The St. Louis Republic. [volume] (St. Louis, Mo.) 1888-1919, 1903-12-04

New York, Dec Am unprecedented
rush to buy. sensational soaring of
prices upward and the heaviest sales on
record followed the announcement ON the
New York Cotton Exchange of the Agri-
cultural Departments estimate of the cot
ton crop of the present season-9,gs2 .O39
bales
AT the sound Of the word mine" indicat-
ing the number OF million bales in the es-
innate. scene of frantic bidding set in.
the shorts in their excitement not waiting
to learn that the total estimate was but
1881 bales short Of the round ten mil
lions. and instantaneously prices jumped
from 10 to 20 points on the first sales the
rise continuing until advances OF from 30
to 40 points were registered before the
close OF, an hour. and from 60 to 10 points
before the upward movement was checked.
Ihen the uncovering of long cotton in
tremendous volume at the advance, and
the realization that the estimate was prac-
tcally ten million bales. caused a tenn
porafy reaction, but soon an outpour of
buying orders from outside markets and
and at the high point. reached shortly be-
fore the close. Dec. sold at 12.32c JAN at
IZ46c. March ut 12.59c. May at 1257c and
Jniy at i2.5Sc, or ~ to 81 points above the
The market closed strong at nearly the
top, with prices net 69aH points higher.
SALES ENORMOUS
Sales were estimated at ZOO. 600 bales.
exceeding anything before recorded, while
prices broke all records for this season of
the cotton year.
The cotton market opened this morning
with prices a little off from closing last
night. The market was depressed to II. Coo
for Jan. and 1i.72c for March, May and
July. and there seemed to be disposition
among the bidders ON both sides to post
pone trading until the Government report
was received.
When the report was read at noon the
erect was electrical and the immediate
all but the first figure of the report Shorts
did not wait to hear whether the estimate
might be only one bale less than 10000
eco. or only 100000. but in a panic rushed
more was being asked for every option ON
the list.
BUYING FRANTIC.
Although the trade had been prepared
for 4 low estimate. an average of private
estimates put forward last week by Cotton
Exchange members being 1885. 900 bales,
nothing below 100000 had been antici-
pated. and the widest buying movement
in the history OF the exchange ensued
So great was the excitement. with more
than LOCO brokers seeking to buy that at
times prices were 10 to Is points apart in
different sections of the pit
The volume of business was so great
and the excitement so intense that the
brokers were on the verge of collapse. the
maximum advance representing an en-
per bale and the fluctuations meaning the
gain or loss of fortunes.
NEW ORLEANS WILD.
New Orleans, Dec. 3-To-day was the
widest day ever seen in the cotton mar
ket here.
The bureau estimate at II o'clock of 81
962 .039 bales for this seasons crop sent
prices up from 90 to 81 points above yes
terday's closing figure.
The confusion was so great that diff
Guilty was met in making accurate trades.
and it was fully. two minutes after the
estimate was read before quotations were
posted. Within four minutes prices ad-
vanced 40 points.
The advance was steady until March
stood 60 points higher than the last quota
tions before the reading of the estimate.
From the highest level there was an i'm
mediate and wide recession. under heavy
proft-takinSs. This was followed by an
other upward movement.
Traders could hardly appreciate the
bullishness of the estimate when 1t APP
peared. The shouting was heard for blocks
In their enthusiasm. bulls predicted CSC
for cotton. More conservative members,
however. thought that 15c was high
enough for some time to come.