The age-herald., 1901-01-29
WILD EXCITEMENT IN COTTON MARKET Grert Day for Holders of January
 Futures JUMPED UP 255 POINTS An Absence of Sellers Created Unpre- cedented Alarm in Bear Circles, Which Soon Spread to
 Veritable Panic.
JUMPED UP 255 POINTS

New York, January 2S.-It was a great day for holders of January on the local Cotton Exchange. The fluctuations of that option were far more violent than ever before known, reaching a matter of 255 points amid intense excitement, though singularly small trading. Shorts were crazed in the first hour by sensational re- ports of 15 cents being the price at which oversold January operators were to be al- lowed to 'settle" and by claims that the clique would positively refuse to settle at all until the last moment.
 On the call the feeling was steady with January 10 points higher and other months l point higher to points lower. Very dis appointing Liverpool cables and heavy re- ceipts at the ports were detrimental to local holders of options other than January, and light selling resulted. But this soon gave way to hurried buying when current months shorts began to bid for cotton with which to make settlements.
 An absence of sellers created unprece- dented alarm in bear circles which soon spread to veritable panic. By great leaps and bounds January shot up with the op orators in other months standing aghast at the remarkable spectacle. Not until a Sheer upllft of 255 points had occurred was there sufficient cotton enticed out to appease the needs of the shorts. Then a tumble of 75 points under profit-taking temporarily quieted the scare. Still later January fiuc- tuated violently around the top notch of the first hour. As the session wore along sellers became more plentiful, the enor- nous profits within reach proving too much of a temptation for resistance. But at no time there a reaction to the opening basis, and at the close sensational reports of still greater prospective bulges were in circulation. Around the opening February shorts became sympathically alarmed and in their haste to cover sent that option to 960 a sheer rise of IT points. March and May followed, but failed to develop abnor- nal strength. The English market steadied considerably in keeping with our early dis play of pronounced strength but closed in a non-committal sort of spirit with the Eu- ropean trade generally looking to us for incentive.
 The private reports from the South de- clared that New York shorts had in sever al instances ordered cotton shipped at once by express, the belief being that a consid- erable amount might yet be brought through in time for delivery contract. At the close the market was quiet and steady with January net 85 points higher and the other months one point higher to three points lower. Sentiment was very much mixed at the close and few cared to ex- press an opinion concerning the future of the January deal. Wall street and other commission houses were the leading buyers of January throughout the day. The South purchased March and May as a hedge against sales of spot cotton to exporters.
 During the rest of the afternoon the cot ton market ruled quiet with January closed at 05, a net advance of S5 points for the day, and the other months one point higher to three points lower. In cordance with the advance in January spot cotton sold at Pc. advance of 13dC for the day.
 New York, January 2S.-Cotton irregular; middling 12; net receipts 2196; gross 9529; sales 1900; stock 115,7 751; exports to Great Britain 1364 to. the continent 2S.
 Total today-Net receipts 332i5; exports to Great Britain 55O4; to the continent 172S; stock S69,SS4.
 Consolidated net receipts 61.9S1; exports to Great Britain 2S417; to France 3600; to the continent 16,S72.
 Total since September 1 5.202 524; exports to Great Britain 1.962 6SS; to France 462,S57; to the continent 1,431,S37.
 New O"ie7rs Cotton Market.
 New Orleans. January 2S-Cotton steady; sales 3550; ordinary 7ai; good ordinary Sss; low midding g; middling 91a; good middling 9%; middling fair 10 3-16; sales 1O.5S3; stock 366527.
 Consolidated statement-Receipt net 61,- 9S1; exports to Great Britain 2S417; to France 36OO; to the continent 16,S72; stock S69SS4.
 New Orleans. January 2S.-Cotton futures quiet and steady; January 9.43m9. A; Feb ruary 9.2s69 29; March g 9.27dD9. 2S; April 9.26@ 9N; May 922; June 9.19619. 20: July 91S; August 8. .S60IS. .SS; September 8.246S.27.
 Daily Statement.
 Galveston-Steady middling 97-16; sales 1570; receipts S127; stock ,695.
 Mobile-Quiet; middlng 5-16: sales 200; receipts 626; stock 32342.