Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-09-30

were to be construed as against the clos
ing price OF yesterday. but as the lhVatld,
bic custom heretofore has been 10 give all
changes In the Liverpool market COM
pared with the dispatch Immediately pre-
ceding. the explanation Is not only un-
satisfactory, but indicates negligence
somewhere little short Of criminal
REASON FOR SUSPENSION.
1T will be readily understood. as before
stated, that the confusion created By such
an unhsard-of condition of affairs was
without precedent. and In view OF the IN
cortainties created thereby, 1t was deem
cd by the Board Of Directors as proper
and just 10 declare a suspension OF the
future business IN order TO permit brokers
TO remain In their offices and attend Win
out delay 20 adjusting matters with thelr
correspondents.
This il the sole reason for the tempo
rary suspension, which does not in the
least involve the ability or capacity OF
the members OF this Exchange TO care
with ease and promptness for any ana
all business entrusted to them
(SigneO JOHN NJ. PARKER,
Henry G. Hester. President.
Secretary New Orleans Cotton Elk
change"
THE EXCITEMENT IN SAVANNAH.
SAVANNAH. GA. September 29.-The
news that the cotton market had gone
up IS points in Liverpool created great
Excitement to-day on the Savannah TX
change. Nothing like 1t has ever been
known here. The whole floor was hlled
with local operators and foreign export
ers. a large amount of cotton was order
ed by some operators on the strength OF
the news Many farmers and merchants
in the country were notified by wire 10
buy. The fact that the New York mar
kef was closed for the Dewey holiday,
complicated the situation.
One MAJ ordered 32,Oc0 bales, and esu-
mated his profit a $1,000 1t is not known
how many of his orders were accepted.
Brokers rushed 10 the telegraph offlces
TO send messages TO interior representa-
tives TO buy everything in sight.
1t Is feared this has been done and Il:
A. Cults. a prominent broker, announced
that ne alone had bought 900 bales at
cents or thereabouts. The Cotton Ex-
change officials have had the board. with
the fake" figures on II, photographed.
MOBILE STAGGERED.
MOBILE, ALA, September D.-Mobile
Cotton Exchange men were staggered %
| day by the Liverpool reports on cotton;
which began 10 run up al . a. NJ ana
kept going until the close. No buying
| orders from Liverpool followed. and eX-
perienced men concluded that something
was wrong. There was nothing done mere,
| but the amount Of sales In the interior
upon the false reports Is thought 10 DC
| large.
ATLANTA BUYERS CAUTIOUS.
| ATLANTA. GA, September 29.-Wher
| the rapid rise in the cotton market De
| came known here to-day, the local brokers
| were flooded with orders 10 sell. one OF
| der was as high as 4,C00 bales. me eN,
| citem mt was intense, with no apatemtAl
| until the advices from Liverpool denying
! the rumors of the rise in prices were
| twice confirmed
| The Atlanta buyers We're very cautious
| Representatives Of the leading firms with
| drew from the market and their core
s.4.. \ l.nfa a m pf
| notified 10 do the same thing.
| II is reported. however, that there were
some very large operations In this state
| and in Alabama in tho staple. one cottoi
! merchant is said o. have bought 90 bale
AT l-2c on the strength Of the quota
tons.
SMALL LOSS AT AUGUSTA.
| AUGUSTA. GA, September 2.-Augus-
| Ia suffered small financial loss from the
! effects Of the erroneous cotton quotations,
| but great indignation Is expressed over
| the affair. Ia almost every case II Is me
| buyers who have been hurt and the farm
| ers benefited.
At a meeting Of the members Of the
| Cotton Exchange the following resolution
| was passed.
Moved. hat q committee Of three, OF
| which the president shall be chairman
shall Doe appointed By this meeting 10
| communicate with the Western Union
| TelegI = Company, and demand an eN-
| PLANTATION of the kilograms received from
! Them and posted on tie boards OF the
! Augusta Exchange This morning, ana
that this committee cooperate win Othti
! exchanges in tie investigation OF the
| subject. and take such steps as may pc
| mutually agreed upon, after consultd-
| ton
| LONGS FRANTIC TO SELL
! CHARLESTON. S. c., September p
! Violent excitement was caused on the
| Cotton Exchange by the erroneous quo
| tations regarding the Liverpool naIhc'
| that were received there. Many local ope-
| rators. who were long on cotton, mace
| frantic efforts 90 get rid OF some OF tielI
| holdings at the advanced hgulea' Du'
! Were of course. UNSUCCESSFUL -N'W vi
| leans closing quickly. 10 very soon dawn
| ca upon all parties. however, that either
| "A Joke or "a fake game was being Played
EXPLANATION FROM TELEGRAPt
COMPANY.
NEW YORK. September 29.-The Com
| nercial News Bureau Of the western
| Union Telegraph Company mas sent GU
! the following explanation IN cohheCuol
| with the suspension Of the New orleans
| Cotton Exchange: e..-...o
| "Regarding the special Liverpool fluctua
! tions to-day. the movement should pro
| baby have been made against the closliil
! uricas of Yesterday. each movement 10 ~
| made separately as they came, and no
! TO be added collectively.
|
| understanding in the manner OF uslnl
| the movement. ....,-,.,, ,r,,-r>-C,
! (Sisned) GAltJN Tn n 49,, ~, 8,
| MANY TRADES AT Il
| MACON. GA, September 29.-Macon
| cotton men were taken in by the talsi
| fcation of the Liverpool cotton quota
| lions. and there was Wild excitement 10
! awhile. A rush was made LOT the sPo
| cotton which was for sale, ana man
| transactions were reported dt , -. Ia,
| planter sold sixty bales, which he ma
| i1st brought 10 town, at that figure ant
| n number of other farmers are happ| owe
| having received big prices for their cotton
| These transactions will stand. the buyer
| having concluded 10 stand by their trades
IS IT \ BOOM?
| LONDON. September &-rhe Pall-Mal
| Gazette this afternoon says:
| "a speculative upward movement In raw
| cotton I'm the United States and lANerpoI
| is i'm fun swing. The Lancashire spin
| ners are standing aside and are alloWin
the gamblers 10 have ful sway. III
| ut is reported in Liverpool that well
known New York petroleum merchant
at the bottom Of the present BOOM
CORRECTIONS TOO LATE.
| MEMPHIS. TENN. September @.-Th'
| early Liverpool quotations to-day gave
! Memphis cotton men a sensation ina
| almost produced a panic on the hA
| change. The corrected quotations. lloh
! Liverpool finally restored quiet Dul Pr
| hablv too late TO avert damage 10 coun
| try correspondents. 10 whom the quota
| tions We're sent as soon as they were re
| ceived The directors Of the EXchang'
! adopted a resolution declaring Yold al
J contracts made on raise quola'lois.
EApNERS CONSIDERABLY AHEAD
LITTLE ROCK, ARK, September p .
| The widest excitement prevailed her
| today in the cotton market. owing Z
The false Liverpool quotations. Long STA
he sold on the street at 3 cents. Broker
| wired their agents all over tho state
| "Rrv cotton" The movement was heavy
| - .ho forn,ers are In consequence con