The times. [volume] (Richmond, Va.) 1890-1903, 1899-09-30

| N'A0 llDbut0 Win OlutiH " rti- CiS
order was as high as 4,0co bales. The ex-
citement was intense. with no abatement
until the advices from Liverpool denying
the -rumors Of the rise In prices were
twice confirmed.
The Atlanta buyers were very cautious.
Representatives Of the leading firms with
drew from the market. and their cores
pondents I'm all parts of the South were
notified TO do the same thing.
1t IS reported. however. that there were
| some very large operations in this State
and I'm Alabama in the staple. One cot
ton merchant is said to have bought ZOO
bales at 71-2 on the strength Of the quo
tatiOns.
TERRIBLY TANGLED.
NEW ORLEANS. Sept. 29.-The fol
lowing statement was tonight given out
by the New Orleans Cotton Exchange:
I'm consequence Of false cablegrams
from Liverpool. giving ad-
vances in that market. large transactions
were made i'm New Orleans futures to-
day with points all over the country AT
heavy improvements In prices. Discovery
of the falsity Of the cablegram created
ineNtricable confusion. necessitating a sus-
| pension Of business temporarily IN order
TO enable brokers and commission mer-
chants to stralghten their accounts with
! correspondents.
Between the hours Of $50 and SIS a.
NJ. five cabiegrams were received show
ing that between 2:03 and 224 +. NJ,
liverpool .ime) continuous declines OF
dve-half sixty fOurths. or. say in all 10
2 - ixty-fourths. The Liverpool market
was then reported as advancing and from
s:55 A. VI. to 1910 a. NJ, New Orleans
time. dispatches were received showing an
aggregate advance Of eighty-siS sixty-
fourths. or a net advance between $40
A.. NJ. and 1910 A.. NJ. of Sc Il sixty
fourths. equal 90 about > IL cents per
pound.
such an unhcard OF advance created
the widest excitement and before con.
Trajectory advCes could be obtained
large blocks Of cotton had changed hands.
That the interests OF all parties might be
protected. the Board of Directors Of the
New Orleans Cotton Exchange. under tho
rules. ordered a suspension IF business
and subsequently, under proper legal adj
vice. declared an transactions in cotton,
both spot and futures. based on the false
quotations. null and void. The justice or
this position viii be apparent.
CAUSE or THE TROUBLE.
"All OF the Liverpool dispatches quoted
came through the regular channel. the
Commercial News Bureau OF the Western
union IelfEFdpn company winch HOS hffA
the news conductor for the various South
! ern exchanges for more than a quarter
Of a century past. The explanation OF the
| company Is that the changes reported
were 10 be construed as against the clos
ing prices Of yesterday, but as the inva-
| riable custom heretofore has been 10 give
| all changes I'm the Liverpool market com
pared with the dispatch Immediately pre-
| ceding. the explanation Is not only IN
satisfactory. but indicates negligence
| somewhere little short Of criminal.
1T will be readily understood as before
stated. the confusion created by such an
| unheard of condition OF affairs was with
| out precedent and. in view Of the uncer-
families created thereby 1t was deemed by
the BOARD Of Directors as proper and Just
10 declare a suspension Of the future busi-
moss i'm order to permit brokers 70 remain
in their Offices AMI attend without delay
to adjusting matters with their cores
pondents.
'sThis is the sole reason for the tenn
porary suspension, which does not IN the
least involve the ability or capacity OF
the members of the Exchange to care
with ease and promptness Tor any ana al
business entrusted to them.
(slgned) JOHN NJ. PARKER
president.
HENRY G. HESTER Secretary Ne"
Orleans Cotton Exchange"
MOBILE STAGGERED.
MOBILE. ALA, Sept. 29.-Mobile Cot
ton Exchange men were staggered TO-
dav by the Liverpool reports on cotton
which began to run up at 3 A. NJ. ana
kept going until the close.
No buying orders from Liverpool toi-
lowed and experienced men concluded
something was wrong. Ihere was NOM
ing done here, but the amount OF safes ~
the interior upon the false reports Is
thought 10 be large.
MISUNDERSTANDING
NEW WORK Sfrt. 2g.-The Commercial
News Bureau Of the western Union 4ee-
graph Company has sent out the ho"lh
explanation in connection WIN me suspen-
sion of the New Orleans Cotton Exchange.
'sThe special Liverpool fluctuations to-
doy. the movement should probably nave
been made against the closing prices OF
yesterday, each movement 10 be mace sep,
arately. as they came and not 10 be added
collectively.
Tile trouble IS probably caused by mis-
understanding in the manner Of using the
(signed5 GARDNER IRVING.
Commercial News Bureau.
SALES MAY HOLD.
MONTGOMERY, ALA, Sept. 29.-The
Liverpool fake prices to-day caused great
excitement in Montgomery in cotton cir
Giles. Sales were made at Z II and some
brokers made heavy purchases. There
being no exchange il Is not known what
action will be taken regarding the deals.
BIRMINGHAM. ALA, Sept. 29.-Bir-
mingham. a rendezvous Of many shrewd
brokers, was too wary for the Liverpool
"doctored' quotations to-day. Legitimate
business in other departments was trans
acted without interruption. but all stood
clear Of TOO much cotton.
OIL MAN IN 1T.
LONDON, Sept. 29.-The Pail Mall Ga
zette this afternoon says: A speculative
inward movement in raw cotton In the
United States and Liverpool is In s'full
win The Lancashire %spinners are
standing aside and are allowing the gam
blers 70 have full sway. 1T is reported
in Liverpool that a well-known New York
petroleum merchant is at ute bottom Of
the present BOOM
TAKEN IN.
MACON. GA, Sept. 29.-Macon cotton
men were taken IN by the falsihcston OF
| the Liverpool cotton quotations, ana there
was wild excitement for a while. a rush
was made for spot cotton which was Tor
sale and many transactions were reported
AZ 7 -. one planter sold sixty oales
which he had Just brought 10 town at that
figure and a number Of other farmers
are happv over having received big prices
for their cotton. These transactions Will
| stand the buyers having concluded 10
stand by their trades.
AUGUSTUS LOSS SMALL.
ArrcITSTA GA. Sept. &~.-Augusta sur