Deseret evening news. [volume] (Great Salt Lake City [Utah]) 1867-1920, 1910-06-18
MANIPULATING
COTTON MARKET
Government Thinks It Is UnlaW-
ful and Secures indictments
Against Patten ct al.
CHARGED WITH CONSPIRACY
Five Counts Embraced In Indictment,
Which, Contains Ten Thou
sand Words

New york june n The govern
mont came out in the open today In a.
attempt 10 provo shat mal puiatng the
cotton market is against thc law. Jas
A. Patteu of Chicago ana seven lesser
figures IN TIM speculative field hav-
been Indicted. charged with conspiracy
in restraint of trade under the shcr-
man antitrust law Tho indictment
was returned by a special grand jury
late today and handed up before Judge
Housh IN the U1-,d States circuit
court Five Of those indlctod-Pattgn,
Eugene u. Sculos. Frank b. Hayue.
william + Brown and NJ II Rothr-
child-gavo ban OF 5000 through coun-
rel. For the other three, who wore
neither present nor represented by law
yers, bench warrants were Issued They
are Sidney j Harmon, Robert NJ.
Thompson and Charles A. Kittle.
when the Indictments were announce
ed there was an excited break on the
New York cotton exchange. The bull
leaders. however appeared undisturbed
by the governments action and by their
buying orders helped To rally prices
during the last few minutes.
Five counts are embraced In the in
dctment. which Is In blanket form and
contains 5000 words. The first cou1t
charges that the defendants unlawful-
IS did conspre with certain corpora
lions not herein indicted to demand
arbitrary. excessive and monopolistic
prices for cotton
Scores OF cotton mills In Alabama,
Georgia and the Carolnas are named
as co-conspirators, though not included
I'm the Indictment.
Describing the alleged conspiracy, the
Indictment says that the conspirators
we're 10 become members Of an unlaw-
full combination under which they We're
severally TO purchase for shipment
from the south 20 New York all cotton
not directly absorbed by the foreign
and domestic spinners and manufactur-
ers in the ordinary course OF business;
In other words, az much as they could
buy from day to day without seriously
enhancing the price, but nevertheless 10
such an extent that before the end OF
the crop year they would have so much
cotton in their possession In the city
of New York they could demand mo-
nopolistic prices.
There is appended To the indictment
what purports to be an agreement be-
tween Browne and Hayne. as parties OF
the first part. and certain splhhers az
parties OF the second part, through the
medium of which. it 10 alleged cotton
was Illegally cornered.
Pattens name does not figure In the
contract at ALT although he was popu-
larry credited with being the chief lead
or In the bull movement II Is estl-
mated that the bull leaders during their
campaign handled nearly 100000 bales
OF cotton. representing value or ap-
proximately s30O000oO
Arthur s. Marsh. president OF tho
New York cotton exchange, issued
statement tonight in which no said he
had received communication nom the
United States attorney general saying
the proceedings we're directed merely
to prevent corners. and were not aimed
at regular transactions on the cotton
exchange
James A. Pattcn, who Is indicted. has
beer known for years as corn and
wheat spectator and moro lattcrly as
the "cottbn king"