The Montgomery advertiser., 1903-12-04
NEW ORLEANS GOES WILD.
Some of Enthusiastic Bulls Pre- dict 2H Tent Cotton.

Some of Enthusiastic Bulls Pre-
 dict 25 Tent Cotton.
 New Orleans Dec. 3.-Today was the widest day ever seen in the cotton mar ket. The bureau estimate at Il o'clock of 9,962039 bales for this seasons crop sent prices up from 90 to s1 points above yes- terday's closing figures. The confusion was so great that trading was difficult and 1t was fully two minutes. after the estimate was read before quotations were posted.
 Within four minutes prices had ad- vanced 40 points. The advance was steady until March stood 60 points higher than the last quotation before the reading of the estimate. From the highest level there was an immediate and wide recess sion under heavy profit takings. The re- cession was of short duration and was followed by another upward movement, which carried prices skyward.
 Traders could hardly appreciate the bullishness of the estimate when it ap- peared in large figures on a blackboard held over the ring by one of the exchange employees. In a few seconds the ring was full of wildly waving arms, while hats went up into the air and the shouting was heard for blocks along Carondolet and Gravier Streets In their enthusiasm, bulls predicted 25 cent cotton. More con- servative members. however, thought that 15 cents was high enough for some time to come.
 Up to Il o'clock there was much sub- dued excitement on the floor, trading was heavy and the trading of the day was probably greater than any preceding day in the history of the exchange. Early in the day the floor was crowded by visitors from the country and space had to be roped off about the ring to give as much room as possible to brokers to trade in. The galleries and part of the trading room were crowded with ladies. It was easily the largest crowd, both of traders and of visitors. ever seen on the exchange.
 The traders who had sold short made frantic efforts to cover in the first few minutes. Some succeeded in getting un- der cover before the price had advanced too far. but there were few 50 fortunate, for in the first three minutes the figures in March options advanced 34 points, and at the end of eight minutes the prices had advanced 59 points and March was quoted at 12 1-2c. Other months also made tremendous jumps. January going up 3A points in five and one-fourth minutes.
 Eight and a quarter minutes after the report was read. the market received the first check. The rise in March figures suddenly stopped at l25O and the next sale a quarter of a minute later, was 2 points lower. The bears made great ef- forts to keep the price down, but the bull movement was irresistible and a few minutes later prices were again on the boom.
 The coolest but at the same time the happiest man in the ring throughout all the excitement was W. P. Brown, well known bull leader. In speaking of the bureau report MT. Brown said: Tt confirms the reports of a short crop'
 In answer to q question he said: T have been buying pretty heavily du- ring the past few days. There is a strong bull market. The supply of cotton is not enough to go around The estimate is lower than ane one expected-lower than I expected. In former years the bureau has been very successful in estimating the crop. It's figures this time should be about right. As a result of these coiidi- tions prices will be higher and remain up. That makes a pretty big day" MT. Brown did little business in the | ring. Occasionally he made a trade and when he did it was with the same deIib- crate gesture that the astounded brokers in the New York exchange were com pelled to face last summer