The Pensacola journal. (Pensacola, Fla.) 1898-1985, 1910-04-30
2 Hundred Thousand Bales
Cotton Absorbed BY the
Bull Clique.
FIFTEEN MILLION DOLLARS
CHANGED HANDS IN COURSE
OF TRANSACTIONS, BUT so
EASILY WAS BUSINESS DONE
THAT THERE WAS NO GREAT
ExCITEMENT-BU LEADERS
ARE APPARENTLY STRONGER
ENTRENcHED THAN BEFORE.
BY Associated Press.

New York, April 29.-Two hundred
thousand bales of cotton were swal-
lowed by the bull clique on the To-
cal exchange on the first day of May
notices" and fifteen million dollars
went from bull pockets in the course
of transactions, but so easily was the
cotton absorbed that after the pre-
liminary furry there was no great ex-
citement. At the end of the days
trading bull leaders were apparently
stronger entrenched than before The
transactions were twice as large as
any previous day in the exchanges
history. Covering by scattered shorts
sent up prices sharply, May closing at
14.s5, $1.75 above yesterdays close.
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.
AFTER THE GAMBLERS.
Not bale will go to spectators, -
he said. The gamblers will have to
lookout for themselves.
I'VE viii show the spinners that We
are their friends. But we will have
no mercy on the bears. The men
who sell something they have not got
are the ones who do the harm. If
they have not got the cotton to fill
their contracts, they'll have to pay a
good stiff price to settle with us. The
spinners will get the cotton at a rea-
sonable price. Something more than
xrrf11 hA rI,
as 5Gon as we get the cotton, and
Europe -yill have a large amount"
CLIFTON PlLING UP.
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 loss. it
is said, of 81 or SIS a bale.
Large shipments alse were receiv.
ed from the south. The notices issu-
ed today caused no further liquida
tion in May suggesting that the bull
leaders and the other interests re-
naming on that month were fully
prepared to accept delivery of all the
cotton rendered. 1t was said that
in addition to the bull leaders, GER
tain outside interests were taking
cotton contracts. Prominent south.
ern mill representatives arrived in
New York last night to look after the
details of taking up ten thousand
l)ales and it is reported that of the
cotton accepted this morning at least
10000 bales would be shipped out as
rapidly as possible to southern manu-
facturers.
1t was also reported in trade circles
that about 10000 bales were TO be
chinnod m EolI -,
bles received here some time ago
stated that the southern bull leaders
had found an outlet on the continent
for some of the cotton they intended
to take up in New York. but inquiry
among ocean freight carriers showed
that no freight room has yet been
engaged for such purposes. 1t is no
believed, that the notices issued to
day, which will be followed by ac
tual delivery on May contracts, repre-
sent all the cotton that will be deliv
cred to the "big four" There is Ger
tificated and ready for delivery il
New York an amount of cotton some
what in excess of today's transactions
and cotton Is still coming in to salts
fy contracts held by the bull party.
Prominent interests in the trade eS
innate that by the end of May at leas
1000 bales of cotton, valued al
probably s22 100000. will have chang
ed hands in the New York market
Some predict that if the bull leader:
are able to find a ready demand
from spinners for all the cotton take1
during Nav, they will require deliver,
of fully as much more in July. They
are already heavily long on June con
tracts, the aggregate being fully $50,
900 bales.