New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-01-31
A. B. BAXTER & CO. FAIL.
Trouble attributed to the Corner
an Cotton.

A B. Baxter & Co Incorporated. dealers in
stocks bonds. cotton. ETC. at No. 81 Broadway yes
terday assigned for the benefit OF creditors 10
George j. Vestner OF No. 1I3 Manhattan-aVe. Inc
company was incorporated in 1902. The officers are:
A 2. Baxter president and Felix Lipp, secretary
Cantor Adams & Mcintyre of No % Broad-st''
are the attorneys. As a result OF the assignment
about hundred and twenty-five offices OF the
brokerage firm chiefly in the South and West, were
, ordered closed. The assignment was due according
TO Mr.. Mcintyre. TO the corner in cotton. Ihe
customers OF Baxter & Co. were caught snort MT
Mcintyre said, and when they were asked to put
up the margins they unable 20 90 So Inc
customers supposed that cotton would decline ana
the fall Of 20 points Friday seemed to encourage
that idea, but the threatened war between Russia
and Japan raised the market price YESTERDAY a
have been endeavOring to collect margins from
their customers. and the situation was suc4 tlar
the firm could not carry the accounts any hIise i
with the expectation that there would be a oreak
IN the market Mr. Mcintyre sald yesteIuay ullal
il would require examination by expert account
Co The firm deals largely in cotton and curb
securities It is said to lease thrtythree
Company. The assignee is connected with cantor
Mr. Mcintyre says that the corporation was rot
a member Of any Of the New-fork eNchang -, out
Including he thinks. the Chicago Board of Trade
to Mr. Mcfntype its $500 Oo6 of capa was actually
paid in He added that the liabilities were certain
beyond that figure they might go.
New-Orleans Jan. 3O.-Unoffcial announcement
was made to-day on the floor Of the Cotton tx
change OF the closing OF the house of A. b. Baxter
& Co. The offices here closed before noon.
The violent fluctuations in the cotton market ere
said be responsible for the trouble. Baxter &
Co is the firm which Instituted the litigation here
IN the effort 10 prevent the New-York and New
Orleans Cotton exchanges from cutting off its
quotations. An injunction issued and the
Western Union Telegraph Company forced to
continue TO serve customers throughout the coun-
try, II those customers were unrepresented in
either Cotton Exchange.
On the boards of the company here the following
notice posted:
will be closed out the close of the market to-
1t is not supposed that the firm has lost much
money here but through the Middle South Il Is
estimated that It has been losing 100000 day
for some time past against the long side OF the
cotton market.
Atlanta, Ga. Jan. 30.-Folowing order issued
to-day by the New-York office OF A. Il. Baxter &
Co.. cotton brokers, the local Office OF that concern
posted notice stating that the Atlanta
Office had assigned. Nothing official could be
learned here n TO the for the suspension,
but II PROBABLY is due 10 the sharp break IN cotton
that all trades made for the day and those pending
would be settled at the close OF the market to-day
Birmingham Ala. Jan. So.-The Birmingham ONCE
OF Baxter & Co. brokers and commission mer-
chants was closed to-day by orders from heaGquar-
ters The local manager surprised at the step,
state OF the cotton market. The firm did large
business here.
Pittsburg. Jan. 50.-The principal Office II A. 2.
Baxter & Co. brokers. was formerly in Pittsolrg.
but two years ago Mr. Baxter removed tho head
quarters TO New-York. J. J. Tobia. the local man
ager OF the firm, said the order TO close had been
sent all the Offices Of the company in the Coun-
try. but further than that he knew nothing.