Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1902-07-24
OWNED NO COTTON.
Eut Knott & Closson Charged Their
Customers for 1t Just the Same.
Hearing on Discharge OF Bankrupt Firm
Completed-"I Don't REM mbsr" the
Principal Feature Of MIR. Knott's
Testimony.

ClosSun from bankruptcy was completed
Thursday and the matter is now in the
hands of Referee George w. Debcrville for
report The hearing began last November
and after being in session for about week
was cuntindcd and was resumed last Mon
day The testimony taken covers several
hundred typewriter pages and gives in
GCtail the operations OF the concern Tor
several months prior to their failure.
At the hearing Thursday Il. T.. Knott and
g. l.. Cosson and y. S Pratt were exam
iucd. tho major part of the questioning be-
Ing done by Trustee j. J. Enright.
Mr.. Pratt was the first witness and his
examination was conducted by Trustee
EHtight who confined his questions tol
transactions in cotton from March 1898 un-
I'll the time of the failure.
1t was shown by MIR. Pratts testimony
that Knott & Blossom were 1000 bales of
cotton short at the end of March, 1898, and
that they received from their customers
SI65iT as margins.
Ian April the firm held 400 bales. They
bought 500 They were long 800 bales at
the close of the month and should have
held 1900 bales for their customers. They
received si,321.71 from customers as mar
gins.
In May, 1893, the firm had 900 bales charg-
cd as purchased for customers. They ac-
tually bought 1900 At the end OF the
month they held 100 where they should
have held $3.50. They received margins
during the month from customers SA676.32.
In June Of the year the firm had
charged to customers 1000 bales and they
actually bought 1900 bales At the end Of
the month the firm was short 100 bales and
the customers were long 1850 bales. The
firm received ss,9i45' in margins during the
month from customers.
During July the firm entered 1900 bales
as having been purchased for customers
hut their actual buyings in the market
were 400 bales. At the end of the month
the firm was short 100 bales The firm
should have been long 4S00 bales to meet
the customers accounts They received
during the month s2,902SQ as margins.
In August of the same year the firm
charged having bought for customers
300 bales but actually bought 200 AT the
end of the month the firm was 500 bales
long. They had 800 bales charged to the
customers accounts. During the month
they received S16l.T margins from Gus
toners.
During September the firm charged as
having purchased for customers $500 bales
and actually bought $500 bales. At the end
of the month they were short 100 bales and
had 500 bales charged to customers. They
received as margins during the month So,
97S.27.
In October they charged as having pur-
chased for customers 1900 and they actu-
ally bought . 6OO bales. At the end of the
1ronth they were long 1900 bales They re-
Ceived as margins sl474940
In November they had charged as pur-
chased for customers 700 bales and they ac-
tuslly bought 500 bales At tho end of the
month they were 900 bales short and
should have had 500 bales for their Gus
toners They received $40 1911 "a in margins
from customers
In December they had charged 0, 400 bales
as purchased for customers and actually
bought 200 bales to offset the customers
holdings At the end Of the month the
firm wa, 400 bales long and the customers
were 1o,loO bales long The firm received
in margins the sum of Sc 900 IS
In January. 1899. the firm had charged as
purchases for the customers 10 $50 bales and
i,trYlIv houyht tx 500 Al the end of the
month they were 1900 bales long and the
customers were carving 20 $50 The firm
was therefore, actually short 6 40 bales
'Tbcv received s16 1o6 "a in marrying during
tbc month.
In February 1898 thew had charged to the
customers 1745O bales but purchased only
IA 40a At thn end Of the month rho firm
o,rned IL mn baIes whom thew should have
hold 90 $50 They received in margins SIS
nv, "a
uurinp March thev charged To their CHS
toners 131p and actually bought 10 200
AZ the end Of the month the arm was long
y 500 baloe The firm, vas short % o5o hales
~ make the customers good They receiv.
Cd during the month so o1sa IN margins
In AnrIl the firm, CHARGED r. customers
IA 400 bales and bought IL 400 At The end
of tho month tho am vas iono 1s on hales
The customers had az 450 bales to their ac-
counts Tn. Arm received in Ynaryins sy7 =
400
l., Mo-, eve 6rr, ,,5 son holoe o,are.,a 60
c,Istomcrs and hourbt In the roorlrat q aoo
balos Al the end 81 tho month tbe 1r,,,
ou,red IN 200 baios 1,ba cueton,ars u,arn
long 96 500 holos The trm sold on tboir
owH aCrount Win tho hrol.ore d,,rinr Ne
,,orth Il ooo baI.e ri. cueton,ars nrIorad
91to baIoe eoId THO, ,horofora sold sbort
ovor and above orders from, tbeir Gust an
orc 20 tha av,o,, -, =, IN hoia -rh c.,
.aoot,,od l., ,,,ar,,,,, 80 ,'....e go -,
,oo ~ 90 -'0' e'' -''''' N"'0i''O'' Wv
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o-6o hall I'D ho,'rrt ., e90 A. 49, Ia 80
~ ,no,,tb ~ ,,, ~ ,g,, 5000 90 ~ ~ W.
stnnIars ,nr, 80 .. o-o ,' Nv CT VIC
oid ~; tba noiSn, TIL, e,,, a o 80 -,
d,,ri,a 49, aor,h On 100 r. 49,, :, -,
-, , ~, ~ w. .Ho eu ,i',
hoon soId ,rho e,r W To-, 90 M -
~ s,s e. 90 a. -, ,,,a,crr,,l =" 'N''"s '''
~ M, ~ g., 80 ,,, 100 10 80 ,,., co.,
tor,ers oon hoins go % '''Se ~!
N no A. tho ond of ~ 49, 49,
is iorr "A COO ha,os nv e., I Le 80 a., 80
,n nnron; 400 haIos ana a W. au'd % pl i'a
.''stor,ors, aooo,,rts a at5 20 ~ tti9
,r,,a,tv-oro hrnlrad a,a &C.. hnSa 80.
'arged as soid 70 c,'sto,, ne: ,,,at -
,,.aT disnosod -, Durt,e, th'' 49, ~
,n,ro,ns on,o,,ntod 10 as 30 90 '''''''' ''''
~ 49,. - 60 W ye'Vi''o , .
as n1rrhaees !. zoo boIes and ~ bo,,T,', 90