Oh well ... good old superspray. It's code must be nearly 25 yrs. old already. You should'nt use it for such high particle counts in my opinion. I think you are simply hitting some internal particle count limit here ( my suspicion is that it lies at somewhere near 65k particles per system with the old legacy particle systems )
Proof:
As you have set the "percent of particles" display amount to 10% only, only 10% of your total particles are created and displayed in the viewport. This apparently works without hitting the limit.
At rendertime, 3ds Max tries to create all 100% of particles, but fails so because of some internal limit ( my guess )
You can easily repro this in the viewport too, by dialing the "percent of particles" spinner up to 100%: now even the viewport fails to display the particles
This only happens with the right particle system, because it starts earlier to emit ( at frame 400 ). The left one starts later at frame 507, thus does'nt hit the limit .. )
So either tune your particle spawn rate or your particle spawn time frame
Josef WienerroitherSoftware Developer & 3d Artist Hybrid