The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-09-30

| OF the New Orleans Cotton Exchange the fol-
lowing despatch was finally received from the
| Western Union:
| All our specials are badly mixed. HaVe
| started an investigation
| The next one read:
| ''Suapend all specials In reference to Liver
pool fluctuations until We can confirm them
| by p. NJ. futures"
The most popular and probable theory 10
that the wires OF the telegraph company had
been tapped. taking advantage OF New York's
! Dewey holiday closing and that 1t was deep
| laid, long -fostered and well executed plan to
rob by the Wholesale. and had not the sagacity
OF the officers OF the New Orleans Cotton E1"
change asserted itself there would have been
! still greater losses Later in the day the Board
OF Directors OF the Cotton Exchange decided
| all transactions in cotton. both spots and
futures. made to-day in the fever OF the Ex-
change as governed by its rules. being based
| on false reports to prices from Liverpool.
null and void. Mr.. Saunders the counsel OF
the Exchange. was called IN to make legal
| explanation of the matter
| Having been informed that all contracts
made this day." said Mr.. Saunders. were
based on false, reports from Liverpool as to
price, l advise you that the consent essential
to a valid contract was wanting and the con-
| tracts therefore Void
| The curbstone broke rs. or at least some OF
them. entered a vigorous kick against the
action Of the Board in declaring all contracts
void and asserted that they were not governed
by rules OF the Exchan se Mr. Saunders in
formed ono man who objected that any out
slider doing business with member OF the
Exchange was subject to the rulss oil the Ex-
change. az, ,,
An Immense amount of litigation is antiei-
pated from this ast phass OF the aar 9i Ing
no explanation of the matter. 1t would seem
I'm ha
about cotton quotations for he sent the Liver
pool price in cents instead o. renee. He cer-
tanly piled IT in thick Tor cotton jumped ten
and twenty points at a time. having advanced
nearly "a cents through the delay. A susp-
back OF ali cipher DISPATCHES IRON Liverpool:
the consprators evidently fearing that
RoI se ' TO the explanation OF the Western
Union Telegraph, Company that the changes
closing i price Of yesterday. Mr.. Hester. sec
retary Of the New Orleans Cotton EXCHANGE.
negge9ce somcwhere Iittie short OF criminal.
The country merchants and cotton farmers.
who sold out mheh Io' Scc wSs hn .s ac
sion Of the New Orleans Cotton Exchange that
all contracts shall he declared off and the mat;
ter will find its way into the courts in several
hundred lawsuits
SAVANNAH. Ga Sent. 20 The Savannah
Cotton Exchange WAS thrown into the widest
excitemcnt this morning by the SENSATIONAL
cotton reports coming by cable from Liverpool!
; that cotton wa. bounding upward in price ut
the rate OF about Z points every - minutes. In
an hour and fifteen minutes the entire increase
or about 2's cents pound. The greatest eN-
citement, prevailed Brokers and operators
|, | rushed bout in deiirum. As the ticker an
. nounced advances brokers rushed ordsrt to
their interior representatIves to buy larEely:
When the reaction came about noon there was
a great rush to undo the damage done. TINS
| was i'm possible. -, ,
cotton were bought in tho south ITO to,1 i at a,
had bought bought 5000 bales il tho Interior a. about
< cents and he would hold som cone responsib =
: The explanation Of this bad days work has not
wer. tapred and that the holiday in New York
. was taken advantage OF nv those who wished to
ro by rapidly r t5 msrss II h t6s Il Conc @o.
: merrIal News Bureau that the figures we're
read and added incorrectly. me e9Itss VIII vii,
: many suits which may grow out of this days
i CHiRLEsrox. S. C.. Sept. 29-News here thi:
II morning that the cotton market had Jumped
!. e ghty-eight points caused terrible conster "a
a ders came from New Orleans to call al
trades of.
: rosroS. Sept a-The excitement in cotton
. caused a great Hurry among local dealers, who
were in a stage bordering on in -anity until the
i lie" co 5ng Ns' About ii I". 2siocs how
A L 1--we mutations took a lean upward i
nr " cs 81 n"f T
= points. This is equivalent to r,Se OF wv
cents in the Price Of raw material The 2op fto,
4 BUYERS and cotton brokers here could not be
h S Ss S es they Tfs9 the
z and some some Of them oven cshled across the waite
II to earn what was the cause OF tho Jump OF tw
eve Wiz w'n 'he mem en who sell cotton to Nev
FINLAND mills were er1.sTorinS to S ssgusp
h"ar from their sr" agents gen in the south oer
b were cancelled hv wholesale over the wire thi
. Ing rom New Orean. the treasurers of mill
q were also hcsieginE them; anxious TO know tn
,r seller tesgrarhing,, and the equally anxious
h AMI distressed mill treasursrs; VIII, invade
This situation prevailed for about an an hour
ASGR out Ssw the
m15Ta. RGGS A.5 , sept 70 Little Int Ro:
general =. day oyer the cotton .tsmpe e cause
BY New 1ssn n. .,r.nsG n the
sod and or nome before the
Il . hfF Rock at ssDs e@
=. The Little Rock factors sat in their Office an
%Rany
-, busy to talk. and they bought cotton. otsol l
,e There are NO means Of deter m ming here tn
ie extent Of the buying. but it is very consider
O. able. and in consequence many farmer VIII
=, hasn't seen such prices for cotton sine
ID he was a boy has, gone home haPp
a. with nearly 500 in his pocket e
=. CITY this morning., Lest year he would n n
Mt gain, however, Il the loss OF the buyers VII
rushed to the front on the strength Of doctore
,a quotations. Al trading done by Little Rock o
-. people will hear the losses.
st ATLANTA Ga. Sept. 29-The falsfed cahl
al reports which caused such a furry in the 90
~ ton market TO-DAY SGT the speculative elem"l
Ed in Atlanta wild, The exchanges were cor
OF tinuNllv crowded with excited men. AN
n Murphy Company. one OF the biggest firm
-, in the South. had orders to sell us man
ad as 10 600 tales. in one case 1000 from a sing
to customer but being somewhat suspicious
~ the rapid and unaocountabs advance, thes
~ orders were declined. In oil about 3 600 bale
by were sold but the sales will not stand
of 1t 10 understood that large transactions wei
(. carried on all over this State and In Alabama.
IA feared that m erchants and farmers through