The Salt Lake herald-Republican. [volume] (Salt Lake City, Utah) 1909-1918, 1910-04-30
Two Hundred Thousand Bales
of Cotton Absorbed by Pat
ten and His Clique Without
Least Sign of Weakening.
PUT UP $15,0OO,OOO IN
THE COURSE OF THE DAY
Bulk of the Staple Considered
10 Be COrnered and the I'M
fortunate Shorts viii Be
Squeezed to Extreme Limit
SOUTHERN FIRM BANKRUPT

New York. April 29.-Two hundred
thousand bales Of cotton We're swaI-
lowed by the bull clique on the New
York cotton exchange today. The first
day of May notices" passed without
so much as a tremOr. Fifteen million
dollars IL Is estimated, went from bull
pockets in the course OF transactions,
but SO easily was the cotton absorbed
that, after a preliminary furry. there
was no great excitement. AT the end
of the days operations the bull leaders
(Patten, Scalen, Hayne and Brown
were apparently more strongly en-
trenched than ever. Transactions were
twice as large as any previous days
business in the history OF the exchange.
Inasmuch as the shorts have until
May 81 10 meet their contracts, it had
been predicted by some that tOday's
transactions would represent only d
part Of the cotton to be delivered, hut
as the day progressed, it was the opin-
ion in the trade that the bulk of the
staple they must produce was cOrnered.
Although the big four" are known
to have cleared a large sum, no author
itative estimate of the amount could be
obtained. None Of the bull leaders
would indicate the amount Of cotton
he had under contract or what was 10
be delivered Monday. Their ultimate
profits viii depend largely on their sue
cess in disposing of their holdings to
spinneTs.
Nevertheless the NAV situation is re-
garded as fairly well cleared up, and it
Is expected the bulls viii turn to the
July market, in which they are already
heavily long. with the hope Of repeat
ing successful operations.
Covering by scattered shorts today
sent Up prices sharply, and the ad-
vance for the day in the general mar
ket ranged from TO 26 points above
yesterdays closing while May contracts
closed at 14.76. 35 points, or 81 IS above
the close Of yesterday.
SPEECH OF SOUTHERN SENATOR.
Washington, April 29.-"The investi-
cation into the sales of cotton which
Attorney General Wickersham is con-
Quoting has cost the American people
$40 1000, 300"
Thus asserted Senator Smith Of South
Carolina in the Senate today.
He was making a speech in the hope
Of persuading the Senate 70 adopt
resolution directing the attorney gem
eraI TO ascertain the names OF the per-
sons who sold the cotton TO the New
York pool. the operations Of which
have recently received much attention.
Mr. Smith said that, whereas only
$40 600, 900 worth Of manufactured
goods had been exported last year.
5000 100000 worth OF raw cotton had
been sent abroad. This year the cot
ton expectation. he said would be
about 100000 600.
"The attorney general is investigat-
ing the sales Of spot cotton" Senator
Smith continued. Il want him 10 in
Vestigate the sellers to find out who
were engaged in trying to put down
the price.
Il want him to inquire as to the gen
tlemen who got together and sold the
cotton without having it TO sell. His
Investigation, so far as il has gone,
had depressed the price to the extent
of d cent a pound. a total cost to the
people at large Of forty million dol
lars. Let him extend the inquiry 80
as to show the real facts.
Attack on the Bears.
IF the attorney general must con-
duct an investigation, let him find the
chief cause for bringing on the recent
frost; and if that is not conclusive. let
himself for running the cotton crop OF
the present season.
7 believe. and the south believes.
this interference at this time is Cor the
specific purpose Of relieving certain
bears on the cotton market"
The bear weevil Is as destructive as
the boil weevil." he said, land I'd like
to have a million dollars to drive every
one of them out Of the country
The resolution was then adopted II
directs the attorney general to Inquire
as TO the names of the party or parties
or corporations that sold the cotton al
legged to have been bought by a pool
of purchasers who are now under In
vestigatiou by the department OF JUS
not they owned the cotton at the time
Of the sale thereof, and the price Of
spot cotton in the south on the date
of the contracts
Senator Clay introduced a bill pro-
hibiting the transmission by mail.
telephone or telegraph Of all infOrma-
ton concerning future sales Of cotton.