The Providence news. (Providence [R.I.]) 1891-1906, 1904-05-07

ness at 4S Exchange place, and my part
ners were r. n Morse. Edwin Hadley
and w, r.. Fagan ! did business on
the stock exchange. New Orleans cotton
exchange and the Chicago board OF
trade
''who furnished the capital for your
firm?" asked Mr.. Root.
II did" said Sully. II furnished $500.
600. Our copartnership was organized
on Jan. I, 1904, though orally IT existed
since Aug. l."
WANTED THEM TO PUT UP.
did you talk with Mr.. Hawley on
March 1862" (two days before suly
failed)
"yes; went over for the purpose OF
walking uptown with Mr. Hawiey.
told him we'd have TO have money the
next day. 9e said: 'All right I'll give
you whatever IS necessary for my share
/ had never called for money 10 cover
his share or on Mr.. Ray to cover his
share
The condition of the market was very
good. but there had been pretty heavy
selling. and | wanted the concern pro-
tected I'm every way. The concern had
put 100000 on that day. and / thought
II was time Mr. Hawley and Mr. Ray
should put up some money"
You hadn't come, then. to the end
OF your own resources?"
mo. | had in negotiable securities
and cash S900G10 available, but / felt they
ought 10 do something, too. 10 protect
the account ] had been doing It so
far"
what drop in the market would have
exhausted your ready assets OF $780,
0OO?''
About u of a cent"
NIGHT BEFORE FAILURE.
What happened az your interview with
Messrs. Hawley and Ray on the even
ing Of March II In Mr.. Hawleys home in
Fifty-seventh streetP"
They wanted 10 know how much cot.
ton ! was carrying. told them I was
carrying about $4,000 bales for myself.
10000 or 1900 for our joint three ac-
counts OF 3, and g. and 100000 for
others. making n total OF about 3Ol 600
bales OF cotton which I was boarding.
We discussed the question OF buying
more cotton according TO our former
agreement. Nothing was said about the
amount that cotton might decline and
my ability to carry II without assist
ancc."
What happened after that?"
The next day we rode down from Mr.
Hawley's house I'm an automobile Mr.
Ray said ~ cotton goes down cent
II will take n million and a Quarter 10
Keep up our margins. IL N goes down
another cent. IL will take another million.
We three can't stand that II is ahso-
Z lutely necessary for someone 10 be sac
rificed. n you take over our cotton at
last nights prices we will take care of
YOU
WOULD TAKE CARE OF HIM.
"who was Il gave expression 20 this
! expression of altruism? asked Mr.. Root.
I Mr. Ray"
What other conversation did you have
on tha morning OF the isth9"
II told both gentlemen that would &C.
cept their proposition on one condition.
7 namely. that they would furnish me
/ enough capital TO meet the o'clock call"
what was the price Of cotton on the
night OF March 17?"
Il think May cotton was lt25 and July
was 1898"
And the price next day."
AT tho 1890 call on March rs II wa
I believe, l5 for July and 1880 for MAY
At1 o'clock II was 1920 for July and iL7O
for May"
rwhaf did Messrs IIawley and Ray
say when YOU told them that you would
accept their proposition 90 be sacrihced7"
''Mr. Bawley said. All right We will
get the money. You take over-tite- re-
counts"
And dld they furnish YOU the money
20 tide over the o'clock marketG
They dId not
"Did they say that they would pro-
tect you afterward7'
mot protect They said they would
take care Of me-.