Evening star. [volume] (Washington, D.C.) 1854-1972, 1914-11-01
Conferees Expect Reopening
of New York and Liverpool
Exchanges to Help.
S138, 900, 600 FUND
Is BEING SUBSCRIBED
American and English Committees
to Resume Meetings This Week
to Arrange Exchange Terms.

While conferences between American
and English treasury officials and New
York bankers yesterday resulted in no
definite conclusions as to plans for re-
storiAG foreign exchange. it is under
stood that short term paper was agreed
to be the best medium for the settle
ment of American obligations in Eu-
rope. The conference will be resumed
This week. members of the federal re-
serve board, Sir George Paish and
Basil B. Biackett of the English treas
ury and A. H. wiggin and Benjamin
Strong. jr.. representing Ne" ~.
bankers participating. The New York
ers will discuss the problem again win
their associates in that city in the
meantime.
II became apparent today that the re-
oneninr of the cotton exchanges in New
York and Liverpool has direct pear,
ing ON the negotiations. The proposed
$4,000, 900 cotton loan fund seemeo
Tonight to be practically assured IL is
synecfed TO have a marked effect upon
the cotton market, but bankers aie
aaid to be anxious to see the cotton
exchanges reopened.
Think Cotton Solution Near.
With New York and Livrpool IN the
market again it is felt here that the
cotton problem will be near solution
1t was predicted tonight the exchanges
would open soon after the reserve
banks begin business November 10.
II was believed the matter had reached
a noint where negotiations between
committees of the New York and Liver
nool exchanges would bring a definite
decision.
New York Cotton Exchange has been
present at the conference here with
Sir George and Mr.. Blackett the attl-
tude of the federal reserve board and
New York bankers probably would
have an effect upon the opening date:
Sir George often has expressed the
belief that American cotton would be
purchased in quantity by English man.
ufacturers if they had assurance tnat
the bottom cotton price had been
reached. A reopening of the exchanges
and the S135, 1000, 900 pool are expected
to furnish the bottom
1t was announced last night that
progress was being made in raising the
loan fund and that clearing house COM
mfttees in various cities were &C
lively at work Official reports came
from st. Louis to the effect that $780,
900 promised there has been sub
scribed-
England Has Little Hopes.
Correspondeuce of the Associated Press.
E LONDON. October 19.-While Sir
Charles NIAGARA believes Sir George
Paish, now in the United States as
representative of the British govern
ment co1ferring with American gov
eminent officials on the cotton situa-
tion. may be able to work out some
plan which will relieve the deplorable
condition of the cotton industry In
England. cotton spinners in Lanca-
Shire are decidedly pessimistfc about
the slump in the trade.
: II do not zee a ray of hope any,
where" was the statement of Man
chester spinner, who has never borne
the reputation of being pessimistic.
Cotton brokers. yarn agents and lead
the opinion quite generally. They re-
kard the proposed plan of having the
English and American governments
buy the1reserve supply OF raw cotton
lions In prices as being too unwieldy
and financially impracticable.
II Is commended by many spinners that
the absolute lack of storage facilities
to keep a reserve OF raw cotton makes
the plan Impossible. Liverpool can
store only 100000 bales. Manchester
can store 100000 bales. The proposed
plan would require storage facilities
for 5000. 600 bales. Furthermore. Lam
cashire spinners are loath to indorse a
plan which is designed to maintain a
minimum price Of cents pound in
America.
Workmen Enlisting.
Meantime. Lancashire lads are enlist
ing In the army by the thousands. rea-
liking that the slowness of the cotton
mills will make it Impossible for them
to get employment this winter. and the
hundreds of thousands of women en-
ployed In the mills are working only
part time and facing lean winter.
In discussion of the cotton situa-
ton, Sir Charles NIAGARA said: NO
body can tell how long the war will
last. But II it came to an end between
now and the end of the year. although
there would be great disorganization,
yet considerable amount of the sur
plus cotton would be required for
ordinary channels.
But If it goes on for the whole
twelve months of the present cotton
season we shall have to face the very
serious problem of the supply of food
stuns. II the cotton planters lose
heavily on cotton this year they are
certain to reduce the acreage very
considerably in order to get high prices
Tor foodstufs they can grow"