The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-04-21

The Governments action IN investi-
ss.tnl the hull pool In cotton found q
/. 90. rtcr Ia the Cotton Exchange yesser-
,.,, IA David a. Miller oT - William street
:, 30 lar was IA CnreceiveT with Henry W.
brother I The President and
b.. .r.iu-hw uI Attorney -ticneral Wick
-. ..m tn thu Daniel .. Sullv cotton
q. .rc MI Tan afierward Withdrew
g. rr the re,,.ivcrShip Mr.. Miller gave
=, ,, ...rtlav stat"men, that said:
vpnd"r what the members at the
9, ..r-. wuuh think 90 an agreement
y..-u rIu,Is spnners not To sell any cotton
or the, New York. New Orleans or Liver
.lro,tou exchanges before November l.
When Mr. Miller was pressed to eX-
4, do h,. sid that he had In his possession
ro-v ~ tho bull pool agreement oT
r.r,rlary ~. He refused To discuss tho
terms Of this agreement hut said that he
- ouId hand Il over to the Federal GRIND
Jury before which he h subpGnaed to
anrear to-day. Mr.. Miller's statement
y a. followe:
1t seems quite important that every
one IN the cotton trade should Got q clear
UNDERSTANDING Of the recent action ~
the Department Of Justice. II is appareu,
Tum a cursory study that this action has
40 relation whatever to the character Of
tho contract dealt in on the New York
Cotton Exchange. and no one well In
formed Processes TO believe it 90. There
b. no question as 20 transactions IN or
methods of the New York Cotton Ex-
Change involved in the inquiry. which 10
vs-v mistakenly called q fishing sxcur-
I'm II 10 not so deemed by any one
well POSTED.
Il a criminal prosecution instituted
~ 'hc Dpparr ment Of Justice IN the belief
"a, cvrt IN statutes % the Upited States
have hcvn violated not 10y transact ions
made on tho New York Cotton Exchange
b I ~ agreements made outside OF that
m.r'u'ion The idea that the action OF
IN. Government has been induced by bear
sreculators IL IN insult to the Admins
Irli.ou and the Attorney General
AgreenI"Lts mAde IN toe cotton trade
Or lr--nG cotton dealers are proper sub
!e,,, tn- Judicial inquiry whenever the
cHfC.@,> q the Law have reason 20 believe
'as' these agreements are contrary to
,se statutes. Why don't the members
., he s"-called bull clique show TO the
I'D hat they have made no improper
.sreerasnts b. publishing all those
at Ia!ly nais, wonder what mem
trr- Il the exchange would think 81 an
agi cement Inch binds spinn-r- not TO
r.r an cotton on the New loTk. New
Orleans or Liverpool cotton rAchanges
before November I. 1902
na'e no hesitation IN saying that
rssly - tue contentious of the bulls seem
- 80 entirely uiistak en- from a cotton
tci.. oI view For example IL was stated
TIA. NPr York - still the cheapest mar
ast No one with any knowletxe OF the
'rIgs. ~ hiCh cotton can to-day be
90 .sht IA Bremen aud havrs could make
-Ilh a statement. The Ne~ YORK mHPk ~
y ts-Aay TIE highest TN the ord relative
cunning centres There - no mark 81
20 me y 81 = which cotton at the price
H, Lay ieiive,y IN NeN York can he
ppsd from NeS YORK. without a large
-. aud THE was true % the cotton
-npped out by the bull clique in March
..nIts numerous assertions to the Goa
O. -.
{ Onsidsring the present prices In
Brerlen, 10 would be very interesting 10
-aw the terms and cost Of the recent
and the terms and prices Of the quantity
81 tins cotton. u any. " hich has since been
so.d
Z o,ton has recently. daily and in
quantity. been sold from the South for
delivery in New York az no loss what
ever Ii il well known that the cotton
beng shipped here from Liverpool was
bought ia that market and sold here AZ
relative prices which show no loss TO the
tsE1evers.
Nobody but the members OF the bull
' .4e Anow how much cotton they are
nj a. a all raarsn0nlZrn the fradfa
MAJ ne purely speculative short interest
= very limited indeed and that the short
ssi'lng has been very much restricted
.a'alv IN old crop months owing 10 the
agys-tIssd manipulation.
/ am sp-sGing from no speculative
goat IT view | have no interest la
cotton % lIss the words Of the bull pools
ag-e-msnt IN New York. New Orleans
~ Liverpool. and ! do not intend to
nave any un'il the present artificial situa-
on m New lork IN corrected
lance Patten. whose name has
u"au linked with that Of Payne and Brown
a, a rn~mb"r Of the cotton pool. arrived
% toau Yesterday he has not been
s.1pPnasd Tut left Chicago TO come
." TO attend TO HE cotton Interests as
-ron as hs heard Of the Government
IRON The following statement from
Hr Ptr'en was given out at the Offices
- : = Bache a Co
an a law abiding citizen and II Il 10
aFt,u-t the iaw 20 speculate III stop.
~ - far a. I know there 10 no statute
s-'-,'r srs mat prevents NV buying cotton
or ANYTHING else and paying for II.
zee the newspapers have aatd that
/ IN financing the operators OF the so
called cotton pool IL 10 not true. am
. member 81 no pool. ! am financing
wr oan AFFAIRS and nobody eIses. !
r. . "a 80 81 Iato contracts TO tuy cotton
% rs deli, -red 10 me during May Well.
. cant the cotton. ! am ready to pay
'.- with ny own money Any spinner
F.o ~ants any can bury from me at a
rst-ouaols price. I'm not trying 70
C--.ar cotton
-r1' cotton IL cheaper here than u u
49, --~- else in the world The New
--.. ,o'-on Exchange 10 a speculative
-..-.' t~eTy time ] try 20 sell any
.'-n. certain CLIQUE Jumps on 70 and
f.r..- r.. prices down. The price then
2 -.' rzpreS~nt real market value.
asn forced by this action to state
Cd. -Np-Ct@d 10 take delivery and
r- cotton The contract OF the
N0r York cotton Exchange calls for
q" very Many times buyers run away
.r.r delivery and ell these contracts.
We. r-oposA 20 stand by my contracts
.f 'H." delivery 81 the cotton and pay
70 A. ran Gee that ~ sactly what
'-a &c asga~ts ma 20 do. II that ~ un-
..' - .omebodv IN authority tell
-". aHI n SOP buving cotton
- -