PANIC SELLING OF COTTON
Ileceived Sunday, 7 p.m. XK\Y YORK. Oct. 10. The nation \s cotton exchauges closed today in the wake of the worst panic selling in the history of tlu' industry, which in the last three days. wiped nearly 400, (>00,0(10.. doll&rs olf thevalue of ].'»,0O(),0()0 bales now held by the (iovernment and j)rivate interests. Trading will be resumed on Monday it brokers and dealers can by tlien catch u]) on the business of the last thre days. Prices sufl'ered the sharpest drop ever recordeil, falling from the record level of 40 cents 11). to 04 ceuts. The heavv liquiriation is blaiued bv some observers, on tlie l'ear that decontrol will bring a violcnt readjustment oi prices, but others believe it to be a logical read.iustment of prices to a realistie level. Warrington has ordered an mvestigation t'ollowing a clnirgi that the break is due to a coneerted bear raid on the market.
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Chronicle (Levin), 21 October 1946, Page 5
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155PANIC SELLING OF COTTON Chronicle (Levin), 21 October 1946, Page 5
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