The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1904-02-02
LOST ON COTTON
The Company Controlled o Chain OF
125 Offices Throughout the South.
Violent Fluctuations in the Cotton
Given Out by Attorney for the
Assignee.

Atlanta, Ga. January So.-Followint
York office of A. B. Baxter & Co, cot
| ton brokers. the local office OF that
concern posted a notice today stating
| that the Atlanta office had assigned
! Nothing official could be learned here
as to the reason for the suspension
but it is probably due to the SHARP
break in cotton yesterday. 1t was
stated by the Atlanta manager that
| all trades made for the day and those
pending would be settled at the close
Of the market today.
Baxter and Company had only re-
Gently bought out Murphy and Com
pany. incorporated. one Of the largest
stock brokerage companies in the
country and had reaced a capitaliza-
ton of 500, ,OOO
The notice of the failure created a
sensation. The defunct company con-
trolled a chain of 125 Offices from New
York to New Orleans.
New York, January 30.-A B. Bax-
ter and Company incorporated, have
Offices in this city. at 81 Broadway,
where it was said the corporation did
a general brokerage business in stocks,
bonds and cotton. An assignment was
made today for the benefit of the cor
poration's creditors. The company of
which A. B. Baxter was president and
Felix Lipp secretary, was incorporated
in 1902
John F. Mcintyre, Of Cantor, Adams
and Mcintyre, attorney for the assis-
nee says of the suspension that it re-
e,,,lz Co., IL, - IL. 1nff 20,
held by a number Of the firms custo-
mers who failed to respond to calls for
extra margins. The firms embarrass-
ment Mr.. Mcintyre says, will prooa-
bly, be only temporary. He has no idea
atthis time of the liability.
The firm claims to have a capital OF
100000 and has numerous branch Of
fees throughout the south. 1t had ex-
tensive leased wire system.
Mr.. Mcintyre says that the corpoT-
ton was not a member of any Of the
New York exchanges, but was repre-
sented on many out-of-town eX-
changes. including, he thinks. the CHI
cago board of trade and the New Or
leans cotton exchanges. The corp1r-
alton had over 100 branch Offices, and
according to Mr. Mcintyre. it's $500. 900
Of capital was actually paid in. He
added that the liabilities are certain to
exceed 500, 600. but he could not say
how much beyond they may go. He
said further that II will take twenty
days in which to prepare schedules OF
their assets and liabilities.
New Orleans. January 30.-UnofficiaI
announcement was made on the floor
Of the cotton exchange Of the closing
Of the house Of A. B. Baxter and
Company here today. Baxter and
| Company is one of the largest com
| mission houses IN the country. with
branches in many cities. The offices
| here were closed before noon. The
violent fluctuations in the cotton mar
| ket are said to be responsible for their
| trouble.
Baxter and Company is the firm
| which instituted the litigation here in
| the effort to prevent the New York
| and New Orleans cotton exchanges
| from cutting off their quotations. Ar
| injunction was issued and the Yves
| tern Union Telegraph Company was
| forced to continue to serve customers
throughout the country. even il those
! customers were unrepresented ir
either cotton exchange
On the boards of the company here
| the following notice was posted:
"a B. Baxter & Company have as