COTTON GAMBLING.
HUGE PROFITS, SPECULATORS NET .£1,500,000. By Telegraph—Press Association—Copyriffht. (Rec. July 20, 10.55 p.m.) New York, July 20. It is stated that tho cotton market "squeeze" has secured the manipulators a profit of .£1,500,000. ' A' cablo message yesterday stated that when the Federal prosecution of the "bull" loaders in the American cotton market was temporarily suspended, cotton advanced fivo dollars a bale, making July cotton sixteen and a half cents a pound. This was tho highest price reached since the Sully boom in 1903. Dealers in New York cleared four dollars a bale on fulfilment of July contracts. At the end of May last a record order for 50,000 bales of cotton was booked by Mr. James A. Patten, whose alleged "corner" on May contracts has been the subject of a' bei'vhing Governmental inquiry. The order, it was estimated, brought the Chicago speculator ,£300,000, seeing that he bought thc> staple, which was delivered to him at the beginning of the month, at 4id. to Gd. a pound, and was selling it at 7}d.
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Dominion, Volume 3, Issue 874, 21 July 1910, Page 5
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174COTTON GAMBLING. Dominion, Volume 3, Issue 874, 21 July 1910, Page 5
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