The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1907-05-06
COTTON

NEW YORK, May 5.-As a result Of
conference between counsel ! have con-
scented to Withdraw my application for an
injunction against the classification conf
chanke on condition that the defendants
consent to go to immediate trial of all
the issues before a referee to be appointed
by the Supreme Court, and proceed from
day TO day in taking testimony In proof
Of the facts. This viii result in a thor
ough inquiry into present and past con-
ditions governing the cotton business OF
New York City, and WILL In my opinion,
effectively stop the delivery of cotton on
contract here that is not properly ten
derable and check any disposition TO vio-
late the rules of the New York Cotton
Exchange.
From now on believe we shall have
contract that really repr<enas mer-
relation to the value of the article.
The trial before the referee will be
conducted with all possible expedition.
and invite any who may have evidence
at my disposal to the end that the New
York Cotton Exchange may be rehabili-
tated In the eyes OF the world. and may
properly perform It's important function
toward the trade. aIti cease to be the
object of antagonistic legislation through
out the South.
believe that under the improved con-
ditions, which Will result from my ac-
ton, the New York Cotton Exchange has
a brighter future before 1t, and that 1t
will not be long before the contract here
will be a legitimate exponent of the real
value Of spinnable cotton, ana as such
again available to producers and con-
sn%tfs as a against Rs9P fisk q de-
cline or advance In the market.
1t has been widely charged by my enc
mics and some OF my former friends that
my. action was taken with a view Of
1ytsx. M. n n r a
Such is not the case. and the best pei
slbe proof of It is my willingness to
abandon the Injunction pending a trial
alterably opposed to corners. believe
them to be uncommercial and a result
Improbable. never participated in but
one. when at the invitation OF Messrs:
s. Gruner 6; Company. OF this city,
joined with them in corner OF August
cotton. The experience convinced me Of
the utter futillty of attempting to iAl-
vance the price Of o great commodity like
cotton by manipulative methods. My
injunction was simply demand that the
be observed. 1t had not seemed to me
that such demand would effect q
corner. Mr.. Henry w. Taft, counsel for
the New York Cotton Exchange. in the
New York Sun OF May 4th, Is quoted as
follows:
although Mr.. Prices injunction will
do little except enjoin the classification
committee from doing things that are
laws Of the excharl,e the terms are SO
general that the committee could not
continue it's work and without the classi-
fication of the cotton trading cannot go
on"
/ submit that If 1t be necessary that
the bylaws of the New York Cotton
Exchange be violated to enable 1t to
continue its present methods, then is 1t
not time that those who are invited to
trade upon the New York Cotton Ex-
change be put upon notice of such con-
dition, and am l to blame II, having
bought cotton under the rules of the New
York Cotton Exchange. insist upon the
enforcement of those rrSss to protect my
interests Hereunder i'll the consummauon
of my contracts?
By every neans available to me.
have endeavored to bring the abuses or
which I complain to the attention OF the
nounced nearly q month ago that !
should avail myself of legal remedy, If
such q legal remedy existed. and there
| Is rs justification whatever for the Vide
| ly disseminated statements that nave
endeavored to spring surprise upon
| the exchange.
I believe cotton is destined to sell much
higher. I believe this because the stocks
| OF teyIerable cotton-eEsn the. cotton
| tender.t,le under the bylaws OF the New
| York Cotton Exchange-are practically
exhausted in America, and because. while
the world needs an American cotton crop
| of at least l35oo,0O0 bales next year. the
prospect is that the yield will be much
| less than this.
| believe that as result of the re-
| forms now almost certain to be est~1L
lshed in New York, the New York Cot
ton Exchange will enjoy a very large and
| legitimate business, and that those who
are likely to require cotton in the future
can with confidence protect themselves
against such requirements through tho
purchase of contract on the New York
| Cotton Exchange, the integrity of which,
in the face of considerable approbrium.
| I have done my best to rehabllitate and
shall do my best to rpalntain.
THEODORE III. PRICE.