Newark evening star and Newark advertiser. [volume] (Newark, N.J.) 1909-1916, 1910-04-29
RECORDS
ALL SMASHED IN
GREAT BULL RAID
Transactions Double That of
Any Previous Day in His
tory of Exchange.

NEW YORK. April 29.-This was mo
tiee day on the Cotton Exchange, and
the financial world turned it's attention
today TO that commodity mart TO CLEAN
news Of the settlement of the reported
corner" in May contracts in cotton.
Shorts in cotton giving notices today
will make their deliveries on Monday,
but 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 on Monday Of 200.0 900 bales of
cotton on May contracts. This is more
than double the amount of transactions
on n previous day in the history of
the New York Cotton Exchange, the
record until today being $1,000 bales.
Today's transactions represent a money
value of approximately SIS. 00o, 600.
There was some excitement on the
1oor of the exchange, but it was seen
early in the trading hat the bulls were
prepared to take cotton as fast as it
was delivered. and after an initial up
turn in May quotations the prices fell
off.
Eugene n. Scales. n of the big
four" as the leaders in the bull move
ment are called, said that the bulls
would turn over every bale of cotton
delivered to the spinners.
Not a bale will go TO spectators"
he said. THE gamblers win have to
look out for themselves"
Cotton has been piling up for May
delivery during the last thirty days.
including $4,000 bales that were brought
back from Liverpool after they had been
exported, at a loss. 1t is said, of 81 or IS
a bale. Large shipments also were re-
ceived from the South. The notices is
sued today caused no further liquida-
ton in May, suggesting that the bull
leaders and the other interests remain
ing long of that month were fully pre-
pared to accept delivery of all the cot
ton rendered.
1t is not believed that the notices
issued today, which will be followed by
actual delivery on May contracts, rep
resent all the cotton that will be de-
livered to the Big Four" There are
certifcated and ready for delivery in
New York an amount of cotton ONE
what in excess of today's transactions,
ana COTTON is still coming III 10 SdlISlS
| contracts held by the bull party.
1t Is estimated that no less than
$4,000. 900 will be required to finance the
cotton delivered this morning, 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 1880, compared with 14.5o at the
close yesterday. The quotation quickly
advanced to 1850 on covering by scat
tered shorts, who found that the no.
tees were being promptly stopped. and
then reacted TO AL under realizing
The excitement which had attended the
opening subsidized somewhat when il
was found that the pull leaders were
prepared to accept delivery, as the
scattering interests on both sides had
been pretty well eliminated during the
recent period of violent fluctuations.
Mr.. Scales, who, with James A. Pat
ten, William P. Brown and Frank B
Hayne. are leading the bull movement
was seated in his brokers Office this
morning, watching the ticker as calm
ly as though it was an ordinary days
work instead of the biggest transaction
on record.
Mr.. Patten again said today tina.
there was no corner in May cotton