The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1919-11-22
COTTON BEARS
LOSE HEAVILY
PRICE ADVANCE
Market Is More Bullish Than at
Any Time in Last Sixty Years
Says President of American
Cotton Association.

Columbia, Nov 21.-The conditions
bearing on the price of cotton are more
bullish than they have been before
in the last sixty years, said ]. Skot-
towe Wannamaker, president of the
American Cotton association in a state
ment issued today.
Mr.. Wannamaker declares that bear
spectators in the north and south
are caught for tremendous losses; that
New York has Liverpool caught for a
shockingly large sum; that manipula-
tors who have been permitted to
switch their contracts from time are
now seeing to switch them from De-
cember and January, both of which
months are terribly overloaded. to
March and May and that one of the
largest spectators in the south who
was caught recently made an offer of
81, ,00o, 900 to cancel out his contracts,
which was sold at much lower prices.
"When the war broke out in 1914
the Liverpool spinners had the New
York spectators absolutely by the
neck says Mr.. Wannamaker's state
ment 'HThe price of cotton was forced
down to unheard of prices. The ex-
change even closed and 1t was i'm
possible to sell cotton at any price
except to Liverpool at the price they
saw fit to pay. New York bulls who
were caught by Liverpool were forced
/ to pay fearful losses. Today the con-
dition is the reverse except that New
York has Liverpool spinners caught
for much larger amounts than Liver
pool had New York caught for in
1914.
In addition to this certain large
bear spectators in the south and
north are caught for tremendous losses
on the New York exchange. Both the
Liverpool spectators and the north
ern and southern spectators have
been permitted to switch their con-
tracts from time to time at tremen-
dous additional losses for making the
switches. These contracts are now
switched into December and January.
Both of these months are terribly
overloaded. These manipulatorS are
now making a desperate effort to in
duce the New York bulls to permit
them to switch March and May. It is
very questionable as to whether this
will be permitted or not. One of the
largest spectators in the south who
was caught recently made an offer of
two million dollars to cancel out his
contract which was sold at much low
er prices. This was refused Under
existing conditions the New York
spectators who absolutely control the
situation claim not only the pound of
flesh, but the hoof, hide, hair. blood
and bone.
Another matter of grave concern to
the bears is the fact that a tremen-
dous amount of spot cotton was sold
to certain European interests last
summer when prices were lower. In
addition to this. there is tremendous
amount of cotton bought for May and
lower months. The cotton now sold
to the New York and New Orleans
exchanges, and the cotton contracted
for by certain European interests for
last summer is far in excess of the
available cotton today, including the
cotton today, including the cotton un-
gathered in the fields. In their des-
peration to escape from the trap, tho
bears have used every known me- ms to
break the market so as TO force the
spot holders TO sell spot cotton with
which to enable them TO fill contracts