New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-10
PLANS FOR COTTON
CLEARING HOUSE
Details Announced by Commit.
tee-Southern Spot Markets
Holding Firm.

Expectations that date for reopen
ing the Cotton Exchange would imme
diately follow the court order permit
ting the sale Of the "Pell" cotton were
not realized yesterday, but the della
was attributed 10 no greater obstacl,
than the securing Of few additional
signatures TO the corporation syndi-
cBtc agreement.
The 0oarO OF managers yesterday ap
proved tentative plans for clearing
house association, which will be sub
mitted 70 an informal meeting of men
bers for consideration tomorrow after
noon. The plan provides for incorpora-
ton, with 200 shares Of par value O.
$40 each, and is open for membership
10 any member of the exchange clear
ing contracts who will buy one sharr
in the corporation and deposit with tn
association a certified check for $500
in order TO create a fund 20 secur
prompt payment of claims arising from
a failure of clearing association
member and for the general purpose
Of the association. Fees viii be CHARGE
according to this plan of 10 cents To-
each contract cleared. and each mem
Der shall maintain as original margin
upon his net interest 50 bale o.
$4,000 bales or less, 81 bale on an In
terest in excess OF $4,000 and not more
than 100000 bales. and S. a bale OF
100000 bales or more. Additional mar
gins may be called by the directors O.
the proposed association II IL Is deemeu
advisable, and an original margin o
30 cents a bale on each month will o.
required on straddle accounts. II tn
plan meets the approval Of member
some days will be required 70 put o.
into operation, but u Is not considered
necessary that the plan should be n
workable shape when business IS re
sumed. A delegation Of exchange mem
bers, headed by President Cone. will
go 10 Washington TO attend the hear
ings scheduled for Thursday on the
rules and regulations TO be issued b.
the Treasury and Agricultural depart
ments In connection with the new cot
ton futures law.
The conference COMMITTEES announced
that there will be another ballot IL
liquidation of the international inter
est before the market reopens, involy-
ing 1900 bales Of December, az prices
ranging from $500 down 70 Isle, ard
members were asked 20 notify tho
committee Of the extent 90 which the
would participate.
The census report, showing 9,S2s, 6e'
bales OF cotton ginned 10 November y
this year. against S,S30.396 bales las
year, and 9,970905 bales IN the BIZ
crop year of 1911, proved very nearl,
in line with expectations. Compared
with into sight figures. the report re
vealed the abnormally large amount O
cotton held In the interior, but a. there
was nothing 20 indicate any weakening
OF the markets, May-June IN Liverpool
closed one point higher, while spot'
were reported IN good demand az I'm
changed prices, and December contracts
on the local curb were unchanged a.
$50 Exports for the day were 30,7s
bales, making 1920 so TAR TINS sea
son, against 3.092.1l3 last year.
Local market for spot cotton NOM
nal. Southern spot markets: Calves
ton, &c higher. 40 9-l6c, sales 900
bales: New Orleans. l-l6c higher. o.
use. sales 1857 Mobile, unchanged, a.
7i4c; savannah, steady, az &c, sale
1859: Charleston, quiet, at 1hc; W.
mington, steady, 81 1isc; Nortol6.
STEADY, at nc, sales 1-0; Augusta.
Lice 10 &c higher, 20 7ssc, sales l.l0i
Memphis. steady. az &c, sales 200, ST.
Louis. quiet, at TIC; Houston, steady.
at 79-iGc. sales 6,904; Little Roca
quiet, ~ oAc.
Liverpool. Nov q.-COTTON-Spe
quiet; American middling, tair, 5.l2d
good middling, 4.97d; m.ddllng, 4.6to
low middling, +05d, good ordinary
3.3Gd: ordinary. 2.s6d. Sales 10000
bales. including 900 American auo
500 for speculation ord export Re
ceipts, lsOsl bales, including 1882
American. Futures closed quiet, O.
A.35d. > nolnts OF from The best.