The Richmond Virginian. (Richmond, Va.) 1910-1920, 1913-08-09
| GREAT spECVIATOR AND CULTURES"
DO 1T NOW:

A GREAT SPECULATION AND FUTURES"
Frank B. Hayne, the famed New Orleans cot
ton operator. In an interview at Spartanburg,
s. C., attacks strongly the proposed amendment
10 the tariff bill taxing all transactions in cotton
futures .one-tenth of one per cent He says the
Immediate result would be to destroy the New
Orleans and New York cotton exchanges and
that the cotton growers Of the country would
suffer because they would he left directly at
the mercy Of the manufacturers and compelled
TO carry their own cotton until 1t was needed
Mr. Hayne Is picturesque but never spec
tacular person. He delights to stake hundreds
Of thousands. and millions Of dollars on his own
judgment Of the future prices of cotton, and to
do II In quiet transformations, businesslike
Int deadly way He is ready always to back
his opinion to the last penny he can reach
honestly He has met sometimes disasters and
heavy losses but never has been forced to ask
mercy to compromise with creditors or to re-
pudiate or dodge debt He has money enough
and cares little for II. lie loves the game for
its own sake. for the excitement and thrill OF
A. Some people think that in his operations
he has a broad and deep purpose. Years ago he
decided, from his own observation and expert
ence as boy and clerk in a cotton factors office
In Charleston. that rotton usually sells too
cheaply. considering cost of production and the
worlds needs. Therefore he is on the bull
side usually, and he has fought the bears try
ing to hammer prices down, with cooheaded
vindfctiveness and wonderful resource. He
comes naturally by affection for war and the
instinct 10 risk everything on his opinions and
sentiments He has in him the blood OF the
BarnsweIs and Trapiers. OF South Carolina. and
Breyards OF North Carolina. 1t is fighting and
sporting and adventure and excitement seeking
blood Brevard is his middle name and where
It is known "Breyard" means battle. Possibly
the root of II Is ''bravado" with heart and pur
pose to back it, There never has been Hayne
OF that family who wouldn't take any kind OF
chance If he thought he was right Frank
Haynes great grandfather Isaac Hayne, took a
long chance against the British government in
The revolutionary war, decided. the incest
point Of honor and military obligation, that he
was justified in breaking his parole. was hanged
fer bis pains He went to the gallows and dice
with rope around his neck quite cheerfullS
because satisfied in HIS own mind he was righ
and that bis view of his conduct and duty wal
approved by the gentry and populace of th'
colony, although they were powerless to hell
him.
That is the Kind OF man Frank p. Hayne Is
II he knew he was to be hanged and everything
he owns confIscated II cotton went down an'
his own careful study Of the situation convince'
nh
the whole business on its going up and neve
falter or weaken or pinch. 1t is not lon
ago that he went to New York and. single
handed. bucked the cotton exchange there whe
cotton was being dumped on the market b
thousands of imaginary bales, with purpose t
push down the price. He took all that wa
offered and when the time came, called 70
+ deliveries of the actual stuff. II was discovere
then that by combination Of French capital
Te had slipped over 10 Paris quietly-Souther
manufacturers and producers he had the suppl
cornered and cinched He is under indictmen
for that now. General report is that he cleane
up, for his firm thirteen millions OF dollar
on that deal and he squeezed the bears unit
they screamed for mercy. Incidentally. souti
ern farmers profited many millions by the pr
vention Of low prices. He is a pretty stron
person.
Nevertheless. he Is wrong in his. theory this
future dealings and brokers dealing in future
are necessary for the prosperity of the cotto
trade, or any other We agree that the propose
CLAUSE in the tariff bin, taxing dealings in co
ton futures. is wrong. Such provision HI
no proper place In tariff measure. and tn
one should be stricken out The matter
speculation In agricultural products and necs