The Savannah morning news., 1903-12-04
SENT PRICE SKY HIGH
BULLISH GOVERNMENT REPORT
DID GREAT THINGS For COTTON.
EXCITING TIMES ON 'CHANeE.
VETERANS OF THE CHALK AND
BOARD HUGGED EACH OTHER.

After Waiting Thirteen Years the
Southern Farmers Once More See
the Golden FIeece-Heavy Move
ment Incident to the Markets
Reaching the Figure for which
Farmers Have Been Holding Out,
Expected to Have Temporary De-
pressing Effect on the Market.
Local Brokers Were on the Right
Side and Cleaned Up Tidy Sums.
Midst 4 whirl of excitement. the
figures on the Cotton Exchange boards
gradually grew yesterday, jumping /, 8,
., 5, s and finally. when the operator
could not hear the instrument in the
din that was about his ears, Is
point advance was recorded, the inter-
mediate jumps being left out.
For the first time in thirteen years
local quotations reached IL cents, and
we'll might those who have been bull
ing the market since Sept. 1 lose their
dignity and shout and caper like school
boys.
May of the season of 1SS9-1S90 cot
ton was quoted at u cents, even, in
New York. Three days later it jumped
three-eights of a cent in a single day,
and went as high as 1850, and there are
many who remember the day when the
Southern farmers again saw their cot
ton bringing prices commensurate with
their labors in producing it. In that
season the crop was just a little over
100000 bales, and few thought that
the 12-cent mark would be passed with
production of 10000 600 bales.
Began Holding for IL Cents.
Early in October Georgia farmers
commenced holding out for 12-cent cot
ton. They sold their early crop at 10
and IL cents, and had plenty of money
to pay their debts and purchase what
ever necessities demanded of them, and
then-to wait. They waited patiently,
and so far only a third of the years
crop has been put upon the market.
Reports have come from. the interior
that farmers had refused to sell their
stock on hand for 11A cents, maintain
ing that tine market would yet reach
the 12-cent mark, and it did.
The sharp advances for the last few
days are accounted for largely by the
forecasting of a bullish government
report. The bulletin issued yesterday,
the bulls than they had dreamed of.
Few expected to see the report go less
than 10, 900 bales. The boundary
lines between bullish and bearish was
drawn at 10,250,000, and the fact that
the government report was less than
10000 900 was responsible for the scenes
reported to have taken place every
where in the country.
Scenes on Cotton Exchange,
On the floor of the Savannah ex-
| change there has seldom been such
a demonstration. Faithful bulls, grown
old in the sight of the fascinating, ever
| changing chalk figures on the black
| board, Rugged each other, and one
| imagined he was in a miniature New
| York exchange.
Nine out of ten of the local factors
were bulls, and have been through the
entire season. Though there is no way
| of arriving at the benefits derived here
| by the advance, it is safe to say that
in the neighborhood of 100000 has
been realized among those who have
backed their Judgment in the market
Bought Everything i'm Sight.
Local spots were quoted as high as
| 1880 and factors wired their interior
representatives to buy every bale in
sight at these prices. With these in
structions the movement to the ports
from the interior will be heavy fol
the next two weeks, and with the
stock that will be offered local factors
| believe there will Immediately be g
temporary decline in the market
| though it is believed that after the
holidays the price will still range
around 12c.
AS is the case in all market excite.
ments wonderful stories of fortunes
made and lost and floating around
| One Savannah gentleman is credited
| with having instructed his represen-
| tatives in New York ten days ago tC
| buy 5000 bales and parley
| on every advance of ter
points. According to this he
would now be a millionaire, almost
| Other stories equally as incredible are
told, but with these there are many
| truths and more than one Savannah
| ian went to bed last night elated with
other spirit than that imbibed on the
floor of change.