The San Francisco call., 1899-09-30
WILD EXCITEMENT IN The
SOUTHERN COTTON EXCHANGES

tracts were declared off. The curbstone
brokers-or at least some of them-pro
tested against the action of the board in
declaring contracts void and claimed that
they were not governed by the exchange.
Other brokers were likewise of the opinion
that the exchange had exceeded its au-
thority and threats were freely made
during the afternoon of a resort to liti-
cation to determine whether the contracts
should stand or fall.
To-day is the first time in it's history of
thirty years that the New Orleans Cotton
Exchange has been compelled to suspend
business. During the panic of 1893 sim
liar attempt to suspend was made but
failed. The exchange took the ground
the markets of the world. The directors
feel that to-day's suspension was unavoid-
able and eXcusable.
A statement in relation to to-day
panic was given out by officials of the
Cotton Exchange late this afternoon. Re
ferring to the false quotations, the state
ment says:
All of the Liverpool dispatches quoted came
through the regular channel, the Commercial
News Bureau OF the Western Union Telegraph
Company. which has been the news conductor
for the various Southern exchanges for more
than quarter Of century past The expla-
nation OF the company is that the changes re-
closing price of yesterday, but the invariable
custom heretofore has been to give all changes
in the Liverpool market compared with the dis
patch Immediately preceding the explanation
is not only unsatisfactory. but indicates negli-
gence somewhere little short of criminal.
ATLANTA, Ga, Sept. 29.-When the re-
port of a rapid rise in cotton became
known here to-day the local brokers were
flooded with orders to sell. One order was
as high as 1000 bales. The excitement was
intense, with no abatement until the ad-
vices from Liverpool denying the rumors
of the rise in prices were twice confirmed
One cotton merchant is said to have
bought 1000 bales at 71a cents on the
strength of the quotations, but the brokers
GALVESTON Tex, Sept. 29.-The Liv-
erpool quotations caused an exciting hour
on the Cotton Exchange to-day. Later
all trades were declared off and tn" loss
on futures will be small 1t is on ct~intry
purchases that the rub will come Be
cause of the supposed advance in Liver
pool prices factories rushed kilograms to
their buyers in interior towns raising the
limit for spot cotton. A sale of one lot of
100 bales at Houston at fifty points more
than the true market price is reported.
The banks received kilograms from their
correspondents from many points in the
interior calling for currency. A proml-
nent banker stated this evening that over
quarter of million dollars in bills
was shipped from here this afternoon. 1t
is not likely that many of the spot trans
actions will be called off.
HOUSTON. Tex. Sept. 29.-The local
cotton men went wild to-day on the Liver
handle the business. 1t is believed many
country merchants have been hard hit on
actual cotton purchased when the early
quotations were sent out, and failures
may result
MOBILE, Ala, Sept. 29.-Mobile cotton
men were staggered by the Liverpool cot
ton reports and there was very little trad
ing 1t is impossible to estimate at pres
ent the amount of sales in the interior
upon false reports. but it is thought to be
large, as the market has been bullish for
several days and buyers would be quick
to act on such reports as came early to-
daV