Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-10-04
BOGUS COTTON / D
QUOTATIONS;
Rumored That Western Union /
egraph Co., viii Pay Losssss q
QUESTION OF LIABILITY
Attorney. OF savnnnnh Cotton Exc;
change Rcnder Opinion Fixing Liz
ability Upon tho Telegraph CONF
pany-Tho New orleans Excnnnses
Charges oaroie..uc.s ana NcEiee.
In Handling anotnt,ons ana nee
mnnds tint Guilty he Pnnished. ss y

(By Telegraph 10 SlrEtnlan- Ellor.C 3ssa3
Savannah, Ga, Oct. 3.-The attorneys
of the Savannah Cotton Exchange ren-Es
dered an opinion to-day on the matter
OF fixing the liability of the bogus Liv-5
crpool quotations of last Friday. They
quote the Supreme Court OF Georgia as
saying that the telegraph company
must, ut It's peril, see to 1t shas mes
sages are sent and delivered without
alteration, Notwithstanding tho CONF
pany is not ordinarily an Insurer.
when a telegraph company cnters
into special contract to furnish mar
ket reports, quotations, etc." says theti
report, 1T insures the correctness OF
the intelligence 1t receives for infor-s
nation, ms well MS the correctness With
which the communication itself y !s i
made"
THE Cotton Exchange is advised.
therefore. that the telegraph company
Is liable to 1t. But the Exchange Is
not liable to its members for tradea
made on the information received from
the company. In such mat ters the re-
eponsibilIty Is individually"
COMPANY MAY SETTLE
Atlanta, Ga, Oct. S,-The Journal to-
day publishes n story to the effect that
the Western Union Telegraph Company
will buy all the cotton secured by ner-
chants at prices based on the recent.
fake quotations, which came over their
Wires. r 4 - 80 h''-
The Journal says: 81 Ss sia
There Ia the strongest kind Of ru-i
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 said to BIO due to q mistake on
the part OF the telegraph company, Is
assuming the proportions OF n deal,AIt
Is said on the inside that the telegraph
company has notified all Its customers
who bought cotton on the fake quo
tations and who have threatened to
bring suit against the company for the
mistake that 1t will take all the cot
ton bought on the quotations..
NEW ORLEANS EXCHANGE ACTS, 3
New Orleans, La, Oct. 3.--Thc follow
Ing was forwarded by telegraph to-day
by the president OF the New Orleans
Cotton Exchange in reference to last
Fridays fiasco concerning Liverpool
quotations.: l} 9t
New Orleans Lo., Oct. 8. 1890 S.
President Western Union Telegram
Company, New York:
IF. as stated In Mr. Dealy's explana- =,
tion. the operator In sending I.iyertlools
specials OH Friday changed the system
without notification. leaving the trade
10 read the dispatches as had been cus-4
tomary. and which reading created a A.
false impression OF enormous advances,S
his action was no less criminal thnn IL
the result OF wilful ana corl9pt deeep-S
ton. 5}gl1,Fis
The cotton trade OF the South has
been victlmized and demoralized by thes
criminal neglect and careiessness ongtheF
part OF your employees. and II 1t Is due
the cotton trade. as we'll as The inter-
ests Of your company. that the official
or officials whose neglect OF duty per-
ntHtcd such conditions and the operators
or ooerators who sent the d;spatchess
without notice of change should be-
known to the world. and promptly dis
missed as an example to deter others
In future from like criminal negligence
We do not consider absence OF off,:
Gals who leave their duty to DO per-
formed by incompetent people any ex-8
cuse for so grave an issue. ~
The Board OF Directors of this ex-a
change Will meet tomorrow to take
vigorous action In the matter and your
prompt reply is requested for their COM
siderntion
tsigned JOHN M. PARKER. 3ss 3S
President New Orleans Cotton Exc
change" *