New-York tribune., 1903-09-30
MILLIONS FOR BROWN.
September DeEiUery Forced Up 81 so
BaLe-Great Excitement.

FOR the nrst time on record successful cor
ner in September cotton was in operation IN
this city yesterday. II created great excitement
ct the Cotton Exchange and widespread inter
est IN the financial district. Beginning at 1l-70
at the opening OF the market, cotton for Sep
tember delivery was forced UP steadily TO the
closing hour. when IL was l3-2o. an increase of
s. 50 a bale.
The record or the market sales ala not tell
the whole story OF the corner for many people
who had been selling short in face OF the con
unue6 bull market recently. believing that the
bull crowd led by W. T. Brown could not sus-
tain prices. were caught and compelled 10 make
The best private terms they could get. x be-
came known late IN the day that there had been
gn5ny settlements AT j cents a pound in this
city and at sixpenoe at Liverpool. A large
Eumber of commissions from Liverpool had
been taken by brokers for short selling Il
said. and they were about one-third of the trad
ing IN the September option Il was estimated
by men IN position TO make accurate caIcula-
tious thet NJ. Brown and his buu associates
had won about S7.o0000O IN the corner
The bull movement in cotton was begun about
8 year ago by Theodore II. Price. but he seemed
70 be on the other side Yesterday. when he is
sued q statement declaring that il in the face
81 a good cotton crop "a slow demand for manu-
factured goods. probab bic reduction IN the de-
5nano, loss OF wages and purchasing power and
immobility on the part Of Investment aptal II
were profitable 10 market q 500 600 bales of cot
Ton coming in sight by September 80. At even
nine cents pound. then the compilation OF
commercial records had better be abandoned
Daniel Sully. who succeeded Mr. Price as a
leader a. the bun movement. got out last June.
END then Ar. Brown OF Nev-Orleans took hold.
Failure for him was predicted. because many
previous attempts 10 corner The cotton mar
ket hso failed. But Yesterday In one hour cot
son rose over So "a bale. because men, acting on
the theory that The corner wouldn't hold, had
cold cotton by thousands of bales and were not
Fble 20 find it 10 buy 10 make the deliveries
they had contracted 10 make to-day. and they
had to bus n from the man 20 whom they had
previously sold it. In or0er 10 prevent the mar
ket rising 20 absolutely TuinUuE figures. many
~ than made settlements II ngures cent a
pound above the market rate.
D. was said ln explanation ~ the corner thdt
Brown learned Of 4 bg short interest In sep
sember cotton. and knowing the crop condl-
ion 10 be short ~ what WAS generally predicted
no went I'm and bought up the options for Sep
tesuber cotton which were sold freely by the
speculative element IN the market which looked
Tor g sharp break in which it could buy ana
deliver its contracts Some operators continued
20 sell cotton they didn't have until saturday,
snd there was short selling for the English In
'erests ND 20 Monday. Brown was on the noor
of the Cotton Exchange Yesterday. and when
Dc asked 20 explain the corner. ne leplea'
'If YOU want TO know what has been done IA
cotton. look at the market. I have nothing 10 .
cav"
losers took their losses quietly. Aot all we're .
losers. Some were only trading FOR losers Inc .
members of the Cotton Exchange. II II salo,
were not SO badly hit as outside houses anu
individual tTadc'R.