The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1900-09-11
COTTON UP One
HUNDRED POINTS
Sensational Market Due to Texas
Storm News.
AN UNPARALLEL Ed SCENE
Market Opened Irregular and Excited
With General Tendency Toward
Higher Level-Soon Got Be-
You'd Control of Bulls
AN UNPARALLELED SCENE

New York, September 10.-The intense
excitement and speculation on the Cotton
Exchange today were without a parallel.
Fluctuations far exceeded anything re-
corded, the extreme being 100 points, with
reapses frequent and violent The market
opened irregular and excited with prices
a3 to 81 points higher on an irresistible
rush of buying in which every branch of
the trade took part. Sellers were few and
far between and without exception parties
having heavy profits within reach. Many
of these Immediately took the bull side
again and were still long at the close to-
night. Following the call the market see
sawed at a breath taking rate with the
movement in the main gradually swinging
toward higher prices.
AS the morning progressed speculation
broadened until the market was beyond the
control of even the bulls. Sensational set
backs followed nerve trying bulges which
kept operators, of no matter what belief,
on the jump to keep pace.
The English market showed correspond
ing gyrations and private cables denoted
complete chaos in Liverpool with the bulls
however being carried along by the ad-
vance. On the lecal exchange September
sold up to 1850 as against $50 Saturday
night. The best level of the later months
was so to Il points above Saturdays final
figures.
The foundation of bull ideas and the chief
cause of the terrific bull speculation was
the news that tn e best section of the crop
country had been swept by tropical
storm, the equal of which WAS not known.
Reports from Central Texas were vague
IIpsatiSfgptory which fart
tended to increase the fears of the shorts
and the big crop theorists in general
Liverpool was similarly influenced as well
as the New orleans market. Estimates
pointing to a loss of 100000 to 1.00O,Oe0
bales and the announcement that spot cot
ton was in enormous demand South at 1aQ
&c higher prices intensified the conviction
of the bears.
The government report for September,
usually the most important of the season,
cut comparatively little figure an in
fluence. The general condition was given
at 6S.2 as against rs last month, 6S.5 in
September last year, 79.S in 1898 and 1873 in
1887. This average included n for Texas
as contrasted with SO on August 10, and 81
on September l of last year. At 12:45 p.
m. the failures of l.. G. Schiller and Gay
L. Schiller were announced, these brokers
being caught short by the opening rise The
announcement of their suspension did not
seriously disturb the market, ? they were
known to have unimportant Obligations out
standing. The bull fever reached its height
in the last hour, and under a slight furry
of profit-taking near the close prices settled
back a few points. The close was irregular
and excited, with prices net 46 to so points
higher. Estimates placed the total trans
actions at 1,250,0O0 bales, or 100000 more
tnan ever before recorded.
New York, September 10.-Cotton quiet;
middling 1880; receipts, gross, 3,040; sales
165; stock 23,501; exports to Great Britain
1852; exports to the continent 4,G55; ex-
ports to France, 49,
Total receipts today: Net 11,054; exports
to Great Britain 1862; exports to France
493; exports to the continent 4,6o5; stock
124, 256
Consolidate ted statement Receipts, net
26,304; exports to Great Britain 6,062; ex-
ports to France 943; exports to the CONT
nent 4,655.
Total since September 1: Net receipts
ISL; exports to Great Britain 1911; eX-
ports to France 943; exports to the CONT
nent 10,797.