The Waco evening news. [volume] (Waco, Tex.) 1891-1894, 1893-07-14
Evidence Of His Cotton Spec
uIationS introduced.
THE FUTURES FIRM OF PHIL l. GO
A Broker Disputes the Genuineness Of Ger.
tain Notes.

afternoon United States Commits.
sioner Finks heard the evidence of
Mr.. j. p. Hill, grocery merchant
of Brentwood, who also did cot.
ton future business.
He testified for the government
he did cotton future business un
der the firm name of j. p. Hill &
Co., his partner being Glenn Par.
kes. They did business with the
City National Bank both az gro.
Gerry and cotton futures firm.
The firm of j. z. Hill & Co. got
money from the bank at different
times. They had two accounts, one
for cotton and one for groceries.
The cotton futures account was
kept in the books Of the bank. j.
=. Hill & Co. only obtained money
for the cotton business and Mr..
Parkes never objected to signing
the firms name TO cotton transac
tons Mr.. Walllng was interested
with them in the cotton business,
having made an agreement that the
bank would furnish the money.
They bought from Atwood, VIC
lett & Co., New Orleans, and
Clause & Co., New York. In buy
ing cotton futures they we're not
buying cotton in existence, but
simply margins on the rise ard fail
of the market. Witness never saw
the cotton. Usually they put up 81
bale on cotton. Didn't know how
many bales they had bought. The
bank RENTED the money on mar.
gins. The transactions we're pretty
heavy sometimes, from 500 to 1000
bales being bought. They bought
1000 in July or August, 1892.
This contract was not yet settled,
and there was money now lying in
New Orleans in the possession of
Atwood, Violet & Co.
The money was RENTED through
the bank by Walling. When the
check vas sent the parties would
surely call on him for a note. The
firm had money with Atwood,
Violet & Co. at that time, and they
didn't remit more than 81, 500, the
profits derived from future dealings.
Mr.. Hill could not tell the aggre.
gate amount of these dealings from
first to last.
The grocery business Of the firm
was kept separate from the cotton
business. The firm began dealing
in futures in 1892. Walling and
witness we're talking about that time
about the price of cotton, when
Walling asked If it would not BIZ a
good investment; said he would like
to go into it; that the bank would
furnish the money.
Hill Il Co.'s books showed, said
MIR. Hill, that the bank was in.
de bted to them for the grocery
business about So, 500.
In answer to question whether
or not Hill e. Co., did owe the
bank SIS, 600, Mr.. Hill said that
Col. Goodwin, president of the
bank, bad called on them for
SIS, 200. This was for the cotton
future business. He had never told
MIR. Goodwin that he was interested
in the cotton business with the de.
PENDANT, although some of the cotton
men knew the bank was supplying
money, but he didn't know whether
the bank knew it or not. Certified
checks were signed by Walling as
cashier. Witness took Walling's
word as to the amount the cotton
firm had with the bsnk.
The testimony Of Mr.. Hill is
the most damaging yet made against
Walling.
Cotton Broker Roberts of Brown
wood testified yesterday afternoon
that he had had cotton dealings
with defendant.
Mr.. N. B. Hewlett, another
brownwood cotton man, testified this
morning that Wslling had done
business with him and he had an
, account with the bank. He dis
puted the genuineness of several
notes the bank held against him
, with his sigature.
! The court before noon took re-