The Seattle post-intelligencer. [volume] (Seattle, Wash. Terr. [Wash.]) 1888-1914, 1899-09-30

mw ORLEANS. sept. 1.-Tne widest
~ evsr witnessed On saA 8oor Of the
orfeans Cotton Exchange occurred To-
ehnetsy after business opened and
-. 10 The midst of the excitement. the
5s11eea suspen&.on Of future GUINNESS.
- vestgation Of what ~ the mo-
Uns assumed 10 be = conspiracy 20
- the cotton exchanges Of the coun-
~ panic WAS due to an apparent
fpmp Ia the rsfcs OF COTTON. based
1eed Liverpool advances. and 81 Wa
- estimated that S1ss6G had been
= The local transactions ~ q result
- $ the day the exchange. after re-
- legal aSyice. declared null and vesd
e1enre transactions Of the day. Tnis
-. however. promises 10 be utterly
1osfed and litigation = l1eiy TO b the
Sutcouse-
- market 81 Liverpool opened It'd
- q SPOTS and t-etd lower on deliver
= compared with yesterdays values.
esafinusd without material change for
time Then the wires became hot
eeports Of rapidly advancing prices.
- meantime New Orleans had opened
- the influence of the Liverpool mar
nasance II to Il points higher than
eyecinx's clcse. and quickly climbed
onfnfs additional Then the explosion
With N unaccountabic advance OF
31lnfs facing them. operators began to
80 cahiegrzms from Liverpool, aS1King
fono0n for the heavy gain in prizes
- market. and stating that prices In
"a Eas3hh market UttE stood ct about
= paning Axure&
U6os adv.ces In the face Of from t0.00o
~ bales sold ana purchased. threw
QM1tors into frenzy Of exciismens.
p thsy surxed shouting, yelling and Ges-
rating about the ring ~ Presii~nt Park.
mubed 70 his deak and summoned. with
1ane&
RE sistisG DssDeaAe1.
~ tumuituous scenes. . motion to su-
~ buslness was saApsd oAst BY 4 wildly
6aa broker. and with . tremendous
- Il was unanimously carried. The
= Of the excitement on the door In the
on4ane had spread Ake wiidfire through
~ business district and CArondolet
- n tbs vicinity Of the exchange. and
buckst shops wsrs soon thronsed with
~ men.
Messages DasDsnAeA.
1hnaesr West, Of the Western Union
aay. ~ soon ~ he got wind Of tho
n1lon, at once ct his wires to work
0Gnaages OF inquiry 20 New York.
~ came promptly directing that all
1nis In reference 10 liverpool huctua-
- b suspended until they could be
e0ed by 1 >. m. report.
rutupe Market Closed.
i The face Of these reports and tina ad-
- from Liverpool. President Parker
nssned the directors early In the after
~ and Il was then concluded to close
4nturs market until Monday In order
tefmIt the brokers 10 recover from
II shock and enable an Investigation to
eanciuded liking the blame for the re-
4{Anble laundering or the responsibility
NJ conspiracy. AZ the same meeting
, hard summoned Its counsel. r. d.
unders. and asked An opinion from him
: y ~ legality of the contracts that had
oEanAde under the misapprehenston.
contssess Ordered voiA.
Having been informed tina, all contracts
- this day" said Mr. Saunders. were
- on false reports from Liverpool as
1ntiai 10 valid contract was wanting
y The contracts therefore are void
Epon the haAis Of this opinion the con-
nesa were declared or.
c1ns TAreash Regular Chaanels.
- H$eRmtHt IVA tetatlOu 20 tDaay panic
~ aiven out by officials Of the Cotton
n1nee iat~ this Afternoon. Referring
~ fAlse quotations the statement says:
4 the Liverpool dispatches quoted
D through the regular channel the
mmefrial news huvan Of the Western
IN Telegraph Company. which has
- the news conductor for the various
esAesn exchanges for more than . quar-
u century past. Tha explanation
0s company II that the changes re-
~ we're TO be construed an agains.
= e,oalng price OF yesterday. but ~ the
sMlAloe custom heretofore has been TO
~ a changes In the Liverpool market
DaIe4 with the diepateh Immediately
eNeRne. the explanation % not only un-
fsctory. but Indicates negligence
AeShefe little short OF criminal"
The Bureaus Explanatlon.
MGw YORK, Sept D.--The commercial
80 ear<xu nf the Western ruion Tete-
. Company has sent out the following
nMstisn IN connection with the suspen-
% the New Orleans cotton exchange:
ne special Liverpool fluctuations to-
~. Ire movement should probably have
made against the chasing prices o.
lsfrcS. each movement to be made sep
y ~ II came. and not 10 be added
oIeetveiy
tae trouble WAS probably caused by a
- the movement
Il GARDINER IRVING,
II Commercial News Bureau"