THE COTTON CRISIS

Dominion, Volume 3, Issue 800, 25 April 1910, Page 7

THE COTTON CRISIS

SPURIOUS BILLS. EXCITEMENT IN LIVERPOOL HEAVY LOSSES. Bj Telofraph-Preis AuocUtioo-Co&rrlrht. London, April 22. / The "Shipping Gazette" reports that there is excitement in Liverpool owing to the discovery of forged bills of lading for from 16,000 to 20,000 bales |of cotton, purporting to have been shipped from the United States. I The names of oighteen prominent I Liverpool firms have been forged. (Rec. April 24, 5 p.m.) London, April 23. The "Manchester Guardian" states that Knight and Yancey have been in the habit of sending forged bills of lading, themselves retaining the genuine ones. When the, irregularities were 'discovered, Liverpool aid other European importers forced ' Knight and Yancey to file their petition. It is still doubtful whether the cotton against bill representing 45,000 bales in Liverpool is valued at £75,000? New York cables state that most of the spurious bills are held abroad.- The losses in Europe amount to 4 million dollars,) including one Russian firm which loses 750,000 dollars. New York firms have lost 1,000,000 dollars. MR. PATTEN'S PREDICTION.

mills must pay his PRICE OB ' CLOSE. ' New York, April 22. Mr. Patten, of the well-known stockbroking firm, predicts that mills in America and Europe will close in August unless they pay his price. It is estimated by men acquainted with the "bull", market that 142,000 bales are held by 1 "bears" in New York, a quantity which is inadequate to enable them to meet their liabilities.