New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-03
COTTON DISPUTE
BECOMES SHARP
Wide Differences Between Liv-
erpOol and New York-Spot
Prices Advancing.

While nothing developed in the local
cotton trade yesterday regarding the
probable resumption Of future trading
by the middle of the month, 1t seemed
that little progress was being made IN
Strengthening out the dispute between
New York and Liverpool with refer
ence to straddle accounts. Cables
were received reporting that from to-
morrow morning the price OF January
February in Liverpool would be re-
duced to 4.25d. which at the difference
agreed upon last September would
mean cents for Dece mber contracts
in New York, although middling cotton
at the close of business last night was
quoted at 7Ac in the Houston mar
ket and TIC at Savannah.
Local traders are on record as op-
posed to any straddle liquidations be-
low 8 cents for December here, and,
following the announcement Of the
further reduction IN the Liverpool
prices, the conference committee %
the local exchange issued a notice 20
all members having straddle accounts
20 meet in the gallery room Of the eX-
change on Wednesday morning. In con-
nection with this the managers made
public a cable, which was evidently in
reply TO a recent protest from New
York, addressed 10 President Cone and
reading as follows:
81 am requested by the directors 20
address you formally, as president %
the New York Cotton Exchange.
strong protest against present charge
Of Yields committee. Of Liverpool, hav-
ing broken an agreement, although
they and our delegates interpreted
cables differently 70 the Liverpool
board. Our delegates realize now there
has been bona fide misunderstand-
ing, and Yields reiteration of broken
pledges is entirely misplaced and un-
worthy of the dignity Of your associa-
ton"
In response to tbs cable, which was
signed by the president OF the Liver
pool Exchange, President Cone cabled:
"Our board has carefully read cables
exchanged since August 81, and is
unanimously of belief position taken
by our committee is justified"
There has been no ballot In liquida-
ton of straddle accounts in the local
market since the end OF last Septem-
Der, and II now seems the general
opinion that the international interest
will have 20 be worked out after the
marked has reopened.
Yesterdays advices from the South
indicated continued frmness IN the
spot situation. Some local dealers re-
ported that interior Texas points were
Offering cotton little moro freely and
that Eastern mills were showing a dis
position TO hold OFT. The improvement
in the export situation was reflected.
however, In the largest clearances
for any one day so far since The be-
ginning of the war. Not long ago
middling cotton sold as low O. &c a.
interior Texas points. and 40 the close
of business yesterday Houston quoted
middling at IA, while offers from the
interior of both Texas and Oklahoma
were on the basis Of s cents landed
at Eastern mills, points which would
figure out about cents, +. o. b., or
more than "A cent a pound above the
, recent low level.
Local spot cotton nominal. Southern
spot markets: Galveston, l-l6c high
er al 7%sc; sales. 1850 bales: New
Orleans, Bloc higher az 71-l6c; sales.
2,745; Mobile, sc higher ar 67sc; Sa-
vannah, &c higher az rs; sales. 3.1li:
Charleston, isc higher az 7isc: Nor
folk, isc higher at TIC; sales. 3l9.
Augusta, steady, at 1850; sales. $50:
Memphis, hc higher at csc: sales.
$500; St. Louis, Il higher az To-; Hous-
ton, &c higher az nc; sales, s..2i:
Little Rock, quiet, AT 6i3c
Liverpool. Nov. 2.-COTTON Spot
Large business and steadier American
middling, fair, 5Sod; good middlng,
5.05d; middling, 4s0d: low middling.
472d; good ordinary, 38ld; ordinary.
3.07d. Sales, $500 bales. including
$500 American. on the basis Of 4SOd
for middling. No imports.