New-York tribune., 1910-01-16
NOT HEAVY LOSER
Cotton Pool Associates of e. p.
Scales Laugh at Report.

Liquidation in the local cotton market ap-
peared to have eliminated with the sensa-
uonal decline on Friday, when prices broke
over s6 bale. The opening yesterday was
firm at an advance of 80 to es points in the
general list above the closing quotations of
the preceding day. In the later trading
some more long cotton was thrown on the
market. causing a break Of 25 to 80 points
from the opening figures. but after this
cotton. estimated at 100000 bales, had been
liouidated the market assumed a steadier
tone and the Improvement continued until
the close. which was strong, with the net
gains in the various options ranging from
3 10 IS points The May option, in which
tie recent liquidation was concentrated and
which on Friday touched 1870 cents sold a
full cent above that figure yesterday and
closed at 1890 cents net gain of 20 points.
or g 80 a bale. for the day
The reports that Eugene p. Scales, one
OF the bull leaders. had lost S60ooen IN
paper profits since the first of the year.
when the decline in the cotton market be-
gan, was laughed at by his associates and
others well informed on the situation The
largest amount of cotton which the bun
pool including, in addition to Mr. Scales.
James A Patten, W. 2. Brown and Frank
B. HAYNES was credited with carrying was
10000 bales. Il was pointed out that even
IL Mr. Scales had sold his share or the
pools holdings yesterday. when prices were
1880 a bale under the high point reached
on December 80. his paper losses would not
have exceeded s35ooOoa II is not believed
for a moment. however, that Mr.. Scales
waited until Friday to dump all his hold
ings on the market. Ever since cotton
crossed IS cents, the bull leaders have been
taking nrofits, and It is hardly probable
that Nr. Scales. who Is regarded as one of
the shrewest operators in the market was
1ne only one of the quartet who failed TO
realize on his cotton, which is understood
to have cost him between and cents
mound. on the way down from the l6-cent
mark.
Mr.. Scales was not at the office of
Carpenter. Baggot & Co, No. q William
street where he makes his headquarters
Yesterday. but one of his associates, James
A Patten, who had just arrived from Chi-
caeo. was on hand and apparently In the
hest az spirits He denied a report tirat he
had come on account of the break IN me
cotton market. but said his arrival was
due to a dinner engagement WHICH he
made some time ago
Asked II II was true that the bun lead
ers had lost in the recent slump, Mr..
Pstten replied with a smile, that he could
NOT answer personal questions He said,
however that there had been good deal
of real liquidation in the cotton market ID
the last few days-in other words, proht
taking-and said that he was not worrying
over the situation. He added the state
ment that any man who would try to hold
the market up would be fool.
Mr. Patterns remarks were construed IN
cotton circles as meaning that the bull
leaders. after boosting the price of cotton
above is cents. had sold their holdings at
a handsome profit. and the general opinion
appeared TO he that, whether or not Mr.
Scales had met with any paper losses from
overstaying his market, his actual profts
were large enough TO keep him on easy
street for some time TO come.