The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1903-12-04
OLDK|NCCOTTON
AGA|NENTHRONED
BedIam Breaks Loose on
Government Report.
PRICES OUT OF SIGHT.
Scenes of Wild Excitement in New
Orleans and New York. In the
Lat err City Cotton AID.
vanced Nearly a hum
dred Points.
(By the Associated PressJ

New York, Dec. 3.-An unpreceden' ed
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-
cul ural Departments estimate of the cot.
ton crop of the present season, 9,962039
bales. At the sound OF the word mine.
indicating the number of million bales
in the estimate, scene of frantic bidding
set in. the shorts in their excitement no.
waiting to learn that the total estimate
was buC 37,961 bales short of the round ten
million bales. and instantaneously prices
jumped from ten to evenly points en-
the first sales. the rise continuing until
advances of from 30 to 40 points were
registered before the close of an hour
and of from 60 to 20 points before the up
ward movement was checked Then the
uncovering of long cotton in tremendous
volume at the advance and the realization
hat the estimate was radically ten mil
lion bales caused temporary reaction
hut soon the inpour of buying orders
from outside markets and bullish reports
sent prices upward again and at the high
point reached shortly before the close
December sold at 1882, January at IL &C.
March at 1853, May at 1857 and July
1856 or 70 to 81 points above the lew
level of the morning The market c'osed
strong at nearly the top with prices ne
60 to "A points higher. Sales were esti
mated at 100000 bales, exceeding any.
thing before recorded, while prices broke
all records for this season of the Gotten
year.
The cotton market opened this mornir g
will prices a little off from those at the
closing lest night. The market was de-
pressed 20 II so for January and II ~
for March. May and July. and there
seemed to be disposition among the
bidders on both sides to postpone tro ding
until the government report was received
When the rerort was. read at moan the
effect was electrical and the immediatr
clamor of bidders drowned the reading o
all but the first figure of the report.
Shorts did not wait to hear whether the
estimate might be only one bale less than
ten million or only nine million. but in
a ranic rushed to cover and in fftee,,
minutes twelve cents or more was berg
asked for either option on the list. Al
though the trade hes been prepared fer
a lew estimate, an average of private es-
Exchange members being 1888 600 bales.
nothing below 100000 had be antic-
pated, and the widest movement in the
history OF the exchange ensued. So greet
was the excitement with ov T. leo brokers
seeking to buy, that at times prices were
10 TO 10 POINTS apart in different sectors
Of the 1T. The volume of business was
so great and The excitement SO intense
that the brokers were on the verge OF col
lapse, the maximum advance representing
an enhancement in value of from $500 to
SO so p bale aud the fluctuations mean.
ing the gain or loss of fortunes.
New Orleans, L., Dec. 3-Today was
the widest day ever seen in the cotton
market. The bureau estimate at ever
O'Clock of 9,962,e39 bales for this season.
crop, sent prices up from 40 to 81 points
above yesterdays closing figures The
confusion was so great that trading was
difficult and 1t was fully two minutes
after the estimate was re before quo
tatlons were posted. Within four min
utes prices had advanced forty points
The advance was steady until March
stood sixty points higher than the last
quotations before the reading OF the es-
innate.
From the highest level there was an i'm
mediate and wide recession under heavv
profit-taking. The recession was of short
duration and was followed by another
upward movement which carried prices
skyward.
In their enthusiasm bulls predicted %
cents for cotton. More conservative
members, however. thought that Is cents
was high enough for some time to come.
Trading for the day was probably great
or than my preceding day in the his
tory of the exchange. Early in the day
the floor was crowded with visitors from
the country and space had to be ropeJ
off about the ring to give as much room
as possib to brokers for trading. Eight
and a quarter minutes after the rerort
was read the market received the first
check. The rise in March figu es sud
denly stopred At 1880 and the next sale
a few minutes later Yves seven points
lower. The bears made great efforts TO
keep the price down, but the bull move
rent was irresistible and -ew minutes
later rices were again on the boom.