Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-09-30

AT NEW oRLEAh s. 81
INTENSE ok Ii;TEI5AffEI CON-
e RACTS OID-INVFIsT AZ ~ \
Is TIoN ORDERED,
4 10y Telegraph u. Yifsinia an Pilot,
Il New Orleans, Sept. 80. ATls widest
panic ever. wi tnessed on the floor Of
the New Orleans Cotton Exchange oc-
Cured to- day shortly after business
opened and eaised, in the midst OF the
Intense excltemeht. tile eomplete shs--
pension OF future business; PENDING the
Investigation of What DIT the moment
MAS assumed 10 be q gigantic con- on
,ehatiges ii tile country! TIE panic was
dGsEto dri aBbareiit terrific jump in the
price OF cotton, based on alleged lLiyerr>
pool 3advices, lind It was roughly esti-
mated that $4,000 had been lost on
local transacti6iis as d result. Later
In the day the exchange after receiy-
Ing legal advice, declared null and void
tal1Ifuture transactions OF the day. This
action, however. promises to be bit
jterly contested, aid litigation Is likely
to be the final outcome! Future bust
ness here will not be resumed until
Monday. 4, i,
EThe market III Liyefpooi opened
S.S2d. lower on spots and four sixty
fotiEtiis down OH deliveries as COM
pared with yesterdays values and
continued withotit material change for
some time Then the wires beanie hot
with the tales Of fapidly advancing
prices. They started zip one-half OF q
sixty fourth a t q tifrie at first and then
Jumped one siXty-fourth, one-half,
sixty fourth, two eixty-fourths and two
md oiie-half eixty-fourths in QUICK
Order Until the net advance up to 9:45
local time showed Al sixty -fourtiis. In
under tile Influence of. the Liverpool
advance 81 to "a Points higher than last
jeyeiiings closing, and quickly climbed
UP 80 points additional. Then the ex-
plosiofi came.
With an understandable advance OF %
points fasng them Dega III.
ing the reason for the heavy gain In
prices In this, market and stating that
values in the English market still stood
still at about the opening figures. These
cable adticss Iii the face Of from, 10000
to $4,000 bales sold and purcnased.
threw the operator INTO q. frenzy Oh
excitement; and they sutged, Shouting,
yelling and gesticulatlng about the
ring as President PARKER rushed to his
desk and summoned without the usual
forinhlities meeting Of the exchange:
Amid tnmultuous scenes n6tion to
suspend business was gasped out by a
Wildly excited broker and with q ire
mendous Shout 1t was Unanimously car
ried. Tho news Of the excitement on
the fi6of Iii the meantime had spread
like wildfifs through the business dis
trictS and Carondelet street; III The vi
einity of the exchanges, and the Dueke,
sh6ps were soon throneeti will ex-
cited men. Nianagar West. Of the
Western IJnion CStS5aiiv ne loon i Z Id
eot wind of tbs sa};ss fionaii I'D sd ~ i rcs
al His Wires ~ work witb t,,assngss ne
lIid,iiry to New YORK Reniiss : IN me
promptly directing That AL all SPECIALS IN
rsieIense 10 IiyeTpooi ilnc II De
s sl &c, untli they could be con-
~ oy the ne p. IN. report:
CONTRACTS VOiD.
y, 4 N rs ! .5.,.l,lI q. Ill.
n the fece OF these reports and the
advices from LIVERPOOL, resident
?arker convened the directors early. In
the me aiIterno9n. and It was. then coIiclpde ed
70 close the future market Until Mon
day In. order TO permit the brokers to
recover from their shock and enable
an investigation to be concluded fixing
the blame for the remarkable blunder-
ing or the responsibility for the con-
spiracy: l.
4 At the same meeting the board sum-
noned its counsel; 70. d. Saunders
and asked an opinion from Him as to
peen nede undert the misrepresentation