The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-10
SOLUTION OF COTTON
PROBLEMS IN SIGHT
Troublesome Questions Gradu-
ally Cleared Up by the
Committees.
INCREASE IN COMMISSIONS

| while many troublesome details still
remain TO be adjusted. the outlook for a
solution OF the cotton contract problem,
| and contingent questions has grown not
ably clearer The examination OF the
members OF the exchange with regard
to their attitude toward and participation
In tho syndicate plan has been completed.
The new rules and bylaws have been
approved by the board OF managers and
posted for the necessary ten days notice
prior to their adoption by the exchange
as "A whole Some time during the COM
ing week a report Ii expected on the
Clearing House question. with the possi-
billy that some system may be adopted
even before the exchange opens.
The prospect for the full operation of
the syndicate proposal is believed TO he
very bright The attitude OF the MEM
bership has been encouraging In the ex-
trcme. There has been. almost without
exception. n spirit of cooperation quite
removed from competitive strife, and the
welfare OF tho exchange as an organiza-
ton has been placed in the foreground.
As one leading member said yesterday I:
This catastrophe has turned the fierce
white light on the entire membership,
and II has brought tho yellow streaks
into bold relief. Happily these are very
few. but they will serve for the purpose
OF identification in the future"
II Is believed that the details of the
syndicate plan 30 far as its operation is
concerned will not consume much time in
working out Tho members have stated
To- the committee the amount OF cotton
which they wish 10 turn In at cents, how
much they will he responsible for at ~,
cents and whether they will be willing to
pay the tax. All that remains IL TO ie-
termine whether the responses have been
satisfactory and adequate and 20 put tho
plan into execution.
The rules and bylaws were approved
practically as reported by tho committee.
The changes concern the adoption OF Gov
eminent standards and commercial Jif-
fererces abolition % pro forma bills. and
time Of giving notices.
Naturally the chief interest centred
around the rule providing for an increase
IN commissions These are raised for tho
round turning Of buying and selling for
the account " nou-memb"rs to 500, COM
pared with tho former rate Of SI5. The
charge 10 members OF course Ia $40. com
pared with $3.50. Floor brokerage
charges are raised 10 81 per 100 bales
The clearance charge--the commission
on transactions Tor noo- members which
are closed out for tho round turn In the
same days lcf. a. the old basis OF
100 FOR the 100 bales. This was practl-
Callv the only change made by the hoard
% managers, for the committee had re-
ported an Increase IN clearance charges
% 81 one OF the leading members. who
has taken perhaps the most active part
"a solving tho present difficulties ot the
exchange. took the very logical stand that
the success Of the New York Cotton EN-
change depended largely on the breadth
oi the market which Il afforded for the
res; Of the cotton trade. Therefore. he
urged. anything that tended TO restrict
the breadth OF the market was to he
avoided II possible. lnasmuch as floor
brokers' In their scalpng operations. un-
dertaloen voluntarily or In the effort 10
execute large orders, act as stablizers OF
prices and prevent narrow trading condi-
tons Il was unw'se 10 hamper them by
making their transactions too burdensome
"a the way ~ charges.
Spot cotton continues To show weakness,
although there ~ an amazing discrepancy
In Southern quotations Houston yester-
day declined 'sc. to tho basis OF 60. c..
while Norfolk was steady and unchanged
AZ FAC. The into sight for tho week was
3i7,S74 bales, against 57l.95S last year
Total for the season l,09s,000, against
. SlG 600 last wear