The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-06-18
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parties OF tho arst part to buy for
their account contracts on the New
Work Cotton Exchange for the future
pdoivery OF the number of b.les Sc!
fopposite their respective names, said T.,
an the months OF March, April, May
>Iune or July, 1910 or divided among
two or more of those months, IN the
t.discretion OF the parties Of ne The mrs. rs,
tpart ard the committee hereinafter sci
youi
"The said parties, of the first part
lsubscribe for on their own account
with themselves in the execution. OF
this contract, contracts upon the New
Nork Cotton Exchange for an eduai
number of bales of cotton as SUD
Eond part, also to be delivered IN the
months Of. March, April, May, June and
July. 1910, as aforesaid.
The said parties OF the hrst pat.
agree to buy jointly said contracts
Tor account OF the parties of the second
part, and the parties Of the second
part, and 10 deliver said contracts
purchased on account OF the pafues
of the second part. to tho brokers or
the parties of the second part, as by
them designated.
Manner of Apporttonmcnt.
las snid purchases are made the
same shall be appropriateness ,b ersmsd To
the parties OF the first part and one
half thereof to the parties Of the sec
ond part. each of whom shall take
care OF said purchases on contract as
provided herein.
Each of the subscribers agree to
protect and finance his contracts until
1.-THE delivery of the cotton therein and
upon the tender of the cotton upon SAID
contracts at their maturity agrees to
receive and pay for all the cotton ten
'dered on his contracts
..It is further agreed BY such sub
lscriber that all cotton so rendered ana
lreceived by the parties of the first
shipped ont OF New York City; the
parties of the first part to ship as soon
as practicable. and each party OF the
second part at once, and each OF salo
ton TO be received shall be rendered on
either the New York, New Orleans or
liverpool cotton exchanges prior to
i November 1, 1910. And all parties
owned or hereafter purchased by either,
whether expressly or otherwise en-
braced in this contract or not. shall
mot be rendered on either OF sald eA-
changes before November i, 1910
This contract contemplates the &C
Etual delivery and acceptance or the
cotton specified and TO eliminate any
speculative feature, 1t is agreed by all
parties that none of said eontracIS
shall be sold, but that the same shall
be held and financed until the cot
ton is rendered.
Subscribe for 100000 Bnles.
This contract is 10 be binding when
signed by the parties of the first part.
and the parties of the second part sub
snribing for 100000 bales of cotton;
that is. say 10000 bales each for the
parties OF the first and second part,
when this contract becomes binding
and effective. as aforesaid. the parties
of the first part may commence TO
buy the contracts herein agreed upon
for both parties and may continue 10
buy in such amounts and at such times
as they deem best, provided no cotton
shall be bought at price in excess OF
rs cents per pound In the event the
price of such contracts for cotton ad.
Sances higher shan Is cents per pound
before the total amounts herein SUD
scribed are bought. and then no fur-
Their amounts shall be bought until tht
price of such contracts falls to IL
cents or less; whereupon the parties o.
the first part may commence buying
on account of the subscription herein
and may continue to buy wheneve
said price is 10 cents or less until thu
total amount herein subscribed for i
purchased"
100000 bales specified, the foregoin
was subsequently amended to call tc
a total of only 100000 bales, 1890
for each of the parties, Hayne ar
Browne roo asaeea 70 a pny ma
thereof, after the required loo,ooo pai
had been supplied.
Patterns name does not figure in Z
contract at all, although. he was pop
larly credited with being the chi
leader in the bull movement. 1t
authoritatively estimated that the b
leaders during the progre ,no o OF Il, tn
of cotton, representing a value OF
proNimately s3o,0OO,OOO,
TO Prevent Corners.
Arthur r. Marsh. president of
New York Cotton Exchange. issued
statement tonight. in which he $;
that he had received a communicate
from the United States Attorney &c
eral. saying that the proceedings we
directed merely to prevent corners, a
were not aimed at regular busine
transactions upon the cotton sNenans
This statement" saws Mr.. Mars
''nakes II perfectly clear that men
hers of the New York Cotton u;
change and their customers who a
using contracts for the future deliver
of cotton made on the exchange In Il
ordinary course of their business nee
not feel the slightest alarm with r
gard to the validity of these transa
tons The New York Cotton Exchans
as an exchange. has no interest
concern in the case at issue.
James A. Patten, who is named
this Indictment, has been known +
years as a oorp and wheat speculate
and more la'.terly.. as the "cott'
king Fra'nls'"B. Haynes and Villa
p. Brown are well known cotton ope
ators OF New Orleans, and Eugene
Scales is a leader in the same line
Texas.
The other indicted men are Nc
Workers Robert NJ Thompson is t
most prominent of these. He is
special partner in the brokerage I'll
OF S. H. Pell & Co., and a well knoS
financier Kittle is also a memt
of the same firm. and came into not
recently when he refused to test
before the Federal grand jury in
inquiry which resulted in the rett
of the Indictment.
WicIzershnnfs Comment.
Washington. d. c., June T.--Att
,ney-General Wickersham. in CONNIE
ling on the indictments returned to-
by the New York special Federal gr