The Birmingham age-herald., 1910-04-30
Ba S$s::3;;;2OO,OOO ' BALES OF Flo -~A-H g $::::s 5: ::;::.s: COTTON ABSORBED Niebahn
 io'' Leaders Are Not Ruff1ed Bayles ni,a' By Many Notices Sente DaH- ! BUSINESS IS DOUBLED Jo
BUSINESS IS DOUBLED
F FiPatten, Scales, Hayne and Brown Have Cleared Up Immense Fortunes
 and Are stin Strong in A, the Market


 St New York April %.-Two hundred !, thousand bales of cotton were swallowed Paby the bull clique on the New York cot Viton exchange on this, the first, day of seef May notices. without so much as a tremor. Fifteen million dollars, it is es- timated went from bull pockets in the course of transactions, but so easily was the cotton absorbed that after pre- Nliminary furry, there was no great ex- Flcitement At the end of the days op- p.e-ations the bull leaders-Patten, Scales, CifIayne and Brown-were apparently more Ststrongly entrenched than ever.
 Bl Transactions were twice as large as any previous days business in the history of the exchange
 n Inasmuch as the shorts have until May Ba to meet their contracts. 1t had been erpredicted by some that todays transac- Lt,ons would represent only a part of ths 1.cotton to be delivered, but as the day Bprogressed it was the opinion in the trade that the bulk of the staple they aImust produce was brought out today Although the "big four are known II have cleared a large sum, no authorita- tive estimate of the amount could be alobtained. No bull has made known what amount of cotton he has under con <-tract. and their ultimate profits will de- stnend largely on their success in dispos- ing of their holdings to spinners. Never hstheless the May situation is regarded as being fairly well cleared up and 1t IS expected the bulls will turn to the July pfmarket. in which they are already heav- 1ly long. with the hope of repeating sue cessful operations
 Covering by scattered short interests today sent up prices sharply and the nadvance for the day in the general mar ket ranged from 2 to 26 points above yes zterday's closing. May contracts sold ai i4S5. 35 points, or sl.75 a bale above the close of yesterday.
 Excitement on Floor
 There was some excitement on the floor of the exchange. but 1t was seen early That the bulls were prepared to take cot ion as fast as 1t was delivered, and after an initial 'upturn in May quotations prices fell off.
 Eugene N. Scales, one of the "big four" as the leaders in the bull move ment are called. said that the bulls would turn over to the spinners every bale of cotton delivered.
 Not a bale will go to spectators he said "The gamblers will nave 10 looh out for themselves.
 Cotton has beer piling up for May delivery during the last 30 days, in- cluding 50,000 bales that were brought back from Liverpool after thay hae been exported at loss, it Is said oi s4 or S5 bale. Large shipments als( were received from the south. Tn notices issued today caused no further tiouidation in May, suggesting that tho bull leaders and the other interest remaining long on that month were 'ully prepared to accept delivery O. III the cotton rendered. It Was saic that in addition to the bull leaders certain outside interests are taking cotton on contract. Two importan southern mill men arrived in New Yorl last night to look after the details o taking up 10000 bales and il is re- ported that of the cotton accepted this morning at least 40 900 bales will b, shipped out as rapidly as possible, t' \ southern manufacturers.
 Cotton Goes to Fall River
 It was also reported in trade circles <that about 10000 bales were to b. shipped to Fall River. Private cable received here some time ago state that the southern bull leaders ha found an outlet on the continent fo some of the cotton they intended t take up in New York, but inquir, .mong ocean freight carriers showe ..hat no freight room has yet been en r a },ed for such purposes. It is not he lived that the notices issued today wlich will be followed by actual de liy\ry on May contracts represent l the\ cotton that will be delivered [ thei Big Four. There is certificate and ready for delivery in New York a amount of cotton somewhat in exces of todays transactions, and cotton stfll coming in to satisfy contracts hel by the bull party.
 Prominent interests in the trade es timate that by the end of May .M least 30O,000 bales of cotton, value at probably s22.000,000, will ha' v Hanged hands in the New York ma Kt. Some predict that if the bu leaders are able to find ready d mand from spinners for all the co ton taken during the May sales the will require delivery Of fully as mus more in July. They are already hea'