Evening star. [volume] (Washington, D.C.) 1854-1972, 1910-04-29
BIGGEST COTTONDAY
Record of 100000 Bales, for
Delivery Monday.
mo MERCY FOR BEARS"
Spinners to Get Everything and
Gamblers to Get Hurt, Declares
E. N. Scales.
mo MERCY FOR BEARS"

NEW YORK. April 29.-This was
notice day on the cotton exchange.
The financial world turned it's attention
to that commodity mart to CLEAN news
of the settlement of the reported
corner" in May contracts in cotton.
Shorts in cotton giving notices" to-
day will make their deliveries Monday.
The final outcome Of the May deal will
not be known until the end of May.
According to estimates, shortly before
noon the bears in the cotton market
at that time had issued notices for the
delivery Monday Of 100000 bales of cot
ton On May contracts.
1hiS is more tna.I double the amount or
transactions on any previous day In the
history of the New York cot .on exchange,
the r, cord until today being 5000 baies.
Todays transactions represent a money
value Of approximately $l5,OUu,O00.
Bulls Take All Offerings.
There was some excitement on the floor
of the exchange. 1t was seen carly In
the trading that the bulls were prepared
to take cotton as fast as it was delivered.
After an initial upturn in May quotations
the prices fell off.
Large shipments were received here
from the south.
The notices issued today caused no
that the bull leaders and the other In.
terests remaining long on that month
were fully prepared to accept delivery CT
all the cotton rendered. 1t was said that,
outside interests were taking cotton on
contract.
South After 10000 Bales.
Two important southern mill men ar
rived in New York last night to look after
the details of taking up 10000 bales. 1t
Is reported that, of the cotton accepted
today. at least 10000 bales will be shipped
out as rapidly as possible to southern
manufacturers.
1t was also reported in trade circles that
about 10000 bales were to be shipped TO
Fall River.
sued today, and to be followed by actual
delivery on May contracts. represent
all the cotton that will be delivered 10
the big four" There is cert fed and
ready for delivery in New YORK an
amc unit of cotton somewhat in excess OF
today's transactions, and cotton is SUN
coming in to satisfy contracts held by
the bull party. ,
Prominent interests in the trade esti-
mate that by the end of May at least
$1,000 bales of cotton. of value OF
probably $50, OOO, 900. will have changed
hands in the New Iork market
Big July Prospect.
There are those who predict that IL
the bull leaders are able to find ready
demand from spinners for all the cotton
taken during May they will require de-
livery of fully as much more In July.
They are already heavily long of July
contracts, their interest in the aggre-
gate being fully 10000 bales.
It is estimated that not less than $6,OOO,-
600 will be required to finance the cotton
delive ed today, that amount representing
the volume of money which the bulls must
produce in addition to what the banks
will loan to them ON the cotton which
now passes into their hands.
At the opening today May contracts
sold at 14.6O, compared with 14.oO at the
close yesterday. The quotation quickly
advanced to 1880 on covering by scat
tered shorts, who found that the notices
were being promptly stopped. and then
reacted to AN under realizing.
The excitement which had attended the
opening subsidized somewhat when 1t was
found that the bull leaders were pre-
pared to accept delivery as the scatter
ing interests on both sides had been
pretty we'll eliminated during the recent
period of violent fluctuations.