In re the Arbitration between Lensol Fabrics Co. & Arcola Fabrics Corp.

Order and judgment (one paper), Supreme Court, New York County, entered May 23, 1974, denying petitioner’s application for a. stay of arbitration, unanimously reversed, on the law, and the application granted, without costs or disbursements, to the extent of directing a preliminary hearing on the issue of the existence of a contract between the parties. In January, 1973, Lensol Fabrics Co. had purchased certain textile materials in China which were to be shipped to the United States. Payment for the goods was to be made in United States dollars. Due to the fluctuation in the value of…