The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1910-04-26
(Rv the Associated Press.)

CIV the Associated Press
New York. April 22.-April, 1910,
will be long remembered as the month
in which an unprecedented acnoh
was taken by the Federal authorities
as TO cotton speculation and prices
A Federal grand jury during the
week has subpoenaed Messrs. Bfo"h''
I1ayne and other members OF the SO
called bull clique to practically snow
cause why they should not be indicted
for alleged violation Of the provisions
of The Sherman Act dealing with re
straint Of trade. Many prominent
members Of the cotton rad have
been ~subpoenaed. The feeling has
run high. The bull clique think their
opponents instigated the government
action and looked upon proceedings
AS tatamount to the pleading Of the
baby act or an attempt at welching.
Those who uphold h governments
action think that Illegal contracts
have been entered into by the bulls
with the mills. whereby the cotton
trade has been tied Up, many mills
forced to Curtail and many hundreds
IF operatives thrown out OF employ
ment. The effect of this bombshell
was at first d sudden decline of about
$50 Il bale in the May option, but
this has since been recovered. Cot
ton exchange seats, however, have
fallen off $4,000, the latest sale being
at $4,000
Some fear that the validity of the
New York contract may be affected
by proceedings whatever may be the
issue, and especially should the bulls
be indicted. 1t is supposed by many
to be in the main q fight between New
Orleans and Chicago bulls against
well-knoWn New York and Philadel-
phia spot interests and their follow
Ing.
Meantime. large quantities Of cot
ton are arriving from Liverpool, APP
p%arently brought here to fight the
May heal. Bears claim that these i'm
pOrtatiOns are loss. Bulls, in
Guiding Mr.. Patten. assert that they
mean a loss OF 81 or more d bale.
Bulls contend that there is no corner
ecaus the May option here is prac-
tically lower than the price of spot
cotton at New Orleans. They want
to know why all spot dealers and
planters ct the South are not indicted
for holding cotton at prices relatively
above those ruling at New York, and
say that high prices arc due to the
small crop last season.
Meantime, the crop news is in the
main favorable. Recent rains in the
Southwest were very beneficial for the
coming season. The acreage, it is be
ieVed, will be greatly increased. Dry
goods are quiet. SO is the spot cot
ION at the South. Speculation has re-
ceived a blow. Prices are still very
much higher than last year. Bears
think there will be cotton enough.
New York, Chicago, Liverpool and the
South have sold here to a crater or
less extent. Bulls, however, have sus-
tanned prices from time to time. Large
spot interests have been reported
buyers of May and July. Utica. New
York, mills are now running on full
time. Frost has delayed planting or
caused some rep1anting. it is said, in
parts of the Southwest. nch
sends cheerful reports in regard to
its trade. Some spot dealers at the
South unable to fill their contract,
owing to ruling high prices, however,
have their suspension.
Covering in New York against these
failures has caused brief rallies. TAX
lng the week az a whole, the net
changes are trifling. however. Every
body is awaiting the issue of the gov
eminent action, and meantime the
trading is light.