The Penn's Grove record., 1904-01-01

New YORK c~ity.-Twenty thousand
small specalators were wiped out b.
the sudden stump in cottoA. aud many
brokers declare that 1t was the hull
clique which engineered lie slump III
orteF to get rid CT the httle fellows
who tad averboaght the market. For
an nour fasre was 4 panic of The wild
EST description, while the market bgoke
aighty points. on 4 bats. Il The bulls
Aad planned tue break they Gid 50 az
2 tremendous risk for they lost controi
Of the market completely, ans il was
act uutil big supporting orde, we've
Put in at New Orleans taat Ghey were
able to stop tie panic.
May and aaiy cotton were selling at
about i&25e. when the break started
selling from sorae quarter. causing the
mnrket % ease en- and by points f
went Gown to near the fourteen. Then
n t2e rapid decline.
is estimated that there IRE at
least l.o0G.N02 bales Of cotton Of differ
ent 9puens acid subject 70 stop loss
7c9ers, and they al semeed to come
an GRE market ~ cHce. Every broker
B beld cotton f3E customers on the
twenty natat stop oe5er tried to self
before soule hing werse happened.
Tic market went down ten ard
twenty points At a drop. Brokers
eeshex ig the pit ana tonight for PAGES
A tha lnneg riag, every broker shouting
st the TOP 0f lis voice ani Gghlug tor
4 cba . uRl2a the 51t8G he had
been j~sltiag q huS 3u'y q feg mln-
ates before.
Within d verv FIJI minutes she active
option dropped about seventy five
points. Then tie bulls came to the
gescue and there was a rally The mar
KEY swung back almost as rapidly az
1t had dropped Tie market was hGr,E!y
less wiz ana there was almost as
much ne 8round tho oft III wslen the
macket droppe9 = recovery az EagEy
points was MADE on t1e sudden raeov,
cry Then the market began 10 fall
again. after the partial recovery the
market ruled very irregular. WITH spn
iment very unsettled and trading fy
egishlv ave. The close was steady
net f0fs one to ffty-three points
la~er, with sales estimated 1T 1900
roo.
The stump served to wipe out nearly
Ri small speculative accounts. SiHee
Ire upward movement IN cotton began
many thousands o. Young clerks and
other employees bave dep0si ea their
savings with brokers' IN orier 10 get
rich quickly. Money mas been Erawn
from saving banks ~ many to put
into cotton. anG the speculative mania
asn0ng employees seems 70 have been
greater ia the cotton market than it
was in The s0ck market about q year
80 This, TOO, in face Of the fact that
the heavy declines ia stocks rave
ruined many men and many houses.
New Orleans. LA little clique Of
bears played havoc with the cotton
ma faet, driving Nay cotton at one time
down Sageuty-Gva points. OF S375 4
bale. Tnis vas faIowed by q slight
reaction. sad net losses tor the cue dag
we're irons forty nine 10 nf%ty-fopr
points Tie loss fog March was forty
nias points. or $3.50 n bale.
Thousands Of bales were thrown un
the nlarEeC and prices dropped ten 10
twenty poinrs, while trades were being
negotiated Brokers VITA twenty point
holdings grew frlattc III chair efforts
20 save their customers. ami gEe scene
became N OF the widest confusion.
This condition lasted for an hour.
anita The tremendous bpying hg bull
leaders checked tine decline