The Saint Paul globe. (St. Paul, Minn.) 1896-1905, 1899-10-03
BIG GAIN In COTTON
NEW YORK BROKERS' TAKE A
HAND IN THE DEAL THAT STAN
PEDED NEW ORLEANS
THIRTY-EIGHT POINTS UP
That Was the Jump Recorded Dur
ing the Day in New YOrk-BuIls
in Undisputed Control of the Sit
uatiOn-CIOse Was Firm and In
dicative of Still Further Advances
Before Decline

NEW YORK, Oct. 2.-It was big day
on the cotton exchange. The greatest
advance in prices was a matter of thirty
eight points, and from start to finish the
bull faction was in control Fridays
queer doing in the New Orleans mar
ket had led the trade here to look for
something in the way of a surprise when
the market opened more particularly as
it had been rumored that Liverpool shorts
were in full retreat and being closely fol-
lowed by jubilant bulls The initial
sales showed an advance far exceeding
the hopes of the most optimistic hold
ers, while subsequent business revealed
an intensity Of bullish sentiment in out
side speculative circles not even mag
ined by the markets best friends
Just previous to the opening the super
intendent of the exchange made the I'M
usual request that brokers rame the full
price when making bids and offers, in
order to minimize the possibility of max
ing mistakes and to reduce the confusion
as much as possible.
The stroke Of the gavel started a wild
game of speculative activity which show
ed little abatement UP to the very close
Opening prices were fourteen to twenty
five points above the closing of Thursday,
and though the market reacted from time
to time during the day, the undercur-
rent Of sentiment favored still further
gains. Bulls were spurred on at the start
by an advance of 7@71a points in futures
at Liverpool, coupled with rumors that
spot cotton had advanced in remarkable
form during our holiday interval.
Talk of frost having injured cotton in
several parts of the belt, estimates for
much smaller receipts than last year, as
we'll as further severe reductions in crop
estimates and reports of advances in the
price of spot cotton in the Southern mar
ket, added fuel to the fire of bullish en-
thusiasm.
Prospects of frost for the Western belt
tonight and increasing apprehension that
ton1orrow's government bulletin would
be more bullish than generally expected
served to check profit taking late in the
day. Those parties who had sold out
Thursday night in the fear of a slump
abroad before our opening today rein
vested soon after rthe9 market opened
The market closed firm at a net gain of
33GD34 points.
CAUSE OF FURRY EXPLAINED.
In explanation of the confusion in cot
ton market quotations from Liverpool
telegraphed to New Orleans last Friday
by the Gold and Stock Telegraph compa-
ny, the following statement of the entire
matter is today issued by the company:
''The confusion in the Liverpool ex-
changes cotton quotations. sent out by
the commercial news department of the
Gold and Stock Telegraph company on
Friday, Sept. 20, was caused by the lie
cessity of procuring them from Liverpool
direct, instead of from the New York
cotton exchange. in the usual way, be-
cause the cotton exchange was closed
for the Dewey celebration. The reports
received through the New York cotton
exchange are based on comparisons with
each preceding report before they reach
the commercial news department.
"In order to furnish the cotton ex-
changes of the country. outside OF New
York, with quotations on Friday. the
commercial news department arranged
that they should be sent direst from
Liverpool Its correspondent in LIVER
pool based the changes on the D. m.
price of that day. instead of on each pre-
ceding quotation, and the operators or
the commercial news department. in for
warding the quotations from New Yo1H.
overlooked the necessity of so notifying
the exchanges,