The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-09-30
FIGURES CAUSED WILD PANIC.
FRAUDULENT COTTON QUOTATIONS
SENT FROM LIVERPOOL.

Al Least IheN hore Ihat DtatN Hi"''
Market Jumped Up Above Cents,
and Many Transactions We're
Made-New Orleans Exchange Sus-
pended business and Called All
Deals OG-NIay Result in Legal
Investigation.
New Orleans Sept 2s.-The widest panic
ever witnessed on the floor Of the New /
Orleans Cotton Exchange occurred to-day /
shortly after business opened and caused /
in the midst of the intense excitement, the /
complete suspensionA of future business
bending the investigation of what at the
moment was assumed to be a gigantic con
spiracy to swindle the cotton exchanges
| of the country.
The panic was due to an apparent ter
rife jump in the price of cotton based on
alleged Liverpool advices, and 1t was
roughly estimated that $4,000 had been
lost on local transactions as result.
LateT in the day the exchange, after re-
ceiving legal advice, declared null and void
all future transactions of the day. This
action. however. promises 10 be bitterly
contested and litigation is likely TO be the
, ! final outcome. tutuIe puSlilOT9 t4SiN w.,
, not be resumed until Monday.
r How the Movement Went.
The market at Liverpool opened $500
. lower on spots and 4-64d down on deliver
e les as compared with yesterdays values
e and continued without material change ioi
some time Then the wires became ho'
with the tales Of rapidly advancing prices
They started up one-half OF Sixty
q fourth at a time at first, and then jumpe'
one-sixty-fourth one and one-hali s'Nly
fourths two-siXty-fourths, ana Two d''
L one-half sixty-fourths in quick oruel' u'i
e. I'll the net advance up to 9;4o 0 cloCh, 'oe'
n- ti,De shaved forty-one siXty-fourths.
40 In the meantime, New Orleans mad open
-, cd under the influence of the LVerpot
advance q to "A points highef lhah i''
ad evenings closing. and quickly chHlpeo
to 80 points additional ,,-.., 80, -,
Then the explosion came. N'th an "a
ooonI,ntable advance OF "a points taein
NON operators began to receive caoi'
yrorns from Liverpool, asking the redso
for the heavy gain in prices III inns ma
ket. and stating that values IN the EhsllS
it, market still stood stlll at about the opel
ing figures - s.o
1es N o0O 10 5000 bales sold and purchase
ate threw the operators into frenzy ol e
ose cifer,ent and they surged, shouting, ye
ino inc and gesticulatiug about the rms
e are President Parker rushed to his desk a.
i'm summoned without the usual iorIlail'i9s
the meeting Of the exchange.
Of uusiness soon Suspended.
to Amid tmulluous scenes a motion TO 81
nend business was gasped out by VII,
Iers excited broker and win Ie'iieii''o
re- shout ii was unanimously cafFle"'
ana of he excitement on lit AN
ers. T., tba meantime had spread like Wlldl
mat tbrouoh the business districts ana Nai'
lille dalet street, in the vicinity OIL the eAcNa'
and the bucket shops was soon 'hIon'
loii with excited men. 4u., I'm
onl- Manager West, of the western oH
tiles rrelegraph Company, as soon as ne
this ,,,i,d ~ The sensational advance, set
tely ,rires to work with messages Oh .nqulI
be NV York. Replies came promptly ar
ltals ing that all specials IN reference 40 ~
; de- nool fluctuations be suspended untll
nan could be confirmed by the o clocA p
az. a. report. ,.,,,orts and
nva- ,1t-onces from Liverpool President
ler convened the directors early III
afternoon. and it was then conCiu1e'
}. close the futures market untI Molua
order TO permit the brokers 10 rec
Cam from their shock and enahle Ah inNea' Nv.
tton TO he concluded fixing the Dame
,-day sibiiity for the conspiracy. Al tne
tinr the hoard summoned lis cou
cap ~ n Saunders. and asked en- op
from him as 10 the legality OF the
San tracts that had been made uhder tue
aKihg apprehension of facts.
exico, Contracts Declared Void.
mao Ma "Having been informed that all
,o..a tr,cle made this day" said MI
u % g. Lars "were based on false reports
- = n pripa ADVISE you
-,,rin., the consent essential to the Na'lu cen
,eaton was wanting and the contracts are
It norrn IL Trnon The basis of this opinion the
"a ~, tracts we're declared off. The curp
GU go ~ Il,.ol,ers or at least some of them'
p1,r +osted against the action OF the poa
80 SacIoring contracts void and claimed
r -, ,,,eTs not governed by The eXch
~ @C"p 0t1ar brokers were likewise OF the ol
li'7 M, 49, The exchange had exceeded It's az
uiii"0' tt,s ond threats were freely maze q
+bo afternoon of a resort 70 husato
IS determine Whetnei ~
stand or fall. ht-4,
;roldav is the first time in the hlst
| Sus- ,.in,,, vears that the New orleans
r..,honnoe -, has been compelled 70 81
i-S1iss During the panic OF 1888
Hun nor attempt to suspend was lI"u ,
temeni failad The exchange TOOK wy
" case t5nn that suspension wou.d lhy,n yn-te -
q citv s,arlxets of the world. me uliee,o
,vest. u1at to-day's suspension was u""''
and eXcusapie'
Il sUTV