Savannah morning news. [volume] (Savannah) 1868-1887, 1883-11-01
THE COTTON FAILURES.
FURTHER SUSPENSIONS IN THE
TRADE ANNOUNCED.


The Excitement Continues Unabated-
Depression IN the Liverpool Market
and Business Nearly Suspended-Tht
Feeling Very Acute-Tts Effect UDoI
the New York Market.
LONDON, Oct. 81, 10 A. MA dispatcl
from Liverpool says Moritz Rangers fail
ure will probably bring down dozen o.
more Liverpool firms. This is probably
| exaggerated. 1t Is said New York will b,
affected to the extent of 100000. In the
meantime the cotton business is entirely
suspended, m erchants and brokers await
| ing developments.
The Times says that X. Fl. Forman &
Co.'s liabilities are about $4,000. 1t is
understood that Rangers liabilities in
Liverpool are tolerably well divided
Among the cotton brokers it is generally
hoped he will be able to meet his engage.
ments. Rangers failure is generally at.
trlDuted to the American system of deal.
ing in futures without the American sys.
tenn OF protection secured by deposit OF
margin. 1t is generally hoped that the
latter system will be introduced in Eng
land.
LIVERPOOL, Oct. 81, IL 80 A. M.-The
suspension of MellOr & Fenton. cotton
brokers, is announced this morning.
LIVERPOOL, Oct. 81, M.-There are no ad.
dItl0nal disclosures, later than the failure
OF MellOr ~ Fenton, of troubles among
nrms In the cotton trade. The cotton
market is laboring under the effects of the
Iallures, but fair spot business is doing.
BUSINESS In futures, however, is confined
10 small dealings in October and NOvem-
Der deliveries, no business being trans
acted in the distant months.
LIVERPOOL, Oct. 81, l p. M.-Henry
Pearce " Co., and Joseph TAYLOR & Co..
both cotton brokerage firms, have sus-
pended payment
LIVERPOOL, Oct. 81, 3 p. M.-The ex-
cltement in the cotton trade continues.
The Cotton Exchange is crowded with
merchants, brokers and visitors, who are
anxious TO hear the latest developments.
The tension in business circles is acute.
LIVERPOOL, Oct. 81, 3 P. M.-The ru-
mors regarding the financial embarrass-
ment OF Hollinshead, Tetley & Co., cotton
brokers, who were alleged to have sus-
pended yesterday, are again freely circu-
lated to-day. Their suspension, how
ever, has not been bulletined
at the Cotton Exchange, nor has
any confirmation thereof been obtained in
any other quarter. The Committee of the
Cotton Association has fixed the values
at which settlements are to be made.
Moritz Rangers Octobers have been fixed
at 63-64d, October and Novem-
Der at 8 62-64d, and November
and December at ) 58-64d. The
excitement in the cotton trade is subsid-
ing. Much anxiety is still felt, and will
continue to be experienced until Novem-
Der 10, when October contracts must be
settled. Many firms will suffer severely,
but will not succumb.
LIVERPOOL, $3.50 P. Mt is reported
tnat M0rltZ Ranger made heavy losses in
New York. These, with the claims of
creditors on the continent, will swell his
Liabilities f750,000. 1t is announced this
afternoon that Hollinshead, Tetley & Co,
have not suspended.
NEW YORK, Oct. 3l.-The Posts cotton
report says: ''The market Opened this
morning for future deliveries 6 to 7 points
below the closing prices of yesterday. and
after opening prices declined about 3
points more, the depression being the re-
suit of financial troubles at Liverpool and
the uncertainty as to what effect they
may have in this market. Future de-
liyeries opened at the first call 4-10Oc.
lower and closed G-100c. to 7-1O0c. lower.
The second call displayed further re-
ductlon OF 2-1O0c. which remained at the
lowest point of the day, the third call
showing an advance of 3-100c. for Feb
ruary and March, these months selling at
10 S3c., 10 SAC. and 10 97c., while Novem-
Der remained at 10 43c. Futures closed
steady and 5-10Oc. lower than Yesterday"
NJ. b. Fielding, President of the Cotton
Exchange, expressed the opinion this
morning that the New York market will
not be affected by the Liverpool failures.
He considers the absence of the marginal
clause in contracts entered into in the
Liverpool market as making their actions
more risky; while the American system
OF calling the margin tends to keep par
ties up with the market of the day, and
prevents any material loss to any individ-
ual, as losses in that way become so dis
tributed when they do occur that no one
is seriously affected thereby. If such a
system had existed in Liverpool, the ex-
tensive failures of yesterday would not
have occurred.