The San Francisco call., 1903-12-04
WILD DAY
ON COTTON
EXCHANGES
Governments Crop
Report HoiSts
Prices.
Fortunes Are Won or
Lost Within Four
Minutes.
Irresistible Bull Movement
Irresistible Bull Movement
Sends Quotations Soar
ing SkyWard.

NEW ORLEANS, Dec. 3.-This was
the widest day ever seen in the cot
ton market The bureau estimate at
II o'clock of 1852 ,O39 bales for this sea-
sons crop sent prices up from 80 to 81
points above yesterdays closing fig
ures. The confusion was so great that
difficulty was had in making accurate
| trades, and it was fully two minutes
after the estimate was read before
quotations were posted. Within four
minutes prices advanced 40 points. The
advance was steady until March stood
so points higher than the last quota
| tions before the reading of the esti-
mate.
From the highest level there was an
immediate and wide recession, under
heavy profit taking The recession
was of short duration and was fol-
] lowed by another upward movement,
which carried prices skyward. Trad
ers could hardly appreciate the bull
! ishness Of the estimate when 1t ap-
peared in large figures on a black
board held over the ring by one of
the exchange employees. In a few Sec
onds the ring was full of wildly wav-
ing arms, while hats went up into the
air and the shouting was heard for
blocks, In their enthusiasm bulls pre-
dfcted rs cents for cotton. More con-
seryative members, however, thought
15 cents was high enough for some.
time to come.
FORTUNES MADE OR LOST.
Up to IL o'clock there was much ex-
citement on the floor and the trading
of the day was greater than on any
preceding day in the history of the
exchange. Fortunes were made or
lost within the first four minutes.
The traders who had sold short made
| frantic efforts to cover in the first few
minutes. Some succeeded in getting
under cover before the price had ad-
vanced too far, but there were few so
fortunate, for in the first three min
utes the figures in March options ad-
vanced "a points and at the end of
eight minutes the prices had advanced
SO points and March was quoted at
1880 cents Other months made tre-
mendous jumps, January going up "a
points in five and one-quarter min
utes.
Eight minutes after the report was
read the market received the first
check. The rise on March suddenly
stopped at 1880 and the next sale
was points lower. The bears made
great efforts to keep the price down,
but the bull movement was irresistible
and a few minutes later prices were
again on the boom.
HEAVIEST SALES ON RECORD.
NEW YORK, Dec. 3.-An unprece-
soaring of prices upward and the
heaviest sales on record followed the
announcement on the New York Cot
ton Exchange of the Agricultural De-
partment's estimate of the cotton
crop for the present season, 9,962,O39
bales At the sound of the word
nine" indicating the number Of mil
lion bales in the estimate, scene of
frantic bidding set in, the shorts In
their excitement not waiting to learn
that the total estimate was but 81, 961
bales short of the round 10000, 900.
Instantaneously 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 so
to 20 points before the upward move
ment was checked
Then the uncovering of 'long" cot
ton in tremendous volume with the
advance and the realization that the
estimate was practically 10000, 900
bales caused a temporary reaction;
but soon an outpouring of buying or
ders from outside markets and bullish
reports sent prices upward again and
at the high point, reached shortly be-
fore the close, December sold at 1882
cents. January at 12.46c, March at
12.59c: May at. 12.57c, and July at
1850. or 10 to 81 points above the
low level of the morning.
BROKERS ARE EXHAUSTED.
The market closed strong at nearly
the top. with prices net SO to IA points
higher. Sales were estimated at
2. OOO. 600 bales. exceeding for this sea-
son anything recorded.
The volume of business was so
great and the excitement so intense
that the brokers were on the verge of I
collapse. the maximum advance rep
resenting an enhancement in value of |
from SO to SO SO per bale, and the |
fluctuations meaning the gain or loss |
of fortunes.
Coach stagg III With Pneumonia.
CHICAGO, Dec. 3.-Alonzo Stage, |
head of the athletic department of the
University of Chicago, is i'll with pneu-