The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-09
WORKING OUT COTTON
CONFERENCE PLAN
Firms Requested to Margin Com
mitments to New Low
Level.
PRICES HIGHER IN SOUTH
Short Interest In Spots and
Holding by Farmers
Cause Advance.

Definite stcps werc taken yesterday "a
put into execution the plan proposed By
the conference committee for the adjust
ment OF the New York Liverpool s,raddle.
A notice was posted on the bulletin board
designating tho National Bank Of Com
merce In New York. the National City
Bank and tho Guaranty Trust Company
as depos,tortes for margins for the nc
count OF Liverpool Arms The statement
was made that tho committee had re-
ccived notification OF the price OF $40 for
January. February In Liverpool and the
price OF December IN New York was adj
jus.ed at $50. Members OF the Cotton
Exchange were instructed 70 pay margins
TO $50 10 each other by check and not
10 deposit In trust companies as hereto
fore All margins must be paid by $3.50
p NJ. on the day called. except that on
calls made after ~ noon the margins
would not be payable until 2 80 r. NJ tho
following day.
Although no figures were available Il
was believed that fully half the Cotton
Exchange firms had made arrangements
to comply with tho susgestIons OF the
committee and were respondng to margin
the ground that they would not dePcsIc
the margins until they were assured that
their contracts had ben closed ou, on the
basis OF 9. 90 for December or the CORE
spending prioe in Liverpool. Still others
took tho ground that they were not get
ting the money from customers and would
not make the response until these funds
were received.
There appears TO be n distinct line OF
cleavage in sentiment regarding the jus
toe. .,f b.. "
II Ia urged that Liverpool merely hedg Il
- cotton ny sales In New York and
mat II is entitled 10 the protection afforded
by such hedge sales that buyers OF con-
tracts In the execution OF such hedg
are bound 20 protect these contracts.
loss has fallen on the contract markets
as a result OF tho European war and that
this loss should not fall upon the Am RI
can cotton trade 10 the fun extent ~
their commitments The advocates OF
this view take the stand that there should
I've some division of the loss. for the hold
.rs OF contracts have ntver been given
an opportunity TO cut down the extent
of their losses by getting out OF the mar
ke. before tho figures reached such an
enormous total. one Arm is said TO have
offered tho unique defence that u was
not obtaining the money from tie GUS
toners to make good the margin calls. but
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