The morning news. [volume] (Savannah, Ga.) 1887-1900, 1888-03-06
COTTON GOES TO SMASH.
BULLS COMPLETELY ROUTED ON
GOTHAMS EXCHANGE.
Prices Fall Thirty to Thirty-hve Points

GOTH a. MS EACHAN(iE.
Prices Fall Thirty to Thirty-flve Points
Everybody Anxious to Unload and
441,OO Bales Thrown Overheard
Three Firms Fail-Harle, of Atlanta,
Hit Hard.
NEW YORK, March 5.-This has been a
day long TO be remembered by the bulls and
bears of the cotton market. 1t has been a
veritable Waterloo for short-waisted traders
on the long side, and even big operators.
with large holdings of cotton, were made
uncomfortable The statistical position of
cotton has for some time been regarded as
so stroIg that the bears have fought shy and
made no desperate attacks on the market.
Repeated rumors of war being imminent in
Europe have always given them courage to
make short-winded drives at the price, but
from any decline thus effected the staple
seemed to rally so vigorously that anything
like bear campaign was not attractive
CoMPLAcENCE OF THE BULLS.
Under this state of affairs the bulls have
been very compacent, and were full of con-
tidence until recent receipts commences we'll
ing beyond expectations, which raised APP
prehensions of larger crop than had lately
been reckoned by the popular estimates
This however, only made the bears little
less timid without arousing them to actual
boldness. For anything like big slump
something more was needed. This came
last Thursday 1t was ascertained
by a few of the bull operators that
James Harle, a big and bold trader,
OF Atlanta, Ca, was very heavily long of
cotton. 1t was even suspected that he had
r-tt cd an hap
he could take care of provided any material
decline came. Those who entertained this
opinion abandoned their bull tactics and on
last Friday and Saturday were free sellers
on the quiet, thus prudently reducing their
own holdings in case of any trouble.
BEARS AROUSED.
This selling movement gave the bears
courage, and they hammered the market
without mercy. After once the price was
started downward it yielded rapidly, and
cotton closed Saturday night about 40
points Tor nearly &c. pound lower than
the opening price of Friday morning. Still
nothing positive was generally known, but
general sort of fear seemed to have
seized the majority of traders,
and at the opening this morning nearly
everybody was a seller. Down, down,
went prices without any appreciable resist
ance by the bulls. By noon it was reported
L.
quotations fairly went to smash. 1t looked
as though there was no bottom. The ex-
citement was terrific and the losses immense.
Men climbed over each other like n crowd
getting out of a burning building, and
shouted themselves hoarse.
TOO FAST FOR THE TICKER.
Trading was long ways too fast for the
ticker to record the transactions, and
quotations varied at the same moment on
opposite sides of the ring. Three failures
were announced in rapid succession and
although they were not of prominent
houses they were big enough to intensity
the excitement and aggravate the panic.
In five minutes after the close all was quiet.
The tired traders lit their cigars and stood
in small groups about the room discussing
the battle and its casualties The day was
done, there would be no more trading till
morning, and for the cessation there was
a sort of ''thank God" expression in every
| mans face.
A RALLY EXPECTED.
The general opinion expressed by the1kad-
| ing members of the Exchange this after
| noon was that the decline had been greater
| than was warranted, and that a sharp rally
was more than apt to come tomorrow or
next day. The failures announced on the
| Exchange to-day were those Of George T.
| Dixon 81 Co., w. V. King and j. III. Garri-
son. These suspensions, 1T is said, we're
occasioned by inability to secure ample
margins from out of town customers TO
meet the violent decline
HARLE'S HARD LUCK.
1t is said that Mr.. Harle was carrying
about $50, 600 bales of cotton when The de-
cline began, and that his loss is over $780,
600. This same gentlemen was very promi-
nent in the cotton market last summer, and
in the great bull campaign Of that time he
was credited with having made about $780,
600. In this deal he has accounts in ten or
twelve different brokerage offices. but none
of the large commission houses are thought
to have been carrying his cotton.
BIG DAYS BUSINESS
To-day's business was the largest in the
history of the Cotton Exchange. The total
dealings amounted to AL 900 bales The
market closed at about The lowest prices of
the day, but after the close there was con-
siderable trading among members Of the
Exchange, and the last of these informal
transactions were made at six or seven
points above the official closing quotations,
and decidedly better feeling prevailed
among the traders. Even bears predict
sharp rally.