The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-12
FURTHER PROGRESS
ON COTTON DETAILS
Announcement as to Reopcning
Expected to Come at
Any Time.
CLEARING HOUSE MEETING

Cotton developments yesterday can be
summed up by tho general statement
which has been characteristic of events
OF the last two weeks. that further
progress was made in the work tending
toward the reopening OF the exchange.
| The last signatures to the corporation
syndicate agreements have been obtained,
and 1t is taken for granted that the
manner In which the details OF the plan
have been carried out will meet with
the approval of the bankers. 1t also
seems to be foregone conclusion that
the Cotton Exchange will reopen some
time next week, either Monday or
Wednesday,
The body OF the Cotton Exchange mem
bership gave consideration to tho clear
ing house plan at meeting held yes
terday afternoon. The plan was APP
proved In principle. and the subject was
referred back to the board of managers
with view to working out tho details.
1t Is understood that there was general
approval of the protective features of the
scheme, although more light was needed
on the exact methods by which the con-
tracts were to he cleared. Some sugges-
tons were made as TO details and these
are likely to receive further consideration.
The general sentiment was one OF salts
faction with the definite progress that
had been made
1t was regarded as significant OF the
early opening OF the exchange that no.
tees should have been posted and sent
out asking that telephone clerks and other
employees be provided with cards OF ad-
mission for the coming year.
Liverpool to-day will resume business
on an unrestricted basis, with trading in
all options. beginning with May-June The
,,NlV 81 V.rN.. L. 80 -
i.25. In the restricted trading 1t was not
permitted to make new sales, although
no embargo was laid on new buying.
Taking everything into consideration, II
is believed that a formal announcement
as to the reopening of tho New York Cot
ton Exchange will he forthcoming to-day.
The cotton outlook generally is improv-
ing Prices are steady In the South and
advances OF - cent were reported yester-
day by Augusta. Little Rock and Savan-
nah Exports broke all records for the
new season In one day and amounted to
~. 969 bales.
Rather more encouraging advices re-
garding the cotton situation in Italy and
Switzerland have been sent to this coun-
try In the official reports of the lnterna-
tonal Federation OF Master Spinncrs. Re-
Earding Italy the reports say that the
spinning mills are working more or less
four days d week In consequence OF the
MUCH Tt'ANttu ut4lldIu ny
The supply of cotton is pretty regular.
but some difficulties are being experienced
In financing the cotton bought in America.
Sellers at tho outbreak of the war insisted
upon cash. but now they are coming back
TO the old terms. bills at ninety days
sight. Manufacturers have had some de-
mand from the Italian home trade, but
the exports generally are stopped on ac-
count OF the impossibilty of getting pay
ments from abroad, especially from the
Balkan States Manufacturers are work
ing four to five days a week. The cost
of coal. war risks. high rate OF exchange
and reduced production increase the cost
OF production very materially
In Switzerland there IS a curtailment
OF production from IS to so per cent. in
the spinning mills and about so per cent
in the weaving mills. According to sta
tlstics compiled in the Swiss textile in
dustrv the wages earned are SIS per
cent. OF the normal Excluding the silk
industry, which are so per cent. of the
nornaD.