The news and herald. (Winnsboro, S.C.) 1877-1900, 1895-10-24
COTTON TAKES
4 Big FALL.
The BULL MOVEMENT coll
IAPSES.
The COLLAPSE WAS Caused by tbs Going
to Pieces Of the New Orleans
Bull Clique.

\ Special from New York 10 the Charlotte
Observer says: Tbs collan~e Of the hull
movement IN the cotton martrt has "'2n ;!ls
most prominent topic in the dry goods
market to-day and Ele;sDwhiIe hots bt!>erS
and sellers appear to be doing little 70 fHsh
new business forward il staple goods. On
the part oi the former. opinions were freely
expressed that whilst the break III cotton
MAJ not bs reflected in lower prices Ior cot
ton goods. its effects may shortly bo seen III
! relaxation OF reserfe on the part OF lie
sellers with regard to future engagements
and the easier prosecution Of purchases l''T
SprIcc cn about existing Jewels: Sellers rave
given ne Practical evidence of this ~ yet
and On their part i is urged that S"@Ntf
supplies. coupled Eith the fact that. fveu
should cotton settle down 10 something !lS'
psrmanency en- a somewhat lower b;Isl= ii'al
seemed likely a week Or so aS" cotton S"n'S
would still he cheap compared with cost U'
production and a higher range OF V'lueS
well within the bounds Of probability.
Cotton prices on the New York cotton cN-
Change Monday morning opened over 80
FONTS t.elo-4 Saturdays official c!n=inS !5-
ure: The decliue was a@eoui paltind b. great
eXaiter!ent. The J:tnuurv futures Opened -
Ssh cents against SIS cents: Saturday
close On Wednesday last the same li:fuT"
sold at 6. Il cents. or go poiats abov" t0l;tE
opening. This is equivalent TO - % Il 9aie'
The immediate cause Of the smash was al
opening decline iD the Liverpool market {.
10 q II 1-64 d. The decline as 4 WhoF
boweyer. has been occasioned by the rep0F
I'd coilapse cf the bull campaign, which y
,aaI,o Npy tlrlpH0G
eral months past:
The New Orleans bull clique was last week
reported to ho liquidating It's holdings ci
cotton. and this Quickered the decline III tt1lS
market.
business was very heavy Monday morning
and fluctuations very violent. Within thirty
seconds the market moved i've points; Jan-
uarr, which had opened at 9.54, rallied -
SIS and then weakened again. with quick
rally and recovered during the first hour.
Sales on the opening call were on al enor-
NOUS scale
In the early afternoon January cotton
touched e.27 This was decline OF III
points from Wednesday. or equivalent 20
s. S. bale. In the early afternoon. how
ever. conservative traders were counselllng
that there should be Il reaction Or serious
results might follow.
Eo to 0'clock the sales on the New YORK
cotton exchange aggregated for the daf bo'.-
O0o bales-the largest on record. At I:93
January's price Wis 8.40..
The tremendous break iu cotton and ti'e
wild: unprecedented scenes on the iloor oI the
cotton exchange were the talk ct The stre't.
Stock operators left thei. faTorite speculative
commodities to discuss cotton and Its down
ward career
Oc1 OF the best known cotton brokers IL
tie CITY, when asked to give an opinion on
the market. said hurriedIy: The break h1a
10 come and was looked for. bGt it was not
expected all at once. The truth is that the
reaction in cotton is taking place in days H.
stead of months. W. are doing the business
of liouidating in three days Tie market.
il consequence, is in condition little short
Of O. manic and real values are not considered.
When prices reached what appeared to nc
the bottom. John y. InmaI. who sot! 2':ooo
bales Of January at 9.3I last week, Dc:ame
bull and bought back what he had sou al
cent less. His profits arc repotsed 20 pe
enormous On the transaction. Mr. lufi;'n
is said to have cleared over s3eo opo on the
drop in cotton in the past four days.
THE NEW ORLEANS CorTnN St.U'p.
When the colt business clos@d 1T ~"
Orleans: Saturday, the disorgallzed ana de-
n!or:liiZed bulls. who had been r"ute'! III
every point. hoped that with ii" intervening
Sunday something would tprn ny TO save
them from absolute ruin. Many really hc-
Ieyed the bottom had heen touched.
Monday morning the rarsci Opened d'@-
titute Of exciting features from TIE 'f'ia'9
dous furry Saturday. Everybody "a> a'-
fected with lew degrees Of fever. however.
and it required but little 10 turn heilan!
loose. The market opened at about t" i
points below Saturdays closing price. FROM
thi5 on there vas Il continued decline. i5'-
tween II so and 12 o'clock the wilt excite
ment of Saturday was perhaps surpassed.
Tho announcement OF the failure OF Emne't
& Buech, and L. G. Gilbert d Co.. was PSstG''
and added somewhat to the frenzy OF the
brokers.
January futures went down to S.o' but
there was a rally and the market closed
steady at $40 to $40.
The heavy selling was almost entirely Ior
liquidation.