The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1895-10-23
Bottom Out OF the Market.
Cotton Falls liz Points in
-Four Days---Causes of
the Slump.
Sale Of 100000 Bales---Inman's
Rich Strike.

NEw YcRK, Oct. 2l.-Co.ton prices
on the New York cotton exchange this
morniDg opened over 80 points below
Saturdays cficial closing figure.
The decline was accompanied by
great excitment. The January future
opened at 8 54 cents against S.S6 cents
SATURDAYS close. Go Wednesday last
the same future sold at 9 a. cents or 80
points above today's opening. This is
equivalent to $3.50 bale. The i'm
mediate cause of the smash this morn
ing was tbesepening decline in the Liv-
erpool market Of 10 to 11-64 ds. The
decline as whole, however, has been
occasioned by the reported collapse Of
the bull campaign, which has been eo-
giueered from New Orleans for several
months past.
The New Orleans bull clique was
last week reported to be ltqu'datins its
holding Of cotton, and this quickeped
the decline in this market Business
was very heavy this morning ADD due
,uations we're very violent. Within ~
seconds the market moved Eve points.
January. which had been opened at
8.54 rallied TO 8 IS aud theu weakened
sgain With quick rallies aud recovered
daring the FIRST hour Sales on the
opening call we're on an enormous
scale.
In che early afternoon, January
touched 827. This was decline OF
III points from Wednesday or eqniva
lent to IS .S5 bale. In the early af-
.ternoon, however. conservative traders
were counselling that there should be
reaction or serious results might fol-
low Some promineut operators are
said to have come in as buyers. A
New Orleans dispatch reported the fail
sure of Emmett & Buecb. cotton house
there Up to / o'clock the sales on
New York cotton exchange for the day
was 600. 900 baies-she largest on re-
cord. At :l5 Jauuary's price was
$40.
The tremendous break in cotton end
the wild, unprecedent scenes on the
floor, of the cotton exchange we're the
talk of the street. Stock operators left
their favorise speculative commodities
10 discuss cotton aud its downward ca
reer- One of she best known cotton
brokers in the city. when asked to give
ap opinion on the market, said har-
riedly:
'srbe break had to cone and vas
looked for. but it was not expected all
a, once. The truth is that the reaction
in cotton is taking place in days instead
of months. This tremendous drop
should have extended over two months
We are doing the business Of liquid
ating 10 three days. The market. in
consequence. is in condition lit;le
shor, Of panic and real values are not
considered.
When prices reached what appeared
to be the bottom. John II. Inman. who
cold q. 600 bales of Jan uary at 9 81
last week. became bull and bought back
VIA, he had sold a, one ceot less. His
profits are reported TO be enormous on
the srausactioo. MIR inman is said to
have cleared over $500, 600 on the drop
in co,ton in the past four days
There was report late today that
t.e governors of the cotton exchange
were investigating reports that severa!
cotton brokers made sales on the curb
aft. { the closing Of the exchange on
Saturday and that they would be cali
ad to account for violation of the rules