The Wichita daily eagle. [volume] (Wichita, Kan.) 1890-1906, 1899-09-26
COTTON SCARS ALOFI
New York Market a Scene of
Intense Excitement.
BULLS WORK THEIR WILL
Total Rise So Points Since
the Campaign Began.

New York. Sept. &.-Today's develop
ments on the New York cotton exchanges
were OF a sensational nature. As long
as tive weeks ago the bull traders as
serted that the market was unjnst.da0ly
low. and they began 70 back Up tseir
convictions BY purchasing IN al ne
weaker intervals. Al the opening OF last
week the opposition OF the Liverpool mar
ket and the European cotton trade in
general was added to that OF the local
bear interest and battle royal begaa.
But day after day the bull forces scored
signal gains. until at the close o. SAT-
urday a general rise Of forty poinss TAD
teen recorded. Believing tha market %
be IN A substantial reaction. shorts ok
Ell .or a change OF front t0iay But
events proved that even WORSE set-baCks
than previously experienced Vers 10 -
met With and the bulls adm a,s-cresi a
drubbing long to be remembered Oa no
first call prices shot gp II 70 Il na5uts.
ard further improved during tua nfst
hour on tremendous buying from al GUAR
tiers, though notably from the sn0rt side
The bear forces were in ultss rout and
the greatest excitement prevailed Though
there were relapses later under Wild
sparts OF profit-taking. the market show
ed inherent strength and Wonderful re-
Operative ability. Sensational runors
were circulated 70 the effect that the L.v-
erpool market had broken away from tire
bear clique which has dominated Il sor
months. Public advises seemed 10 bear
out these stories, as did an Infux % large
h-spfug ~rfars r~nr, NFaurhaefar aud och
er spinning eenters Of Europe. Re iuced
crop estimates. gloomy crop tcstiJaoay.
active and higher spot markets ia The
south and talk q smaller receipts from
now or In the interior blt were infu-
ences in the local market today. Spscu-
cation as whole exceeded any single
days business for many months.
Excitement was az fever heat when the
futures market opened thls morning.
Shorts were panic-str!cken and trades
made simultaneously in different parts OF
the ring presented a difference % and 3
points for the same option. The main
causes for the excitement were a sudden
advance OF 76-poiuts in futures az Liy-
erp0oi and rumors that the European
trade. bearish by nature. was thoroughly
demoraijzed by the recent Ection 90 our
markets as well as the continued unfavor-
our market opened steady at an advance
OF IS 70 II points. This rise was also IN
creased % matter OF IS 20 fe points. or
70 a level e 20 g points absve the ng-
ures current n week ago Saturday. short
~ after the call profit-tsking on a large
scale. In connection with short selling By
conservative traders on this Theory that
the advance had been overdoue. caused A
sharp break. but the market sFain raj
lied on a small avalanche ~ good buv-
ing orders from the south and abroad
The general undercurrent % sentiment
WIS strongly fav0ra5ie 70 a san higher
price ard every weak spot started buying
afresh for a lopg account The news
from the cotton belt took On even a more
pess!rHistlc view today than 81 any time
thus far this season. Tire crop wss said
10 be short r. nearly every section ~ ths
belt. The market closed yerg steady a.
a net advance % u % a points.