The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1899-09-30

sion merchants to straighten their ac-
counts with correspondents.
Between the hours of 500 and $3.50
a. M, five cablegrams were received,
showing between 2:03 and 2:24 p. IN.
l.iyerpool time) continuous declines of
fiye-half sixty-fourths, or say in all to
2b-64d. The Liverpool market was then
reported as advancing and from $50 a.
M. to 1910 a. m, New Orleans time,
dispatches were received showing an
aggregate advance S6-64d, or net adj
vance between $50 a. m. and 1910 a.
M, of S312-64d, equal to about 212c per
pound.
Such an unheard of advance created
the widest excitement, and before con-
Trajectory advices could be obtained
large blocks of cotton had changed
hands. That the interests of all parties
might be protected, the Board of Di-
rectors of the New Orleans Cotton Elk
change, under the rules, ordered a sus-
pension of business and subsequently,,
under proper legal advice, declared all
transactions in cotton, both spot and
futures, based on the false quotations,
null and void. The justice of this posi-
tion will be apparent.
''All of the Liverpool dispatches quot
ed came through the regular channel, the
Commercial News Bureau of the Western
Union Telegraph Company, which has
been the news conductor for the various
Southern exchanges for more than a
quarter of a century past. The explana-
ton of the company is that the changes
reported were to be construed as against
the closing price of yesterday, but as
the invariable custom heretofore has
been to give all changes in the Liverpool
market compared with the dispatch i'm
mediately preceding, the explanation is
not only unsatisfactory, 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
without precedent, and, in view of the
uncertainties created thereby, it was
deemed by the Board Of Directors as
proper and just to declare a suspension
of the future business in order to permit
brokers to remain in their offices and at
tend without delay to adjusting matters
with their correspondents.
This is the sole reason for the tenn
porary 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
and all business entrusted to them.
(S:gned) JOHN NJ. PARKER,
president.
HENRY G. HESTER,
Secretary.
EXCITEMENT AT SAVANNAH.
Savannah, Ga, Sept. 29.-The news
that the cotton market had gone up So
points in Liverpool created great ex-
element today on the Savannah ex-
change Nothing like it has ever been
known here. The whole floor was filled
with local operators and foreign export
ers. A large amount of cotton was or
dered by some operators on the strength
of the news. Many farmers and mer
chants in the country were notified by
wire to buy The New York market
being closed for the Dewey day holiday,
complicated the situation. One man or
dered $4,000 bales and estimated his
profit at $4,000. 1t is not known how
many of his orders were accepted. Brok-
ers rushed in the telegraph offices to
send messages to interior representatives
to buy everything in sight. lit is feared
this has been done, and Z. a. Cuts,
prominent broker, announced that he
alone had bought 5000 bales at Sc or
whereabouts. The cotton exchange Off
Gals have had the board with the fake
figures on it photographed.
ATLANTA WAS CAUTIOUS.
Atlanta, Ca, Sept. 30 When the
rapid rise in the cotton market became
known here today, the local brokers
were flooded with orders to sell. One
order was as high as 1000 bales. The
excitement was intense, with no abate-
ment until the adyices from Liverpool
denying the rumors of the rise in prices
We're twice confirmed. The Atlanta buy
ers were very cautious. Representatives
of the leading firms withdrew from the
market, and their correspondents in 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 in Alabama in the staple One cot
ton merchant is said to have bought q
900 bales at TIC. on the strength of the
quotations.
MOBILE WAS NOT CAUGHT.
Mobile, Ala, Sept. 20. Mobile Cotton
Exchange men We're staggered today by
the Liverpool reports on cotton which
began to run Twp at 8 a. m, and kept
going until the close.
No buying orders from Liverpool fol-
lowed and experienced men concluded
something was wrong. There was moth
ing done here, but the amount of sales i'm
the interior upon the false reports is
thought to be large.
CHARLESTON 'tSAUGHTs' ON.
Charleston, s. c., Sept 29.--Violent
excitement was caused ON the cotton ex-
change by the erroneous quotations re-
Guarding the Liverpool market THAT We're
received here. Many local operators who
were long ON cotton made frantic efforts
TO get rid Of some of their holdings at
the advanced figures but Were of course
New Orleans closing quick
~. 1t very soon dawned upon all par
ties. however that either joke of
fake game was being played.
BOUGHT HEAVILY HERE.
NJ rnt.ron,aa.v A 10 Sant 90 Thu r ir-