New-York tribune., 1910-04-29
PATTEN WANTS COTTON
Stands Ready to Take Up All
His May Contracts.
MAY CALL FOR S14,000,000
Saws He Knows of No Corner
and Expects No Excitement
During Settlement.

lanes 4. Patten arrived here from
Chicago Yesterday to make final prep
arations for taking care of his contracts
i'm May cotton. How much cotton ne mas
bought he refused to state, saying 1t was
a secret he had not even told his wife;
but he declared that he was ready TO
take up all the cotton that was tendered
TO him and pay for it. He deprecated
all talk of a squeeze" and said ne ala
not look for any special excitement IN
connection with the settlement OF May
contracts by the shorts.
In regard to the reported corner in
the May option which he and the other
bull leaders. w. p Brown and +. u
Scales. are said to have engineered MI
Patten said that there had been no cor
rer. and would be none if he could pre-
vent it.
What Scales and Brown are going 10
dc | don't know" he added IT'S none
of my business. l am here To attend 10
nv own business. They bought cotton
and I bought cotton. but we have never
had any agreement To work together.
have not the least idea how much cotton
is going to be rendered to me. but | am
ready to pay for all l have contracted
for.
As the amount of cotton contracted
for bv Mr.. Patten is reported To be In
the neighborhood of two hundred thou
sand bales he may be called upon at any
time next month to pay over to the
shorts something like S14.00O,000- Those
who have sold cotton To him for deliv-
crv in May can either dump the whole
amount on To his hands on Monday, the
first day on which cotton is deliverable
rnder the contract. or. if they wish, can
hold off deliveries till 3 o'clock on May
81.
They must, however. give three days
notice of their intention to deliver the
cotton. The first of these notice days.
as they are called. for May contracts
is to-day. So that by tonight Mr.. Pat
ten will know how many thousands or
perhaps millions he will have to pay out
on Monday.
he was asked yesterday if he had
brought enough money with him from
Chicago To cover the amount of his con-
tracts. No" he replied, Il brought
only $50 on this trip, but l am not
Worrying about the money end of 1t.
For several weeks I have been loaning
money i'm Wall Street and to-day | called
these loans. which accounts for the ad-
vance in call money rates to-day. and
Won can say that | am ready for any
thing that comes along.
Mr.. Patten refused to say how much
money he had called in. saying that was
another business secret.
Referring To- the expectations of fire
works" i'm the cotton market within the
next few days. which are held in some
quarters in the street. Mr.. Patten. after
again declaring that he did not look for
any particular disturbance. as the shorts
had plenty of time in which To cover,
said that a representative Of the Me
Faddens. of Philadelphia. had come to
see him recently and told him that IL
the bulls were too hard ON the bears
when it came 10 a settlement the price
Of cotton might get to IL or Is cents.
Il told him not 10 worry" said Mr..
Patten: that | would sell out my cotton
long before IL went To- that figure No
body needs to worry about the situation.
am not fighting anybody The impress
sion seems To- he current that ! have i'm
mind something else than the legitimate
operations of commerce. but nothing is
further from the truth. The buyer and
the seller. since the time of Adam have
always been more or less apart in their
views of things. and that Is all there is
To- the transactions i'm the cotton market.
-. fax ne oro .oncarnad