The Washburn leader., 1899-10-07
PANIC on 'CHANGE.
WILD SCENES AT THE NEW Or
LEANS COTTON EXCHANGE.
Looks Like Gigantic Conspiracy to
swindle the Cotton Exchanges of
the COuntry-Terrihc Jump I'm the
Price of Cotton ON the Liverpool
Market-Exchange Suspends Bust-
ness Until Either the Conspiracy
or Blunder Can BE Investigated
All Deals Called on.

New Orleans, Oct. 1. - The Widest
panic ever witnessed OF the floor OF
the New Orleans cotton exchange oc-
Cured yesterday shortly after business
opened and cansed, in the midst of the
Intense excitement, the complete sus-
pension Of "future' business pending
the investigation Of what at the mo-
ment was assumed to be a gigantic
conspiracy to swindle the cotton eX-
changes of the country. The pane
was due to an apparent terrific Jump IN
the price of cotton, based on alleged
Liverpool advices, and it was roughly
estimated that $4,000 had been lost
on local transactions as a result. Later
in the day the exchange, after recelv.
Ing legal advice, declared null and void
all future" transactions of the DAY.
This action. however, promises to be
bitterly contested and litigation is like
ly to be the final outcome. Future
business here will not be resumed un-
til Monday.
The market at Liverpool opened
3-32d lower on spots and 4-64 down on
deliveries as compared with Thurs
days values, and continued without
material change for some time. Then
the wire became hot with news OF rap
idly advancing prices. They started
up with one-half of a sixty-fourth at
times and jumped 1-64, 1 1924 2-6i
and 2-1-2-64, 2-64 and 2 1924 in quick
order until the next advance up to 9:45
local time showed 41-64. In the mean-
time New Orleans had opened under
the influence of the Liverpool advance
81 to "a points higher than Thursday
evenings closing, and quickly climbed
30 points additional.
Then the Explosion.
With an unaccountable advance Of
"a points following them, operators be-
gan to receive cablegrams from Liver
pool asking the reason for the heavy
gain in prices in this market and stat
ing values in the English market still
stood at about the opening figures.
These cable advices in the face Of from
10000 to $4,000 bales sold and rur-
chased, threw the operators into d
frenzy Of excitement and they surged,
shouting, yelling and gesriculating
about the ring as President Parker
rushed to his desk and summoned
without the usual formalities a meet
ing of the exchange. Amid the tumult-
uous scenes a motion to suspend busi-
ness was gasped out by wildly ex-
cited broker, and with a tremendous
shout it was unanimously carried.
Manager West, of the Western Union
company, as soon as he got wind of
the sensational advance. set his wires
to work with messages Of inquiry to
New York. Replies came promptly d.
recting that all specials in reference to
Liverpool fluctuations be suspended
until they could be confirmed by the
p. m. report.
In the face of these reports and the
advices from Liverpool, President
Parker convened the directors early in
the afternoon and it was then conclud-
ed to close the future market until
Monday in order to permit the brokers
to recover from their shock and enable
an Investigation to be concluded fixing
tie blame for the remarkable blundel.
ing or the responsibility for the con-
Sniracy.