New-York tribune., 1922-04-07
Peers Admitted
To $1,000 Bail
In Cotton Deal
Rocker Pleads Not Guilty to
Larceny OF $4,000 From
Firm: Intends to Meet
Obligations, Counsel Says
American Board in Court
Judge Rosalsky Hceds Plea
for Early Trials of All
Charges Against Exchange

Henry NJ Peers, member of the
v.r York Cotton Exchange, was ar.
raigned in Tombs Court yesterday
charged with the larceny of $4,000
from the firm Of Oliver & Houghton
,rambers o. the American Cotton EN-
change He was released in $4,000
hail pending examination before Magis
,rate McAndrews on April 49,
According to the complaint, which
vas made by J. S Oliver, OF Oliver &
Uouehton, Peers about March % was
intrusted with sl0,0c0 with which TO
nurohase cotton on the New York Cot
TON Exchange. Peers, it is charged,
Tough, the cotton and sold it at a
urott. retaining both the margin and
t5e nrotit The complaint further sets
fortn thst Peers told Oliver he had
specuiated and lost the money, having
appropriated It to his own use.
Motion to Dismiss Denied
/. t. Schlechter, counsel for Peers.
asked for a dismissal on the ground
that it was civil rather than Grim
iral case. He said Peers intended to
meet his obligations. When the motion
was denied BY Magistrate McAndrews
: the attorney pleaded not guilty for his
client.
Assistant District Attorney Baldwin
said he did not believe Peers would
leave the jurisdiction Of the court and
that IS 900 bal would be sufficient. Peers
was arrested at his orticee. so Broad
way, by Detectives Fay and Fitzpatrick.
Of the Old Slip station.
The difficulties of Peers were added
TO on Wednesday when he was forced
into involuntary bankruptcy on a peti-
.ion filed by Oliver & Houghton. He
also is under charges for VIOLATING
the rules of the New York Cotton TX.
change, according to officers of that in
stitution. He lives at eos West End
Avenue.
Judge Rosalsky in General Sessions
indicated yesterday that he favored an
early trial for the American Cotton
Exchange, which is under indictment
on bucketi1g charges, together with it's
officers and directors. Albert Massey
representing the exchange. in asking
that the case against the exchange be
placed on the preferred calendar. de-
c!ared it was the victim of the jealousy
OF clique OF brokers in the New York
Cotton, Exchange, who. he said. we're
alarmed at the nroads the rmaller
rival had made on their business in the
South. The indictments had the effect
Of hurting the American Cotton Ex-
change in the South, Mr.. Massey said,
and Tor this reason he contended the
corporation should have an early op-
portunity to vindicate itself.
Members Ask for Early Trial
George Gordon Battle, representing
broker members of tne exchange, also
asked that the case be brought to i'm
mediate issue. He said it was unfair
70 keep the organization under a cloud
Judge Rosalsky said he thought there
should be an early trial. He suggested
that counsel confer with District Attor-
ney banton as to what court should be
selected for trial
Z, E. Bartlett jr.. acting president of
the New York Cotton Exchange. denied
statements emanating from the Ameri-
can Cotton Exchange that his associa-
ton was desirious of crushing compe-
ution and that for this purpose it had
peen active in connection with the
charges against the American exchange
All the New York Cotton Exchange
ana ITS members are interested in"
SAID Mr.. bartlett. "is TO eliminate from
the trade illegititnste practices that are
harmful to the business as a whole.
The statement that we are trying to
destroy competition is Ridiculous"