The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1900-12-11
Wild TINES IN COTTON
SPECTATORS ON THE NEW YORK
EXCHANGE ALL AT
SEA
MADE DROP OF FIFTY POINTS
Almost at Once on Receipt of the
Government Acreage Report
Close Was at ~ to 50
Lower.

NEW YORK, Dec. 10-It has been
many months since fluctuations on the
cotton exchanges have reached fifty
points, and since speculation has eaualed
that recorded today. From opening to
closing the session was one Of great in
terest. The constant bobbing up of ru-
moTs within the past two weeks to
the effect that certain parties We're in
possession Of the government report
which was regularly scheduled to make
its appearance for the first time today
had led to precautionary evening up on
the present public and had greatly dis
turbed the views of the trade The
market opened peaceably enough, with
prices three points higher to five points
lower, easy as to tone. A pause for
bearings, and then a drop of some ten
to twelve points occurred under room
and outside selling, precipitated by sur
prisingly large receipts and gloomy Eng
HSh market news.
Then came a sharp reaction which car
ried prices up with a rush fourteen to
seventeen points on fresh rumors that
the bureau report was out through a
leak and was strongly bullish. Shorts
lost faith N their position; number Of
room traders were sufficiently Impress
ed with the stories to risk the large side.
The close hour saw the market decidedly
steady and a shade above Saturdays
closing figures. For the next half hour
unimportant variations occurred and
business became quite sluggish. But
as midday drew near both factions be-
came exceedingly nervous and fearful
that they had overshot the mark A
scamper for safer ground resulted in fe-
verish trading and an erratic movement
in values, though at Il o'clock prices
were nearly even with the closing of
Saturday.
VERTICAL SLUMP.
The bureau report came over the wire
promptly and estimated the present crop
at 10, JOG, 900 bales from an acreage of 25,-
034, 734, or about the same as estimated
on the acreage by Liverpool cotton eX-
change members, while being closely to
$50, 600 bales in excess of local estimates
and some 100000 larger than figured by
Neill. The terrific selling immedia tely
set in and amid unprecedented excite
ment prices fell vertically forty to f1f-
ty points, tasefe being individual declines
Of five to twenty points at a time before
the crash was over. Stop loss orders
added to the confusion which was I'M
aVoidable. Commission houses found it
almost impossible to sell cotton, there
appearing to be no buyer for time
at any prices. But the enormous prof
its within easy reach tempted shorts to
cover and soon a rally was in progress
which steadied the market twelve to f1f-
teen points. For the rest of the day
the market was very irregular and sub
ject to violent fluctuations and spasms
of buying and selling. Near the close a
fresh decline grew out of selling, prompted
by fear that the weakness here, the big
receipts, the bearish government report
and the easier spot markets would
stampede Liverpool tomorrow and bring
about a sensational smash there. At
the close the market was steady, with
prices twenty-seven to thirty-nine points
lower.