New-York tribune., 1922-04-06
Cotton Brokers
|Denandsl0,OO0
OF Peers Firm
Oliver 4 Houghton Com
plain to District Attorney
and File Bankruptcy Suit
Against Accused Concern
Detectives Put on Case
Actions Called Ou,growih
of Fight Between N. Y.
and American Exchanges

On the oral complaint of Oliver &
/ Houghton. members of the indicted
! American Cotton Exchange, Detectives
| Fay and Fitzpatrick, of the Old Slip
station, late yesterday visited the of
fee of Henry NJ. Peers G. Co., mem
beyS OF the New York Cotton Ex-
change, nt 60 Broadway. The detec-
I tVes were instructed TO question Henry
NJ. Peers, who. J. s. Oliver charged
earlier in the day at the District At
| torneys Office. had failed TO make
good 500 alleged to have been in
volved in cotton transaction between
Oliver & Houghton and Peers & Co.
At the same time Oliver g. Houghton
/ filed an involuntary petition in bank
ruptcy against Peers e. Co. N the
( United States District Court the Pc
tition sets forth a claim Of $10,442
alleged to be due for cotton sold on
the New York Cotton Exchanges 1t
named Henry NJ. Peers and George W.
Morrison az partners in Peers & Co.
No Formal Complaint Made
Mr.. Peers was not In his office when
the detectives called, and it was said
he would be questioned by them o-day.
! The quest Of the detectives followed
the complaint Of Mr.. Oliver made to
Assistant District Attorneys Schreiber
and Baldwin Mr.. Oliver presented an
affidavit dealing with the alleged
transaction of his firm with Peers &
Co.. which was turned over to the de-
tcctlves for investigation and action.
Mir. Schreiber said last night that no
formal complaint had been received,
but that he had referred Mr.. Oliver to
/ the Mag istrates' Court.
AT his home last night Mr. Peers de
cllned to comment on the double move
Of Oliver & 1oughton except % say
that if any charges of irreguluritv had
been made they could readily be OK
planned after investigation.
The complaint of Oliver & Houghton
served to throw added light on the sit
dation of the American Cotton En-
change. Mr.. Oliver asserted that the
predicament OF the American Cotton
Exchange was due to efforts Of the New
York Cotton Exchange to destroy a
smaller rival.
Peers < Co. Mentioned Before
Peers d Co. were mentioned in testi-
mony at the John Doe proceedings,
| NHICU pieCeUeu SIAHu jury lNuiCtNenL
Of the American Cotton Exchange and
six of it's directors as one Of three
firms, members OF the New York Cot
ton Exchange, which had secretly sup
piled the American exchange with cot
ron quotations. One member Of the
New York Cotton Exchange was sus-
pended two weeks ago as result of
this disclosure and. according to Louis
Brooks Of the board of governors
Peers G Co. arc nov under similar
charges.
In discussing his complaint agai, vt
Peers G. Co, Mr.. Oliver said:
ION January 26 we deposited with
Henry NJ. Peers & Co. $4,000 in cash
Two weeks ago we closed our account,
since winch time we have been unable
/ to collect either our original margin
of $4,000 or the profit of $434.56."
Attacks New York Cotton Exchange
Declaring that the New York Cotton
Exchange was responsible for the orig
inal complaint against the American
Cotton Exchange. Mr.. Oliver said:
1T seems rather paradoxica that we
as members Of the American Cotton
Exchange are now forced to relinouish
our part as hares and turn around to
become the hounds of the chase.
THE unfair attacks made upon the
American Exchange and its members
as we'll as the false and hurtful propa
ganda spread throughout the country
for weeks, had the approval OF the Of
fcers Of the New York Cotton Ex-
change, as amply evidenced in a letter
District Attorney Banton late in Feb
ruar". Among other things Mr.. Weld
said in his letter the governors and
members of this exchange are heartily
in favor of your activities and are
heartily in sympathy with the work
our members. Mr. Brooks and MIR.
| Pierce, arc doing
1--WE have conducted our business
ceany and lawfully. Despite this fact
the very people who are unjustly &C
cusing US now find them selves in the
embarra ssing position of doing exactly
that with which they had maliciously
charged US. am convinced the
charge was brought not through an
altruistic motive, but rather for the
specific purpose of killing off compe-
tition."
Peerss Attorney Makes Statement
l.. h. Schlechter, attorney for Henry
NJ. Peers, last night made the follow
ing statement in behalf of his client:
Every order that Mr.. Peers received
from customer was faithfully exc
cuted by HIM on the floor of the New
York Cotton Exchange according to
the rules and regulations of the ex-
change. do not believe the most
careful scrutiny will disclose anything
that is not above board. Mr.. Peers
has been unfortunate in some specula.
tion of late and is financially EN-.
barrassed, but he will make good with
every one of his creditors
II am familiar with the transaction
in question, and do not believe it in
wolves any criminal responsibility Ap.
parently this is an effort of Oliver &
Houghton to get back at the attacks
made against the American Cotton Ex.
change. The same charge was made tc
She governors of tho New York Cottor
Exchange. Hearing on the charge wa.
set for last Tuesday Oliver & Hough
ton were notified to be present, but
failed to appear
Judge Rosalsky. in General Sessions
viii hear argument day on motion
,, Of Albert Massey. counsel of the Amer
lean Cotton Exchange, to have the cas-,
against the exchange as a corporation
,, tried in advance Of the cases agains
the individual directors. District At
torney BAnton had declined to accedt
to the request of the exchange repre-
sentative, taking the position that dis