The Washington times., 1905-11-22
COTTON MARKET
SCARED SKYNARD
New York Pit Had Red-Let-
ter Day.
PRICES JUMPED SIS A BALE
Bears Went Into Panic Over Ginners'
Report of Census BuIeau-Million
and a Half Bales Sold.

NEW YORK. Nov. 22-One of those
spochs on ''Change' which have come
to be known as THE. most exciting since
the suIly day" occurred yesterday. A
good deal could be said in support of the
assertion.
A market which opens quiet with
slight upward tendency, and closes
strong at a net gain for the day Of from
as TO SO points. may be classed as at
least eventful.
The report of the Census Bureau
showing the amount of cotton ginned
up to November IA to have been 7.49S, ,I6i
bales. took even the ardent bulls by
surprise. It was generally expected that
the figures would show at least 5000, ,OO0
bales ginned. and the excitement which
followed the announcement has seldom
been equaled in the pit
During the early hours of trading busi-
ness was noticeably slack. Outsiders
were evidently afraid. and the profess
sionals who had the floor to themselves
were sailing very close to shore The
bulk OF the specializing element had al
ready made W it's mind as to the prob
able effect OF the report and was quietly
awaiting developments.
Crowd Became Larger.
The scene on the exchange rather re-
minded one Of a dull July day. 1t had
been announced that the report would
be made public at o'clock. and at
about twenty minutes before that hour
the crowd about the railing of the pit
began to thicken. Nervousness was evil
dent IN the air. though there was little
noise and certainly nothing TO indicate
the immense interest that Law behind
the quiet demeanor of the ring. At ten
minutes TO the platform around the
least FIVE deep.
Courage by this time seemed to be
oOzing from the long side, and there
came sharp spluttering of selling Of
fers which met with but Indifferent re-
sponse. At least a minute, perhaps
two. before the official telegram was
passed up 10 superintendent King
roar went up from the pit. II meant
that the figures. or something very
close TO them, were already known BY
at least one or two representative Of
long time elapsed before order was suf-
fciently restored TO make the official an
nouncement possible.
Reign of Excitement.
The effect Of the surprise when the
figures were made known was TO throw
the whole room into widest excitement
During the nTst rush to cover about
zoe. 600 bales were sold, and the total
trading for the day ran up close 10
1,500.0 600 bales, as against a normal aver
age of about 10000.
Surprise vas pretty generally express
ed that the mere returns Of ginned cot
ton should cause such a disturbance, IN
view of the uncertainty OF basing an ac-
curate crop estimate upon It.
The indications point TO an outturn
of 1906. go bales, but II must be borne
In mind that in making comparisons
with other years allowance must be
made for improved ginning machinery.
early marketing as the result of high
prices. and generally favorable pick
ing weather which may bring the tOtal
than may be expected
The market reacted and closed ner-
vous and irregular at IS to S3 points
above the final quotations Of the pre-
Vious day.
Some Made Fortunes.
At one time it looked as II the bear
pool had been placed in a precarious
condition, bat break of thirty points
followed and II was subsequently shown
that Theodore II. Price and other prom
inent bears had so adroitly shifted their
position that they had really come out
OF the furry with a substantial profit.
The Hoadley pool. which is said 10
have been carrying a large amount of
long cotton, made a big profit, although
3 story that Mr.. Hoadley personally
had made a million dollars out OF the
advance was generally said to be rather
OverdraWn.