One dull morning last fortnight brokers on the New York Cotton Exchange were getting ready to take off their linen office coats and go out to lunch. Suddenly for no apparent reason one trader sprang forward to the ring, announced he would sell cotton for 11.80¢ per lb. 20 points below the price at which that staple has been virtually pegged by the Government for seven months. A violent wave of selling broke over the market, uncovering nests of stop orders. The price fell 10 to 20 points on each transaction....
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