The times. [volume] (Richmond, Va.) 1890-1903, 1895-10-22
THE BREAK IN COTTON
CAUSES WILD, CNPRECEDESTED
SCENES ON THE ExCHANGE.
The slump Should Have Extended Over
Two Months Instead OF as Many Days.
New Orleans Firm Fails.

NEW YORK, oct. A.-'rhe collapse Of
the DuI movement in The cotton market
has been the most prominent topic Ia
the dry goods market to-day, and mean
while buyers and sellers appear to be
doing little to push new business forward
in staple goods.
On the part Of the former opinions were
freely expressed that, whilst the break
IN cotton may not be- reflected IN lower
prices for cotton goods, its ehecis may
| shortly be seen in a relaxation OF reserve
on the part OF the sellers with regard 10
future engagements and The easier pros
ecuuon OF purchases FOR spring IN ABOUT
an existing leVei Sci. Is nave gwen no
practical evidence or this as yet, and on
their part il Is rged that scanty supplies,
coupled with the fact that cotton wiz
settle down TO 'omething Ike peIin"-
ncncy on u somewhat low er basis IMAM
seemed likely a week or 50 ago, cotton
goods would still be cheap, compared
with cost Of production and a hisner
range Of values well within the bounds
OF probability. IO-day's business mas
been on "a moderate scale In all depart
ments.
In the early afternoon january cotton
touched s2l This was decline or ia
points from Wednesday, or equivalent 10
Si.sJ bale. In The early afternoon now
ever. conservative traders were counsel
ling that there should be reaction or
serious results might follow.
Some prominent operators are sald 10
have come i'm as buyers. A New Orleans
dispatch reported the failure OF Emmett
y Buesch, = cotton house there.
Lanarsr sALss o. n,uoED.
Ip TO 1 O'Clock the sal-s on the New
York Exchange aggregated tycp bales,
the largest cn record. Al l.i' January
price was s. 80.
The tremendous break in cotton, and
ttHf1H f4r.f.r4UtHtrtfII ln
floor e. the Cotton Exchange were the
talk cf the street Stock operators ielt
their favOrte speculative eommodi.es 10
discuss cotton ana us downward carrsi
ono of the best-knOwn cotton brok efs
in the city, when asked 10 give his
opinion ON the market said, hurrisdiy
'The break had 20 come, ana was
looked for, but IL was not expected all az
once. The truth is that the reaction in
Gotten is taking place I'm days instead or
mOutLs This tremendous drop should
have extended over two months. We are
doing the business Of iiquiiating ia three
days The market i'm cons 'quence IS IN a
condition a little short 0f panic, ana
real values are not considered"
When prices reached what appeared 20
be the bottom, John Al. lnmln, VINO SOFA
5000 bales of January at 9.5l last week,
became d bun. and bought pach WHAT
be had sold at one cent less.
His profits are reported TO ne enormous
Oh the transaction. Mr. inman is SAID
TO Lave cleared over sJ1g' on 'ne 'io'
i'm tie cOt.On I'm the past four days.
There was q report late to-day that the
governors of the Cotton Exchange were
investigating the reports lhal .tH' u
brokers made sale on the curb after the
| close SATURDAY and mat theE "oulu "'
called 90 account FOR 1T.
At2 o'clock the sales of cotton amount
cd 10 over 76OOaJ bales, ana speculation
was stll very heavy
rHL ID. II HAL.zrD BULis'
NEW ORLEANS. LA, oct. d.-N hen
the cottoI business closed mere SATURDAY
the discouraged and demord.ized DIii9'
VINO had been routed al every polhl
rsped mat with the intervening ouIiaay
something would turn up to save t"sn
from absolute ruin, and many isA.ly De-
neved the bottom hao 't .u -oul'iO-ii al
Tbis morning the market op,h-u az
most destitute OF ihe exciting Ieat tIits
from the tremendous uurry OF odlIl"ts
Everybody Was injected WIN 4 &C." VI
glees Cf tcver, however ana IL it,r ei,,' 80
but little 10 turn bediam loose. me mar mar
XII opened at about two TO Iour pOln's
b.lcW Saturdays closing pri' as.
t'rom thi. ON there was conbhitH "e-
cline. Between 1.3D and j % CLOCK lAe
,,ild excitement OF saturday Was lr.l' l'7
s,,,nase.d The announcement u tAe
faiii-ra ot Emmett a Buc-h, dH1 j., -;
O,tDert a Co.. was posted an ar .-N
somewhat 10 the frenzy Ol ine p.'i- H..
January futures Went down 10 o-'', '-t
.,,.re 80 "a rally. and the market closed
sfesdv al Sl9 to So. The neaNy -o''ihs
vas almost entirely for Lqui+dtloH. ..,
"a reporter of the southern 49,. 'lal.u .l'.'i
press interviewed several pf1nlii'oii1
arms AID brokers tonight, ana vas as
stred that the failures OF f.illi1l -. ~
Euech and Gilbert q Co. naI no .lIiS.,i
Whatever on the market as "as 'ooN''
for . ,ot, FIRMS were
,oaded down with Obligations ON a..D~'s ..,-Dl.
~ rountry customers, whose ieH'.t .-''''
co,,id not possibly reach here III ui10 A."
account of the continued Lna i'i,,o i,,o,,,,t.
"1ire both firms have large hInoulits .lta
~ money locked up. which they coulu NO'
realize. .. therefore ircvi-
.sije rhcy will lay not less 'haH 90
c.Dte on eTerly dollar OF theN vDi'5a
,ione nrobabiy dollar for dollar ana i poln
e,'ne ., isill resume business ln i." ""SS.
'rbe firms interviewed. believe lual ,,',
- ls,i,ef has be4n pretty weii soli ou1 ana
the worst Is over. ..i.... ,o-niobt at
- o,clock for their mutual lniei'ot Hl,e anu
Iii eliminate all contracts whCh sIvu"
nof exist This VIII clear up the si'u@-
ton materially. ,...o ,,d c.bc+ II
This meeting was private ana what IL
soes will not be given ont.