THE COTTON CORNER.

Wanganui Herald, Volume XXXXV, Issue 13054, 23 April 1910, Page 5

THE COTTON CORNER.

SENSATION IN LIVERPOOL.

Forged Bills of Ladirtg. Press Association.— I Telegraph. Copyright. Received April 23, 9.55 a.m. LONDON, April 22. The Shipping Gazette reports that there is great excitement in Liverpool over the discovery of forged bills of lading for from 15,000 to 20,000 bales’of cotton, purporting to have been shipped from the United States and invoiced to 18 prominent Liverpool firms. PREDICTION BY PATTEN. Pay His Price or .Close. ! NEW YORK, April 22.," Mr Patten predicts that the cotton mills of, America and Europe will , close in August unless they pay his price. It is estimated lay men acquainted with the bull market that 142,0(50 bales of cotton are held by the bears of New; York. This is inadequate to enable them to meet their liabilities. MASTERS RECOMMEND REDUCED WAGES. Proposal Scouted by tho Men. LONDON, April 22. A conference of the Manchester executive of the Cotton Spinners’ and Cardroom Hands’ Union has resolved that the masters’ proposal is not justified, and that the acceptance of the reduction in wages could not be recommended. The masters give notice of reduction as from the sth May. Sixteen thousand operatives will be involved. ’. The Federation of Master Cotton Spininers’ recommendation was that the members demand a five per cent, reduction ip wages, and that the advance of five per cent, given during the boom should he given back now that trade is depressed. It was' cabled the other day that the At-torney-General of New York State is nroceeding against Messrs ' .Suyne. and W. Brown, who are members of Jas. A. Patten’s bull pool, in connection with an agreement to purchase 150,000 bales of Cotton for delivery in March and Julv. The Attorney-General alleges that the operators are combining to buy all unused cotton in the United States crops of 1909 and 1910. Mr James Patten, who some months ago made a fortune in a few hours by speculating in wheat futures, is supposed to have profited to the extent of nearly hall a million sterling through the wild rise in the price of American and English cotton. Most of the hales he has held he accumulated when the price was in the, neighbourhood of nine cents, per pound.' It ’-ose to sixteen. Last year the American eo.ton mins absorbed more than 13,000,0(50 bales, and this year’s crop is estimated, by experts at less than 11,000.000 hales.