The Savannah morning news., 1903-12-05
MARKET UP HIGHER.
EXPECTED REACTION IN COTTON
DID NOT MATERIALIZE.
UP 20 POINTS AT ONE TIME.
CLOSING REGISTERED POINTS
ADVANCE OVER THURSDAY.

Many Local Brokers stiIl of the
Opinion That the Advance is In
consistent With the Government
Burenu Estimate-Heavy Trading
All over the COuntry-RepOrts
From NOrthSrn Section of the
Cotton Belt Indicate That There
VIII BE Very Little More Cotton
From There-TOp Crop "A Total
Failure.
Despite a general belief among Sa-
slight reaction in the upward tendency
of the cotton market yesterday, New
York quotations closed from to 5
points higher, with every indication that
the market was strong.
At the opening a great surprise was
expressed when a steady advance COM
menced, until a total of nearly 20 points
was registered over the closing of
the day before. From 12.42c the mar
ket climbed by jumps and starts to
12.60c, the highest point reached dur
ing the day. Late in the day a reac-
ton came, but with it all a margin
of 5 points over the closing of the day
before was sustained.
Looks for Smart Reaction.
Mr.. E. A. Cults said that he had
looked for a smart reaction, as the
prices were inconsistent even with the
bullish aspect of the government re-
port. MANY of us believe that the
report is little below what the pro-
duction really will be. 1t may be
that there are quantities of cotton that
has been overlooked, though the bu-
reau has gotten their estimates down
to a science now, and where they were
ridiculous and were laughed at a few
years ago, they are generally looked
upon as the most accurate reports that
can be obtained now. Under a per-
feet system of getting in reports, even
from the gins themselves, the art of
getting accurate figures has been re-
duced to a science, and it may be that
there are shortages in several locali-
ties that have not been counted on by
brokers and cotton men generally in
this section.
Trading Was Lively.
II have received a large number of
commissions to-day" Mr.. Cuttsasaid,
(which indicates that farmers IN the
interior are taking advantage of the
high market. Many are selling be-
cause they do not believe that the
present high prices will prevail, and
many are selling, also, because they
had put stop orders at 12c.'
Although there was unwonted ac-
tivity on the floor of the local ex-
change yesterday it was nothing to
compare with the day before. Dealers
had become accustomed to the fuctu-
ations of the market 4 and points
at the time, and a week ago when a
rise or fall of 3 points at one time
would almost create a sensation the
same thing was looked on with the
utmost Indifference yesterday.
Result of the Estimate.
Never before has an estimate Gre
ated such activity, either upward or
downward, in the cotton market as
did the government report day be-
fore yesterday, nor have such
wild scenes existed in the various ex-
changes of the country as were wit
messed.
Reports have come in from the
northern section of the cotton belt
that nearly the entire crop has been
put on the market, and there is
scarcely any cotton in the warehouses.
The early frosts killed the top crop in
the northern section, and greatly
damaged that in the southern dis
tricts. 1t appears that the damage
done by the unusually early frost was
considerably more disastrous than
was at first thought, and re ports
that have gone into the government
bureau in the past ten days contained
estimates a great deal below wha+ was
at first thought the production would
be.
No Bears in Savannah.
If there was a bear on the floor of
the Savannah Exchange when the
market went UP Thursday he hes not
yet been found. Everybody had the
usual II told you So" and nothing
but stories of suddenly acquired riches
We're going the rounds.
An extra force of telegraph opera
tors was put on at the exchange to
handle the largely increased business
incident to the increased activity of
trading.
The movement of the crop up to
the present time cannot, as agreed
upon by local factors. be taken as
comparative example with former
years, as many things have operated
towards fastening the crop to the
market as soon as it came from the
gins. The receipts so far are ahead
of those of last year, though the sea-
son opened some weeks later This
is largely explained by the fact that
there was a general rush to get all
of the early cotton on the market to
take advantage of the high prices.