The Birmingham age-herald., 1903-12-04
WILD EXCITEMENT {. IN COTTON MARKET Following Government Estimate Prices Soar DizziIy Upward SALES LARGEST ON RECORD Half an Hour After the Call an Ad- vance of About $s.2s Per Bale for
 Trading Contract Is Recorded.
 The Close Little Lower,
SALES LARGEST ON RECORD

New York, December S-The cotton mar ket opened firm at decline of one point on August to an advance of five to nine cables that were little better than due, but ruled very quiet and at noon was to Il points lower, prices having sold off under realizing. The quiet, however, was the quiet that precedes the storm, for promptly at the noon hour the govern ment crop estimate was read, showing probable crop of only 9,9620Ss, against commercial crop last year placed at about 10, 727 600 bales This report proved even more bullish than had been generally ex- pected and was followed by the widest market ever witnessed in the exchange, not even excepting the days of the old bull campaign. First prices were at jump of ten points and following this values were rushed higher and higher, with prices only a short half hour after the call representing an advance of about ss.25 a trading contracts per bale. Thous- ands of bales changed hands around these figures.
 After passing the 12 cent mark the mar ket slowed down little. It seemed as 1 though the most pressing demand had been filled and profit taking eased prices on 15 or 20 points. On the decline, how ever, there was another wild rush of buy ing as the report became more widely circulated and soon prices were again soaring upward. During the balance Of the session there was some irregularity but the market generally speaking was sensationally strong, and the high point was reached just before the close, when December sold at 12.32, January 1246 March 1259 May 12.51 and July 1256 or IS to S7 points above the low point of the morning.
 1 The market closed just a little down l from this level, but strong, net 69 to 74 points higher, with sentiment still so far as could be judged very bullish, while in New Orleans the advance was continued and showed a greater net gain than did 1 local prices The sales for the day were estimated at 2,000 900 bales, this being the largest business for any single day on | record.
 Receipts for the day were again smaller 1 than expected, falling below last year's g l and predictions of a decreased movement are heard on every hand. though the ad- vance recently might be expected to stim- l ulate naTketlHB. Opol COtton ID ANSN 1o' n was advanced to the basis of 12.45 for middling uplands and the southern spot markets were unchanged to 4 of cent higher.
 New York December 3.-Cotton steady; I middling 12.45c; net receipts, 45 gross i receipts, 1454; sales. 1637; stock 6778; ex- ports to Great Britain, 797; exports to the continent, S24; exports to France, So
 Total today at all seaports: Net re- ceipts, 47.65l; exports to Great Britain. 1 23,172; exports to France, 3O;. exports to the continent 6624; stock, S9s,754.
 Consolidated at all seaports: Net re- ceipts. 3l5.s23. exports to Great Britain, 109,55S; exports to France, 5S,s11; exports to the continent s1 e91; exports to Japan. l 154T
 Total since September, ] at all seaports; Net receipts. s,s52. .2S4; exports to Great Britain 1154S47; exports to France, 42I- 465, exports to the continent 1,125,s75; ex- ports to Japan, 1f,57s; exports to Mexico, 15 S29