The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-14
FURTHER DECLINE
IN COTTON PRICES
Southern Markets Now at Low
est Level Reached in
Many Years.
FUTILE EFFORTS TO AID

No further developments were re.
ported yesterday IN Cotton Exchange
affairs, although the committee having
charge Of the syndicate plan was in al
most continuous session. and tho special
committee wording on tho Clearing House
, proposal was waiting for certain legal
questions to be cleared before proceeding
with It's labors. Announcements from
both these committees are expected Some
| time this week
| Although no decentralization Is appar-
ent among Southern holders, the weight
OF distress cotton Is gradually AMI surely
carrying prices down. Present quota
tons represent tho extreme OF dis
couragemeDt on the part of sellers and
enlargement on the part OF sellers. and,
prices are now down 10 tho lowest level
since the big crops OF 1897 and 1898,
coupled with financial depression, fur
nsshed a selling basis that impoverished
the whole South.
H. spite OF the stubborn holding by all
Farmers who are able 20 do 80 and not
outstanding tho "Ruy-a- Bale" move
rnent and tho considerable attitude OF
bankers, cotton continues 10 be- sold at
declining prices and the feeling OF dis
couragement becomes daily moro pro-
nounced. The officials of tho Farmers
Union continue to denounce Southern
members OF Congress, Notwithstanding
the fact that these luckess statesmen
have continued to advocate relief schemes
which for the sheer fallacy OF their
economies should make old Adam Smith
turn over in his grave The wonder is
that the Administration has been able to
stand out against the criticism and vltu-
peration enanating from these advocates
of corn tossel' finance
The surprising feature OF the whole dis-
tressing situation Is that the logical rem
edy is the only one that has not been
suggested. All tho efforts have been con-
ccntrated In devisinR some method TO ard
In the holding of cotton instead OF getting
IL off the market where IL would be no
longer menace to values. While schemes
have been devised to enable tho farmer
TO hold his cotton. at the Same time
realizing that this cotton is OF no In
trinsio value to the producer, no attempt
has been made 70 aid the consuming spin
ner to buy his raw material at prices
which he would have been moro than glad
to pay.
Cotton Is selling In the South at pres
ent around the six cent level. Some prices
reported from the Texas interior We're
around sac. for medium low grades !
Without artificial support 1t may be- weeks
before prices will rise to eight cents. Yet
lees than two weeks ago the splnners
of the United States and Canada would /
have been glad 10 buy several million I
bales at eight cents. They werc unable I,
to do so simply because OF their lack OF
resources. II one-half the solicitude Law /
lshed on tho cotton grower had taken !
the form of plans to let the American /
reap some OF tho benefit OF
these low prices the extent of tho de- !
cline would have been limited without
violating economic laws
Spot prices yesterday IN the leading |
Southern markets were us follows Au- ,
gusta 67s Houston. 6Si ; Savannah. 6a ; |
New Orleans, &c. There were no exports |
The announcement OF the State Depart /
ment that cotton can he shipped to the I
ports of belligerent nations provided the .
cotton goes In American vessels or those
OF neutral nations is likely TO encourage
some shipments TO Hamburg and Bremen.