The Topeka state journal., 1899-09-29
SCARED OUT.
New Orleans Cotton Exchange
In q Panic.

New Orleans. Sept 29.-Intense ex-
citement prevails on the cotton eX-
change here and the directors of the
exchange have met and suspended busi-
ness. The New York market is closed
today and the only quotations that were
TO come this morning to guide the local
investors were from Liverpool the
market had scarcely opened wnen the
operators became paralyzed by the ad-
vices that clicked from over the ocean.
1t showed futures jumping in leaps and
bounds. In half an hour the reports
showed that the Liverpool market had
Jumped nearly a cent The whole eX-
change went wild and the excitement
spreading TO the streets multltuoSS
crowded around the doors of the Dulld-
ing At 10 o'clock a meeting OF the IL
rectors was called and prompt ACTON
was taken suspending all business
Operators are unable to explain the
tremendous jump and the common be
lief on the floor is that the wires nave
been rapped and that a gigantic sWindl-
ing game IS afOot somewhere FflNate
cables are going to Liverpool by dozens
seeking information.
AN EXPLANATION.
New York. Sept 29.-The Commercial
News bureau of the Western Union
TELEGRAPH company. has sent out Ihe
following explanation in connection
with the suspension of the New orleans
.-yThe special Liverpool fluctuations
today-the movement should proba bly,
have been made against the closing
prices of yesterday, each movement 10
be made separately as they came and
not to be added collectively The trou-
bic was probably caused by misunder-
standing as to manner Of using move
(SiEned:) GARDNER IRVING.
Commercial News Bureau
While the telegraph wires were bring
ing the news of the advances at Liver
pool private cables to prominent local
cotton firms were bearing the news
that there had been little or no change
from yesterday in the Liverpool mar
ket. This at once aroused the sus-
picions of the operators and caused the
hasty meeting Of the directors.
The action OF the directors in ordering
a suspension of business checked
panic. but only temporarily a1layed the
excitement and there IS suppressed
anxiety TO know the solution Of the
puzzle
During the thirty years of its exist
ence this is the first time that the New
Orleans cotton exchange has oeen
forced to order a suspension Of all busi-
ness. In 1888, during the panic a mo-
ti0n to suspend business was offered
but was defeated because the New Or
leans cotton exchange felt it would be
discredited before the world if it sus
pended. The directors officially an
nounce that tOday's suspension is due
Liverpool spot opened 3-32d. down.
Liverpool deliveries opened 1854 to 4-64
down At 2:30 D. m the market stood
1854 lower than the opening. Then the
jumps started until when the action of
the exchange finally suspended busi-
ness, the Liverpool advance had reach
ed 41-64a- The New Orleans opened "a
points above yesterday and under the
influence of the phenomenal Liverpool
advance went up 80 points additional.
making a total of "a points on the
basis Of 4. point that represents a
total of S270 of every contract of 100
bales. Operators estimate on sales oa
10000 bales before business was sus-
pended the total loss suffered here is
about sos, 900.