The Morris County chronicle. [volume] (Morristown, N.J.) 1877-1915, 1902-08-01
BIG TANGLE IN OATS.
Court Intervenes to Check Alleged
Corner In That Commodity.
THE BULL CLIQUE ENJoINED.
Shorts Who Feared "a Squeeze Go to
Chicago Judge and Secure an
Order That Temporarily
Protects Them.
HE BULL CLIQUE ENJoINED.

Chicago, July 81. = The courts have
interviewed in the alleged corner in oats.
An injunction issued restraining the
Chicago board of trade and the board
of trade operators James A. Patten,
Darlington, Patten & Co. and Bartlett,
ner in standard oats has been modified
by restraining the defendants from
asking the president of the board of
trade to indorse down margins depos-
tied by the compliments, Waite, Thor
burne & Co., to secure $4,000 bushels
of short sales.
The court held session before the
opening hour of the board of trade in
order that decision might be arrived
at before business was begun. The
case will come up for further adjudi-
cation next week
The effect of the action of the court
is for the time being to protect the
complainants against any alleged cor
ner and is construed as working
against the bull clique of operators on
the board.
Denied Courts jurisdiction.
Argument was brought to bear by
attorneys for the board and for the de-
PENDANT operators that, inasmuch as
both the complainants and the defend
ants were members of tribunal which
adjudicates controversies between it's
members, the injunction should be dis
sol yO6 lo <Dfx - ,1,ie
diction. 1t was argued that the COM
plainants were premature in asking
for an injunction against a corner
when no such corner was in effect and
when the board of trade rules specific
ally prohibited corners.
The defendant members of the board
of trade in answer to the injunction
denied the affirmation that standard
oats were worth not in excess of 80
cents a bushel and said they were
worth more than that price. They also
denied any conspiracy among them
selves or with Joseph Bidwell, grain
inspector, to corner oats or to forestall
raise the price of oats. They denied
that they had given a fictitious value
to the article. 1t was set forth that
the elevator accommodation and rail
way facilities of Chicago were such
that they would allow of delivery of
fifteen times the amount of oats
bought of Waite, Thorburne & Co. by
the defendants and that frequently the
defendants had bought ten times as
much as their total purchases in this
delivery, n
Purchases by Bull Clique.
in oats by the bull clique as set forth
in their affidavit:
Bartlett, Frazier & Co, 100000 BUSH
els; Darlington, Patten & Co., 100000
bushels; James A. Patten, 100000
bushels.
Attorney ]. H. Monroe for the de-
PENDANTS in addressing the court made
sharp illusions to the complainants
having been of a speculative turn of
mind, and having sold what they did |
not have and what they did not have
the means of obtaining for delivery. He |
said it looked as if the complainants !
were trying to make money by buying
in property at a less price than that
for which it had been sold.
Judge Chytraus before modifying
the order told the attorneys he did not
consider the injunction restrained the !
defendants from bidding, buying or
selling or refusing to buy or sell oats |
in the pit or from any of their accus-
toned business operations aside from |
those in connection with the complain |
ants.
There was practically no effect on |
business in oats from the injunction.
The assurance by Judge Chytraus that |
ordinary business could be done by the |
defendants and other members of the |
board of trade acted as a check against |
any violent fluctuations.