The Birmingham age-herald., 1903-12-04

New Orleans, December 3.-Today was the widest day ever seen in the cotton market The bureau estimate at Il o'clock of 9,962,039 bales for this seasons crop, sent prices up from 90 to 91 points above yesterdays closing figures. The confusion was so great that trading was difficult and it was fully two minutes after the estimate was read before quo tations were posted. Within four min utes prices had advanced 40 points. E
 The advance was steady until March stood 60 points higher than the last quo- tation before the reading of the estimate. From the highest level, there was an inn mediate and wide recession under heavy profit-taking. The recession was of short duration, however, and was followed by another upward movement, which car ried prices skyward.
 Traders could hardly appreciate the bullishness of the estimate when it ap- peared in large figures on a blackboard held over the ring by one of the exchange employees. In few seconds the ring was full of wildly waving arms, while hats went up Into the air, and shouting was heard for blocks along Carondolet and Gravier streets. In their enthusiasm bulls predicted 20 cent cotton. More conserv- ative members however, thought that b cents was high enough for some time to come.
 Visitors Crowd the Floor.
 Up to Il o'clock there was much sub dued excitement on the floor, trading was heavy and the trading of the day was probably greater than on any preceding day in the history of the exchange. Early in the day the floor was crowded by vis- itors from the country and space had to be roped off about the ring to give as much room as possible to brokers to trade in. The galleries and part of the trading room was crowded with ladies. It was easily the largest crowd, both of trad CTS and of visitors, ever seen on the ex- change.
 The traders who had sold short made frantic efforts to cover in the first few minutes. Some succeeded in getting un- der cover before the price had advanced too far, but there were few so fortunate, for in the first three minutes the figures in March options advanced S4 points. and at the end of eight minutes the prices had advanced 59 points and March was quoted at 121a cents. Other months also made tremendous jumps, January going up 34 points in five and one-fourth min utes.
 Eight and a quarter minutes after the report was read the market received the first check The rise in March figures suddenly stopped at 12,50, and the next sale a quarter of minute later was seven poiats lower The bears made great ef- forts to keep the price down, but the bull movement was Irresistible and few min utes later prices were again on the boom
 Bull" Brown Cool.
 The coolest but at the same time the happiest, man throughout all the excite ment was W. P. Brown, the well known bull leader. In speaking of the bureau report Mir Brown said:
 'It confirms the reports of short crop'
 In answer to a question he said:
 q have been buying pretty heavily dur ing the past few days. There is strong bull market. The supply of cotton is not enough to go around The estimate is lower than any one expected-lower than I expected In former years the bureau has been very successful in estimating the crop. Their figures this time should be about right. As a result of these con- ditions, prices will sbe higher and remain up. That makes a pretty big day"
 MT. Brown did little business in the ring Occasionally he made trade and when he did it was with the same deliber- ate gestures that the astounded brokers in the New York exchange were compell- ed to face last summer