The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-12-04
About Two Million Bales Changed
Hands, More than Ever Before Re-
corded ON New York Exchange.
NO REAL REASON FOR FURRY
OFFICIAL CROP ESTIMATE WAS RE-
PORTED AT 0,062,O34 BALES,
Only 37,981 Less than the Number Ex-
pecSed by Some Traders-Excite.
ment at New Orleans.

NEW YORK, Dec. 3.-An unprecedented
rush to buy. sensational soaring of prices
upward and the heaviest sales on record fol-
lowed the announcement on the New York
Cotton Exchange of the Agricultural De-
partment's estimate of the cotton crop of
the present season, 9.962.O39 bales.
AT the sound of the word nine" indicat-
ing the number of million bales in the es-
innate. scene of frantic bidding set In,
the shorts in the excitement not waiting to
learn that the total estimate was but 81. 7.961
bales short of the round 100000, and in
simultaneously prices jumped from 10 to 20
points on the first sales. the rise continuing
until advances Of from 80 to 40 points were
registered before the close of an hour, and
of from go to 20 points before the upward
movement was checked. Then the uncover
ing of long cotton in tremendous volume at
the advance and the realization that the
estimate was practically 100000 bales
caused temporary reaction, but soon an
in-pour of buying orders from outside mar
kets and bullish reports sent prices up
ward again. and at the high point reached
shortly before the close, December sold at
12S2c, January at 12.16c, March at 12.59c,
May at 12.57c and July at 1256c, or 70 to 81
points above the low level of the morning
The market closed strong at nearly the top,
with prices net 81 to "a points higher. Sales
Were estimated at 100000 bales, exceeding
anything before recorded while prices
broke all records for this season of the cot
ton year.
The cotton market opened this morning
with prices little off from those at the
closing Hast night. The market was de-
pressed to 11.60c for January and 11.72c for
March, May and July, and there seemed to
be disposition among the bidders on both
sides to postpone trading until the govern
ment report was received. When the re-
| port was read at noon the effect was cleo
| trical. and the immediate clarsor of bidders
| drowned the reading of all but the first
ngures or the report Shorts did not wait
to hear whether the estimate might be only
one bale less than ten millions or only nine
millions, but in panic rushed to cover,
and In fifteen minutes 12c more was be-
ing asked for every option on the list
Although the trade had been prepared for
| a low estimate. an average of private esti-
mates put forward last week by Cotton
Exchange members being 10.353,0OO bales,
nothing below 100000 had been antci-
| pated, and the widest buying movement
| in the history of the exchange ensued. So
great was the excitement, with over 100
brokers seeking to buy. that at times prices
were lO TO 10 points apart in different sec
| tions of the pit. The volume of business
| was so great and the excitement so intense
that the brokers were the verge of COL
| lapse, the maximum advance representing
an enhancement in value of from 50 to So so
per bale and the fluctuations meaning the
| gain or loss of fortunes
Receipts for the day were again smaller
than expected, falling below last years.
| and predictions of decrease of the move
ment are heard on every hand, though the
| advance recently might be expected to slim
ulate marketing.
| Spot cotton in New York was advanced
to the basis of 12.45c for middling uplands.
and the Southern spot markets were nm,
| changed to &c higher.