Daily Kennebec journal., 1899-09-30
FALSE DISPATCHES
Causes Furry al New Orleans and TomsoFaJ
Suspension Of Business.

Suspension Of Business.
| New Orleans, La. Sept. 29.-Intcnse
excitement prevailed on the Cotton FIX
change here. Friday. and the directors
of the Exchange met and suspended
business The New York market was
closed and the only quotations to guide
the local investors We're from Liver
pool The market had scarcely opened
when the operators became paralyzed
by the adviccs that clicked over the
wires. They showed futures advanc-
ing in leaps and bounds In half an
hour the reports showed that the Liv-
erpool market had jumped nearly
cent.
The whole Exchange went wild. the
excitement spreading to the crowd
about the doors Of the building. At 10
O'Clock. a meeting of the directors was
called and prompt action was taken.
suspendirg all business. Operators arr.
unable to explain the tremendous jump
and the common belief on the floor is
that The wires have been tapped ana
that gigantic swindling game is afoot
somewhere. Private cables are going
to Liverpool BY dozens seeking infor-
nation.
The Exchange decided not to re-
open for business until Monday. II
has also declared all contracts Of today
in futures null and vaid. This action
was taken on the advice Of +. d. Saun-
ders, counsel for the Exchange. who
said that as all contracts made today,
had been based Oh false reports from
Liverpool as 70 price. the consent es-
sential TO valid contract was want
ing. and the contract was therefore
void. The following statement was
given out at the Cotton Exchange. late
this afternoon.
i'm consequence of false cabe=rams /
-. - ~ ~ - iooL = ~ ti'"I-llouS dt
NanceS N that market. large transact ms |
We're made in the New Orleans futures \
L9uaE. Wltn points aIi over the country an |
he3NE improve nt1tS IN prizes. Discovery /
Oi the falsitN VT The cablcgrams created 4
lncN'ricahle confusion. atcessitating 4 \
suspension of buSint - temporarily in or !
der tn enable brokers ana commission /
merchants to sJraighten their accounts 4
with correspondents.
,B"twten the hours of N2o and S.25 five .
tween ..o3 ana 2.24 Z. NJ. liverpool time) {
continuous declines of 5-64ths OF saw in ali I
tn 2i2-Giths. The Liverpool market was
!. VI. 70 lo.lo \. NJ, NV Orleans time
dispatches We're received showing an ag
GrtSatc advance of 6-hithS. 0r 4 net al. /
vance between $50 y. NJ. and 1910 4. NJ.
N N'l-- -b4ths. equal to about 2ia CENTS par
pound.
such an unhcard-of advance created
ihe widest excitement ana before Con
Trajectory ddvices could be obtained largs
blocks ui cotton exchanged hands That
inc interests ct all parties might be pro
tCcted. the board Of directors of the New
orleans Cotton EXcnange. unuer ha
fuicS. ordered 2 suspension OF business
alu subsequently under proper legal ad-
wee declared all transactions in cotton. !
hoth spot and futures. based on the false
quotations null ana void.
NH OF the Liverpool dispatches quoted
cdmc through the regular channel the
commercial news bureau Of the Wcster;l
MON Telegraph 90. which has been tha
news conductor for the various Southern
tN'nahstS Ior more than quarter Of X
rompany Is that the changes reported
We're y he construed against the clos
ln2 price ol yesterday. but as tile Invari
ap!e custom heretofore has been TO give
All changes in the Liverpool market com |
pared With me dispatch immediately prr.
'tding, -nc explanation is not only lnSat-
SiaciorN. hul indicates negligence some
where lltuc short Of criminal.
ut will bc readily understood AZ before
i,2ted. that the confusion created bv :
iuch an unheard-Or condition Of affairs
was Wlthout precedent. ana in view OF ! I
ne UNCERTAINTIES caused thereby il was ,
iecmed by the board Of directors as :
proper and Just to declare a suspension uf / r
ne future business in order TO hermit
brokers' to remain in their Offices and al. G
enI Wllnout delay 70 adjusting matters ,
With their correspondents
This Is the sole reason for tho tarnno n
airy suspension, which does not III fhc ! !
east involve the ability or capability cr c
he members of this exchange fn care
With ease and promptness for anv and 1II 7
business entrusted To them +
JOHN NJ PARKER Praeidor+