The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1899-09-30
COTTON MAREgr pAslc
New Orleans exchange Forced
60 SuSpend

ic ever witnes cd on lha 0roi of ina Nan
york Cotton Bxchapes occurred TODAY,
shortly after husinoss opened and caueed
In the midst OF the Intense excitement
the complete suspension of future bpsi-
ness pending invest cotton OF vvba+ tho
moment assumed t. Dr. conspiracy TO
swindle the cotton exchanges OF tho
country. The panic was due Go an appar-
ent terrible jump iu tho 0rce OF cotton
based on alleged Liverpool advices ana
It was roughly estimated tina H1O0oo had
been lost on local transactions as a re-
suit Later in the day tfe exchange
after receiving legal advice. declared nun
and void all future transactions Of tho
day. This action however. promised 70
be bitterly contested and Iteration a
likoly 20 be the final outcome. Tut,,re
business here win not he resumed until
Monday
The market at Liverpool opened 2. p25
lower on spots 4-64d lower on deliveries
as compared with Yesterday values ana
continued without material rbanoo for
some time Then the wires became hot
with tales Of rapidly advancing prices
They started up one-half OF sixty
fourth at a time ut first and then Jumped
to i-ei. 2-ef and 2sa-ef In quick order untll
the net advance up 10 9:l5 local time
showed LEAD. In the meantime New Or
leans had opened under the riverpooI
advance Of 12 TO u points hirher nan
LAST evenings closing ana quickly climbed
30 points additional Then The explosto,
came. with an unaccountable advance
OF "a points facing them. operators beee p
TO receive cablograms from Tfverpoo1 ast,
ing the reason for the heavy raise in /
prices in this market and stating that be
values in the English market sim stood |
at about the opering figures These cabl. |
advices in the face of $1,000 balea soid
and purchased, threw the operators into
frenzy OF excitement ana tbev surgo5
shouting. yelling and gesuculatfnr abouI
the ring as resident Parker rugbed 20 mel
desk and summoned without the usuai
tormahties a meeting of the exchange
Amid tumultuous scenes motion TO sus-
pend business was gasped out by a wild
ly excited broker. and with a trepard-
Gus shout L was unanlmous1v carrie,
The news Of the excitemont of tbe A..
lh lhe meantime had spread like wn5
ure throughout the business districts I'm
lhe vicinity Of the exchange ana tbe ,
bucket shops were sooou thranre3 wien
'Aciied men. Manager Vets OF tho West
srn Union company, as soon as ne r,t 4
"lho or the sensational advance sen ]
D Wires 20 work with messages OF fn- (
lulrN TO New York Repuea cauo pro-,rt
y directing that a'l specials .u r9f,re,,,
% Liverpool fluctuations he suapao5o., ,,, d
ll they could De confirmed bv bo N g
n. report b.
In the face OF these ran,rt, ,,, -. d
u''ceS from Liverpool, President par J.
.or convened the directors early snd ,
was then concluded TO close the fu-
ure market until Monday iu order N u
ermit the brokers to recover from the I
mock ana enable an investigation TO be {
oncluded fixing the blame for the re-. Il
larkable blunderng or the responst- p
liity Tor the conspiracy. At the same II
leeting the board summoned It's conn
el E. ID. Saunders and asked az opin-
IN from him as the headsHRDLIJu ;
IN from him as to the legality of the y,
ontracts that had been made under
ne misapprehension of facts.
Having been informed that all con- =
racts made this day" said Mr. saun- L
ers were based on false reports from
liverpool as to price, I advise you that n
he consent essential to a valid con- Ia
act was wanting and the contract Is. n
ieref0re, void" b
Upon the basis Of this opinion, the n
,Htraets were declared off. The curb W
one brokers or at least some Of them
'otested against the action OF the II
,ard In declaring contracts void anu pI
aimed that they we're not governe 1 b'
2 the change. Other brokers were Ike &C
lse of the opinion that the exchange W
ID exceeded it's authority and threats IL
ere freely made during the Afternoon u
a resort to litigation to de.erp.:ne Dc
hether the contracts should stand or al
II. e'
Today Is the first time in history ,,
thirty years, that the New Orleans y
,tton exchange has been compelled 10 y,
ispend business. During the pa'9io OF a,
90, a similar attempt to suspend was
ad but failed The exchange took the o.,
'ound then that suspensions would In N
re it In the markets OF the world. rhe n,
rectors feel that today's suspension n,
as unavoidable and excusable. -
A statement In relation to today's r,
lnlc was given out by officials OF the n
,tton exchange late this afternoon. Il
eferrlng to the false quotations the cl
atement says: d,
IAN the Liverpool dispatches quoted
,me through the regular channel, the
News Bureau OF the west. -
m union telegraph company which has
cen the news conductor for the var
us southern exchanges for more than
quarter OF a century past. The expla-
alton Jf the company Is that the
nanges reported we're 10 be construed
3 against the closing price OF yester-
ay but as the invarlable custom here
3fore had been 20 give all changes In
ne Liverpool market compared with
,e dispatch Immediately preceding, the
xplanation Is not only unsatisfactory
at indicates negligence somewhere 1t
e short OF criminal"
ATLANTIC PANIC.
Atlanta. Ca, Sept. 9.-When the ro-
ort OF a rapid rise in cotton became
noyn here today the Local brokers were
CODED with offers 20 sell. Ono order
as as high as four thousand bales. The
rcitement was intense With no abatement
ntli the aivices from Liverpool denying
he rumors the rise IN prices were
One cotton merchant is said 70 have