Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-10-04
THE COTTON FAKE.
LEGAL OPINION oN NATTER OF
FIXING LIABILITY.
TELEGRAPH COMPANY RESPONSIBLE.
Uumor I'm Atlanta That the Company
VIII Take Ali OF the Cotton bought
on the Misleading Quotations
sharp Message To Western Union.

SAVANNAH. GA. october 3.-The at
torneys Of the Savannah Cotton Exchange
rendered an opinion to-day on the matter
OF fixing The liability Of the bogus Liver
pool quotations Of last Friday. They
quote the Supreme Court of Georgia as
saying that the telegraph company must,
at its peril. see 10 IL that messages are
sent and delivered without alteration
Notwithstanding the company is not Or
oinarly an insurer.
when a telegraph company enters into
a special contract to furnish market re-
ports. quotations. ETC." says the report
cit insures the correctness Of the intelli-
gcnce fl receives. for information. as well
as the correctness with which the COM
munication Itself is made"
The Cotton Exchange is advised. there
fore. that the telegraph company IS Ia
ble Go it. but the Exchange is not liable
Co its members for trades made on the
Information received from the company.
ln such matters the responsibility is in
diyidu3l
THE cake" A DEAL"
ATLANTA, GA. october 5.-The Jour
nal to-day publishes a story 10 tho effect
that me Western Union Telegraph Com
pauy viii buy all the cotton secured BY
merchants at prices based on the recent
fake quotations which came over their
wires The Journal says:
There is the strongest kind Of ru-
NOR on the cotton markets to-day that
The recent fake Liverpool quotations,
which caused so much excitement I'm the
southern exchanges. and which Were sald
TO be due TO a mistake on the part or the
rfgsff 10 10 D.
portions Of q deal. IL IS said ON the IN
side that the telegraph company has noti-
fed an its customers who bought COTTON
ON the fake quotations, and who nave
threatened 10 bring suit against the COM
pauv for the mistake. that 1t VIII take
all the cotton bought ON the quotations.
SHARP WORDS FOR WESTERN
UNION.
NEW ORLEANS. October 3.-The fol-
lowing ras forwarded by telegraph to-
day h .le president of the New Orleans
Cotton Exchange, I'm reference TO last
Fri9as's G1sco concerning Liverpool quo
New Orleans. October g. 1893.
president Western Union Telegraph
Company. New York:
"If. as stated I'm Mr.. Dealy's eXpiana-
ton. the operator I'm sending Liverpool
without notification, leaving the trade TO
read the dispatches as had been custo-
mary. which reading created false I'M
preston of enormous advances, ms ac-
ton was no less criminal than IT the re-
suit Of wilfu and corrupt deception.
1.-THE cotton trade OF the south mas ueth
vicumized and demoralized by the crimi-
nal carelessness on the part OF your en-
pIovees. and il is due the cotton trade,
as well as me interests of your COMPANY
that the Official. or officials whose neg
lect of duty permitted such conditions,
and the operator or operators VINO sent
the dispatches without notice or change,
should be made known TO the world and
promptly dismissed, as an example 10
deter others in future from like criminal
negligence. -
officials who leave their duty TO be per
formed by incompetent people any eN-
cuse for so grave an issue.
1.-THE Board Of Directors of TINS eA-
change meet tomorrow 10 take vigorous
action I'm the matter, and your prompt
reply is requested for their consideration.
Signed JOHN NJ. PARKER
president New Orleans Cotton LX-
change.