New-York tribune., 1900-12-11
MAD RUSH TO SELL COTTON.
FEDERAL REPORT OF 100000 BALES
STRIKES PANIC INTO MANY HEARTS.

washington Dec 10.-The statistician of the Agri-
cultural Department reports 100000 oaIes %
the probable cotton production Of the Uniteo
for lsO0-'0l In the making of this estimate INC
same methods and agencies have been used tnaL
were emploved last year. Many thousands OF
ginners have however. made reports for the hrs'
time. - -
TIE estimated yield in pounds OF lint cotton per
acre is as follows: Virginia. $50; North CaI &
1897 South Carolina, 167; Georgia. l12 Flolloa' loo
Alabama Isl: Mississippi. 159; louisiana, %'f' &
226 Arkansas. 223; Tennessee III; missouri -'O'
Oklahoma S1S; Indian Territory 2ss- Inc acieas0'
after eliminating all land from which no crop
whatever will be gathered. is estimated at Zo4 '4
Almost a panic occurred on the New-York Cotton
Exchange yesterday the result OF the anhoullce me-
ment of the Unexpectedly large ngures Oh AV'IVO,Oo
bales as the Governments estimate OF the prooaoie
cotton production of the United States for the
coming year. The reading of the figures was tue
signal for desperate rush to sell. TRANSACTIONS IN
a single option occurring simultaneously at nan
dozen different prices in different parts OF the pitt
and nrices fell 81 80 or 50 a bale in the first five
minutes The January option. which a. noon nad
ruled 961, five minutes later sold as low as S-z-
The excitement intense for fully an hour. ana
then the market steadied little under buying sup
port which brought closing quotations rather above
the low level Of the day. The December option.
which opened yesterday at go and sold as high as
9.73, closed at 927. net decline from Saturday $
last price of a points. The January ranged be-
tween 9b4 ana SZU, Jne C4OSe 5Lis DellB pO4lAtS
under Saturdays closing figure The February
sold between 957 and SIG. closing at 92O. net de-
cline for the day of 50 points. The March future,
which touched 9,54 and 904. closed at S.l6, net
loss of 81 points; Before the Government report
received prices had advanced about fifteen
points on heavy buying by the shorts.
The Government estimate is always regarded as
lower than the estimates from private sources. as
the Government gets it's figures chiefly from plant
ers whose natural bias in favor of a low crop and
consequent high prices Is supposed to influence un
consciously their forecasts OF the yield; SO the
present Government estimate of 100000 bales Is
taken signify probable actual crop OF perhaps
105O0,000 bales or about 100000 bales more than
last year. The average OF the estimates made on
November % by members of the New-fork Cotton
Exchange 10,0750O0 bales. On the Liverpool
Exchange the same day there was made an
average estimate of 10 100 900 bales exactly the ng
ures of the present United States Government est-
mate Henry NJ. Neill, OF New-OrIeans' reeehty
published an estimate of 100000 bales.
New-OrIeans Dec. 10.-Cotton spectators on the
New-Oreans Exchange were panic-stricken oy the
crop report from Washington. In less than hve
minutes March contracts declined SO points while
May fell 80 points. The deferred futures were not
greatly affected. The market later showed dis
position TO rally.