New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-04-21
NO BLOW AT TRADING
Legitimate Deals in Cotton and
Other Futures Not Menaced.
JAMES a. PATTERNS STAND
Says ne Buys Cotton to Mer-
chandise II and VIII Take De-
livery Of All Orders.

Cotton urokerF we're stin in e te-naent
yesterday over The government investigs-
fioa preliminary 20 proceeding against
those eisexe5 10 lie responsible for hull
POOL ~ the staple. James q. Tatten who
figured Il wheat corners and was said 20
~ hack g 3 cotton pool agreement. came
20 &c city Hfd began denying That be
knew auvtlirg about any KIND of pool
aE 1o9n os ne ,eft the train. There was
general mfsconccDticu regarding the gov
.~n.neat's proceeding under 3 complaint
against Frank - Ezyne ard william r
Brown. ee-eral brokers believing that
tloN ct legi;.ms'e speculation snd future
lrsdirg Vas f-s--n'nerf
The sole purpose % ire inqairy in It's
plss,:it phase" said q Federal counsel, is
- discover whetfe: chere was an agree
snent m reatrsi-t OF trade 81 the reported
h.n pool in cotton. y there was We be
-Seve that 3 clear case 81 violation ~ the
gherrnan anfi-irust act can 10 established
We could not attack legitimate tracing
81 any stap,e commodity II We tried. This
trsding might be n so-caued futures. as
no term is accorded by the cp!n1er and
me honest dealer in cotton. But when t0e
future trading takes The form q s com
stnsticn - control tive market. ;ntercer-
sng vfth the real cotton Industry. or milling
any trade there is likely 10 he 8 VIOLA
fson % the law.
I've have received complaints end are
setting upon them When che great indus
-ries that cepene upon stable conditions md
out that the law s on ;heir eide as against
fhe men VINO IN years past have established
artificial prices for personal gain. they viii
20 elJck 70 avail themselves OF our cid"
Law Abiding, Says Pstten.
- az lsv-absding citizen" were the
nrrt words Of Mr.. Patten, he settled
down 20 hear about the federal proceeding.
rTe continued:
II 81 Is against ire Law 20 speculate, III
SOP But. 50 far J know, there is no
sta-u:e anywhere that prevents nay buying
cotton or anything else and paying foT H.
IN not financing The operators CT the so
called Gotten pool. Il IS not true that am
am a member % 70 rooi. ] am financing
my own affaiTs, ana nobody else's.'
These remarks came with snappy empha-
sis lie then went ,nto detail regarding tho
situation ss ne saw e. end his position lie
said:
- have entered INTO contracts 10 by cot
ton 70 be delivered 70 me during May. I
want The cotton. 7 ar ready 70 pay for it
Nth my own money. I want 20 merchsn-
disc It. Any spinner who wants any can
boy II from me AZ q reasonable price. I'm
not irving 20 corner cotton.
Spot cotton Is cheaper here than 81 is
anywhere else in the world. The New York
cotton Exchange l. speculative market.
Fve-y time try - sell any cotton a GER
tain clique Jumps on il and forces the
prioes dow The price thea doesn't rep
resent = -eai market value. I've been
forced bv this action 10 state that ex-
re-te6 70 take delivery and pay so- the
octfor. The contract OF the New York
cotton Exchange calls FOR delivery. II
shows an intent 10 deliver and 20 take de-
Nvery. Many times buyers run away from
delivery and sell these contracts. Well.
propose 70 stand by my contract and take
delivery o. the cotton and pay for 81.
SO far as Z car see that IL exactly
what tive law expects IRE TO CO. II that IS
l;rla~ru,. let somebody IN. authority tell
sae 50 and III stop buying cotton.
Has Made No Agreement.
have made no agreement with any
. body chuut buying cotton except with the
men who are TO SCH II 20 ne / never
l.new Ir. Haynes - Mr.. Scales OF Mr.
brown untu some 5ime after T was long
n cotton. Then IL was only natural that
-e shoJl1 meet and discuss our common
interests"
fIHrk SIC Afl tifF. assistant I nlted states
Atto-ney General. who has charge % The
Investigation. VIII examine witnesses be
gore thc grand jury today. re has had
conferences regarding the case a. 80 far
developed, AND 81 was said last evening
that rev line 81 Questions had been pro
pared 70 set deeper TITO tic conditions IN
the cotton market here.
Z s. IS deNeio7ed that Mr.. Patten can
tel- the Investigation no viii be sub
cenSed To brokers who nave been sent
Tor 20 Scsli>- we've engaged yesterdsy 81
str hun, for the men VINO made the
complaint that lr5 % the inquiry. The
hesr = tire market were generally vnder
suspicion. rut an denied knowing any
hing about the IncJte-.
s.-oruah. Arrn es.-Th- board o, .3trec-
scrs 81 tne Savannah Cotton Exchange has
tsker steps 20 ascertain Why the govern
r1cnt has suddenly become 80 active against
ttc cotton ro5i iu Hew York. TeleCraus
T-ere sent 20 Senate bacon and Congress
~ls- towards yesterday asking for al ex-
-.s.na-ic- a. re sltoTney Generals move
nEaf-rt tie cotton Interests Senator ISacon
answered that fhe matter r,oul5 be as
~lesed in Congress and the fuli facts made
known. Tho r1c71be-s uf the Savannah ~
anR-rr FPV that IA 81 nas gprU EroizteO