MYSTERY INVESTOR
CAUSE OF COTTON BREAK LIQUIDATION FORCED (Rec. 10 p.m.) NEW YORK, Oct. 22. ■ Thomas Jordan, described as the world’s largest operator in cotton futures, was caught with 140,000 bales “ long ” on a declining market at New Orleans last week, whereupon his forced liquidation touched off the break in the cotton futures market. Some observers estimate that Jordan lost about 5,000,000 dollars. A firm to which Jordan was heavily committed for spot delivery cotton called last week for immediate delivery, but it said that he met all his obligations. Jordan, who is regarded as a man of mystery in the market, is reported to have once declared, “ Cotton trading is easy. Anybody can make 10 to 15 million dollars in it.” The market to-day ended a session •of hectic trading in cotton futures “irregular” at 175 cents to 425 cents below last Friday’s closing prices. The New York market closed at from 475 cents a bale lower to 160 cents higher
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Otago Daily Times, Issue 26290, 23 October 1946, Page 8
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162MYSTERY INVESTOR Otago Daily Times, Issue 26290, 23 October 1946, Page 8
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