The Bamberg herald. [volume] (Bamberg, S.C.) 1891-1972, 1903-12-10
Government Estimate of Crop
Sends Prices Skyward.
A GREAT RUSH TO BUY
Preliminary Statement Issued from the
Census Bureau Places Number
Of Bales for the Season at
e,e62,o39

A Washington special says: Prelin-
mary returns to the bureau OF statis-
tics of the department Of agriculture
indicate that the actual growth Of cot
ton in the United Staes in the year
1903-19O4 will amount 70 9.962.039
bales, Of an average net weight OF
490.S pounds.
A New York special says: An an
precedented rush to buy, sensation
al soaring Of prices upward and the
heaviest sales on record, followed the
announcement on the New York cotton
exchange Thursday Of the agricultural
departments estimate or the cotton
crop of the present season, 9,962,039
bales.
At the sound of the word Nine" in
dicating the number of million bales
in the estimate. a scene of frantic bid
bind set in, the shorts in their excite
ment not waiting to learn that the to-
tai estimate was but 37,961 bales short
of the round ten millions, and instant
/ ly prices jumped from 10 to 20 points
IN the frs: sales, the rise continuing
I Until advances Of from 80 to 40 points
|. we're registered before the close o.
! an hour, and from so to 70 points be-
7 fore the upward movement was check
ed. Then the uncovering or long cot
ton in tremendous vo.Ima met the ad-
vance and the realization that the es-
innate was practically ten million
bales caused temporary reaction, but
soon an inpcur 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 1916, March at 12.59, May at 1857
and July at 1856, or 79 to 81 points
above the low level OF the morning.
The market closed strong at nearly the
top, with prices net 69 to "a points
higher. Sales were estimated at 2,00o,-
900 bales, exceeding anything before
recorded, while prices broke all re-
cords for the season Of the cotton
year.
The cotton market opened with
prices a little of from those at the
closing Wednesday. The market was
depressed to 11.60 for January and
sl1.72 for March, May and July, and
there seemed to be a disposition
among the bidders on both sides to
postpone trading until the government
report was received. When the report
was read at noon the effect was elec-
trical and the immediate clamor OF
bidders drowned the reading of all but
the first figure Of the report. Shorts
did not wait to hear whether the esti-
mate might be only one bale less than
ten millions or only nine millions, but
in a panic rushed to cover, and in If
teen minutes II cents or more was be-
ing asked for every option on the list.
Although the trade had been prepared
for low estimate, an average of pri-
vate estimates put forward last week
by cotton exchange members being
10,353,00O bales, nothing below 10000
900 had been anticipated ano the wild
est 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 10 to IS points
apart in different sections of the pit.
Efe volume of business was so great
md the excitement so intense that the
brokers' were on the verge OF collapse,
The maximum advance representing an
enhancement in value OF from So to
$3.50 per bale, and the fluctuations
meaning the gain or loss Of fortunes.
The day was also the widest one
ever seen in the cotton market at New
Orleans. The bureau estimate at II
o'clock Of 9,962,o39 bales for this sea-
sons crop sent prices up from 80 to 81
points above Wednesdays closing fig
ures. The confusion was so great
that trading was difficult, and it was
fully two minutes after the estimate
was read before quotations were post
ed. Within four minutes prices had
advanced 40 points. The advance was
steady until March stood sixty points
higher than the last quotations before
the reading of the estimate.