The herald and news. [volume] (Newberry S.C.) 1903-1937, 1909-12-14

Florida ....-......,..... 81 ,UUU
Alabama .......x ....... l,O20,OO(
Mississippi ....... -. l,021,00(
Louisiana ..... 49,. 2S0,O0(
Texas ........>. ....... 2,57000(
Arkansas .......... 49,. 715,0OC
Tennessee ........ ...... 240,O0(
Missouri .......... ...... $4,000
Oklahoma ........ ...... 6l7,OOC
United States .......... .10,068, 900
The Day in New York.
New York, Dec. l0.-Not since
the Sully boom Of 1904 has the New
York Cotton Exchange witnessed a
mere sensational scene or a more
spectacular rise in prices than occur
red to-day with the announcement Of
the government crop report. With
the galleries crowded with visitors
from the South, augmented by
friends and relatives f operators
and other interested spectators, the
market scared to a new high record
for the season with gains Of more
than So bale over yesterday. Both
the May and July options touched
the high mark of 1880, both gaining
approximately AZ points over yester-
days close.
Bull brokers prevented a more vio-
lent advance, as they had distribu-
ted heavy selling orders every five
points up from 1886 for May and
July. They sold enormously supply
ing the demand Of shorts and also
the inrush Of buying orders from
Wall Street, Chicago and Southe1 I
operators and the local and New
England dry goods interests. The
market continued in an excited state
up to the close, with estimates that
100000 bales had changed hands in
the last hour. May closed at 1907
and July at 1874.
It was 2 o'clock when the news
came from Washington that the gov
ernment estimate was only l0,08S,-
900 bales, the smallest crop since
1903. Immediately there was tre-
mendous rush Of buying. Orders
poured in from the world, over and
prices jumped from 20 to 30 points
on the first transaction. Last trades
made just before the report was an
nounced were on the basis Of 1850
for May delivery; the next sales
were made at 1870, an advance of
81 a bale. This was followed by
tremendous trading both ways and
by rapid fluctuations. A break to
1866 followed, then came the rise to
1880. July cotton fuctuate2 along
the same lines, while March reached
1850 as its high point and closed
at 1910.
The government estimate Is about
100000 below the prediction of the
most sanguine Of the bulls and the
action Of the market naturally fol-
lowed Sixteen cent cotton so much
talked about, was not realized, but
the market came near it.
It now remains to be determined
whether the federal estimaters have
underestimate the yields as has been
the case for the past ten years. Dur
ing that time the crop has been IN
derestimated each year at from 500,-
900 to 100000 bals.
Small Panic in New Orleans.
New Orleans, La, Dec l0.-Fol-
lowing the posting Of the cotton crop
report estimate Of l0,000,0O0 bales
OF the cotton exchange this after
noon the future market took a jump
which ranged form - to 10 points.
May cotton went to sixteen cents:
establishing new high record for
the season. The estimate was about
10000 bales below the predictions
of the most sanguine bulls.
Anticipating a bulletin estimate,
the trade started the market toward
higher levels several days ago, and
the May option yesterday sold at
1854, four points above the high
price Of the day before. Yet it Was
even then far below the level which
was accorded it to-day, when it broke
all records for the season by going to
7G cents. \ majority Of the opera
tors had been trading Oh the belief
that to-day's estimate would be be-
tween 1O.300,00 and l0,60O,000 bales.
Whnn IN esiimate Of 1O.OSS.0QO bales