The age-herald., 1899-09-30
A PANIC AMONG
 COTTON BROKERS False CableSram from Liverpool the
 Cause. MOST GIGANTIC SPINDLE New Orleans Market Compelled to SuS- pend Temporarily. EXCITEMENT IN OTHER CITIES It is Believed That Thousands of Peo- pie Will Suffer by the Criminal
 Negligence of Somebody
 An Investigation
EXCITEMENT IN OTHER CITIES


 panic ever, Nd on the floor of the New Orleans cotton exchange occurred to- day shortly after business opened and caused in the midst of intense excitement the complete suspension of future business pendgg the investigation of what at the moment was assumed to be a gigantic conspiracy to swindle the cotton exchanges of the country. The panic was due to an apparent terrific jump in the xr
 ton based on alleged Liverpo it was roughly estimated that S175000 had been lost on local transactions as result. Later in the day the exchange after re- ceiving legal advice declared null and void all future transactions of the day. This action. however, promises to be bitterly contes led and nest of litigation is likely to be the final outcome. Future business here will not be resumed until Monday.
 l.-r. rpnei ,gars, .sp, k e.
 The market at Liverpool opened 3-32d lower on spots and 4-64 down on deliveries, as compared with yesterdays values and continued without material change for some time. Then the wires became hot with tales of rapidly advancing prices. They started up h-64 at time at first and then jumped 1-64, 1j2-64, 2-64 and 2h-64 in quick order until the net advance up to 9:45 local time showed 41-64. In the mean time New Orleans had opened under the influence of Lyerpools advance 2 to 2i points higher than last evenings closing, and quickly climbed 20 points additional Then the explosion came. With an unac- countable advice of 54 points facing them operators began to receive wires from Liverpool asking the reason for the heavy gain prices in this market and stating that rrues in the English market still stood about at the opening figures. These cable advlces in the face of from l0000 to 5O,0OO bales sold and purchased threw the operators into a frenzy of excitement and they surged shouting, yelling and ges- ticulating about the ring as President Par ker rushed to his desk and summoned without the usual formalties q meeting of the exchange. Amid tumutous scenes a motion to suspend business was gasped out by a .yildly excited broker and with a tremendous shout it was unanimously car ried The news of the excitement on the floor in the meantime had spread like wild fire through the business districts, and Carondelet street in the vicinity of the ex- changes and the bucket shops were soon thronged with excited men.
 hlannges ', csJ .,.aie"s Inquiry
 Manager West of the Western Union company as soon as he got wind of the sensational advance set his wires to work flashing messages of inquiry to New York Replies came promptly directing that all specials in reference to Liverpool fiuctua- tions be suspended until they could be con- lirmed by the D. m. report.
 Convened the directors
 In the face of these reports and the ad- vices from Liverpool President Parker con- vened the directors carly in the afternoon and il was then concluded to close the fu- ture market until Monday in order to per init the brokers to recover from their shock and enable an investiga ton to be concluded fixing the blame for the remarkable blun- dering or the responsibility for the spiracy. At the same meeting the board summoned its counsel MT. k. D. Saunders, and asked an opinion from him as to the legality of the contracts that had been made under the misapprehension of facts. Having been informed that all contracts made this day. said MT. Saunders, were based on false reports from Liverpool as to price, l advise you that the consent es- sential to valid contract was wanting and the contracts therefore void"
 Upon the basis of this opinion the con- tracts were declared off. The curbstone brokers, or at least some of them, protested against the action of the board in declaring contracts void and claimed that they were not governed by the exchange. Other brokers were likewise of the opinion that the exchange had exceeded it's authority and threats were freely made during the afternoon of resort to litigation to de- termine whether the contracts should stand oi fall.
 First Time in T. ir,y fe. rs
 Today is the first time in its history of thirty years that the New Orleans Cotton Exchange has been compelled to suspend business. During the panic of 1893 a simt- lar attempt was made to suspend but failed The exchange took the ground then that such suspension would injure 1t in the markets of the world. The directors feel that today's suspension was unavoidable and eXcusable.
 4 Statement
 The New Orleans cotton exchange gave out the following statement this af- ternoon:
 New Orleans September 2g-Jn consa