New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-07-14
T. H. RAY TELLS HIS SIDE.
SAYS SULLY BOUGHT OUT.
admits Partnership zcith Ha7cIey in
Cotton Deais.-

Hearing in the Sully bankruptcy proceedings was
resumed yesterday. and Nh. Sully hand to
hear the testimony Of Frank Il. Ray. who. the
creditors allege. his partner in cotton pool
deals The former friends looked at each other.
but did not speak.
Mr.. Ray examined in part follows:
Q;-Did you have any transactions with Daniel J.
Q.-What sort Of transactions? Action fut-
uTes. The They y, bought or sold for me o
feeP n%ese or IN geT E4iigr g Mr. Sgiiy
Q-Where did you meet him? Alt the Wal
dorf. in the cafe. between and p.
ap5r5ments? A--Quite often. / used to drop in.
Odd you talk over the cotton market at those
meetings? Among other things 80 -.
Q--But mostly cotton? About one-tenth cot
Odd YOU give him orders 10 buy at those meet
Q.-Ten them how much 20 buy sell? A
ga notice %g that sf his an statement shows on March
thar 300 bales of cotton were bought; for Joint
Wliat does that mean? A-That was the way he
kept his books I but i Was nrons :o,,+ that wavo
o.-And you did not object? A.-No.
The account showed a profit TO the joint account
Of s47.54s. Half of that account was Mr.. Rays.
ODD you give Mr.. Suv an order 70 buy the
1000 bales? A.-No: I gave him an order 10 buy
ordered 5000 and then 800 bales i do not remem-
Der the exact transaction -. .- .,... 90
that transaction? A-No.
Mr. Ray said he always particular about his
orders, because several other persons were inter
ested in every deal he made
"A pool?" asked Mr.. Boothby.
Il did not say a pool" replied the witness
O-There was never any written agreement be-
tween you and Mr. Sully? .A--No: o,5 and his
Cat has T rested wholly IN your worn anu
0oDid YOU see Mr.. suuy on March IL? Al
rode down as far as No III Fifth-ave my office; in
his automobile. Mr.. Hawley was there also; Ma mr.;
take L OOa0 bales, if Mr.. Hawley and would take
ODD you buy? AMr. Hawley said he did ai nor
want to buy any more. but l told him II looked
good and we agresd to take sgS OAes Mr sully
told me over the phone 10000 bales had been
6oggh tnk ii T t6e eSdnng nq say came
10 Mr.. Hawley's house where was and suggesI I9
bi,vfng more cotton. I told him had enough he
told Mr. Hawley cotton looked weak and ne would
Odd he ask You for margin? A;-No had
money with him He had memorandum with him
s sq sI5I nv ecoEnts and let me Know how
had some Interest in three lots , 800 oia Oa a. be
market fen a cent, $S5o.ooO would be needed TO
oZpid Mt. sully say he would need large
amount OF money next day? Al did not near
Q-WsTe there no papers showing the liabilities
sully spoke Of margin told him 10 consondate
ny sa 90 he ne coIG take U care Of his
ings and that he was worth S225oon
Next day. the day OF the failure. Mr.. suly called
at Mr. Hawley's house, where MI kay haa slept
and drove him and MI. Hawley downtown In his
automobile.
I'VE told Mr. sulIy We had made up our minds
10 sell our cotton" said the witness. '-Suly want,
ed TO know what We meant. and Mr.. Aawley told
him we had decided TO sell the cotton, but that,
~ he did not want sell it. he could buy IT. AL
right he replied. after a moments thought, ~
take it' We left him the Waldorf ana as we
narfed I said I understand you take ell my cot
ton and he said, That's II. "
Where did you go them?
I to my office.
did sell cotton that Gay
yes sold through broker 1000 bales .,,I,,6 Vas
baies in another office than Sullys."
Mr. Ray could not say at what price he covered
himself. The hearing was adjourned at this point
Tttlr-