | l0,359,3l6
bales, or from $4,000 TO 100000 bales
more than expected. For the last hall
of November last year the total was
larger, viz: 932, 1897 bales, but the total
for the four months was only 9,703,6l2
bales.
Naturally the fact that ginning had
been so much heavier than supposed
encouraged more optimistic ideas as TO
the probable size of the yield that will
be indicated by the official crop report
to be issued on Monday.
Advices from Southern spot markets
were mixed. Savannah reported that
holders were refusing to make conces-
sions and New Orleans showed sales
Of 2,4l2 bale. at Thursdays price,
1880. On the other hand. $50 bales
we're sold in Norfolk at 1sbc., or l2c.
decline, while Augusta had sales of 299
bales at l9s4c, or sc. decline.
Prices in Liverpool were about as
expected during the early trading, but
broke with striking rapidity toward
the close, when losses of % TO 81 Eng
lish points about so American were
shown. The quantity brought into
sight for the week was placed at $751;
s65 bales, against 513,707 bales year
ago. The worlds takings of American
cotton were reported as 4l4,675 bales
compared with 356,OSl bales year
ago