Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1910-06-28
miscellaneous Grading.
HAYNE DEFENDS BULLS.
Issues Reply to President Marsh OF
Exchanue

ESCndn9e.
Frank B. Hayne sent the following
communication to the Journal of Com
merce and Commercial Bulletin:
In your issue of the 18th instant
there appeared an article written by
Arthur R. Marsh, president of the New
York Cotton Exchange, in which he
says: Cotton spectators, sweating
under the weary load of merchandising
actual cotton which they thought
would never be delivered to them un-
der the contracts, have violently cried
out against the justice of the rules
which enabled merchants to give them
what they had bought"
AS every one knows that only COM
paratively few men received all the
cotton that has been rendered since
the first of May, Mr.. Marsh's statement
is a direct attack on those few parties,
of which l am one.
According to Mr.. Marsh. those who
buy contracts on the New York Cotton
Exchange and insist on the delivery OF
the cotton, are in his opinion, cotton
spectators, but those who sell without
the expectation of having to deliver
are cotton merchants.
Mr.. Marsh states that these cotton
spectators are sweating under the
weary load of merchandising actual
cotton which they thought would nev-
er be delivered to them under their
contracts"
Over 100000 bales of cotton have
been received by these few parties
from the first of May up to this time;
$4,000 bales were paid for by them
on May 2. How can Mr.. Marsh make
the statement that we did not expect
the delivery of this cotton on contracts
bought by us, when we actually paid
out over thirteen million dollars In
one day for what was rendered to us?
What right has Mr.. Marsh to say we
are sweating under the weary load OF
merchandising this cotton?" He Is no
friend of ours, and we have certainly
not confined to him anything that per-
tanned to our business; and the records
of the New York Cotton Exchange
show that out of this 100000 bales OF
cotton today there are left in New
York only 151 900 bales of certified cot
ton.
Never in the history of the New
York Cotton Exchange has as large a
quantity of cotton been moved out OF
New York in as short a time / can
assure Mr.. Marsh we are not sweating
under the load Of merchandising this
cotton" near as much as he did hlmself
during the month Of April, when from
the opening to the close of the market
he was calling out, in accordance with
the instructions Of these cotton mer-
chants" his bids for 5000 to 1OOOo
bales of Aprils at 10 points over Mays.
This showed conclusively that these
cotton merchants were unable to bring
cotton here against May contracts
they had sold at the price of Mays, and
therefore, had to pay a premium OF lo
points for April and the expense OF
carrying the cotton until May IN oroei
to try and meet same.
Mr.. Marsh continues: "They nave
violently cried out against the justice
of the rules that have enabled mer-
chants to give them what they had
bought" I defy Mr.. Marsh or any
member of the New York Cotton EN-
change to substantiate that statement.
In no single instance have we cried
out. But the cries of the bears, VINO
had sold something which they could
not deliver except at terrible loss'
have been constant and persistent. In
fact, some people think that these cries
have been so loud that they have been
heard even in Washington.
I consider that Mr.. Marsh's state
ments Nigh have been pardoned had
they been made by a partisan OF the
bear clique but are in very bad taste
coming from the president of the New
York Cotton Exchange.
Yours truly,
Frank B. Hayne.