New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-14
COTTON EXCHANGE
OPENING PLANS
The Trading Corporation
Takes Up 100000 Bales
of Old Interest.

Aho DOaiu VI managers Oh tHo NOW
York Cotton Exchange made the an
nouncement yesterday morning that
the exchange would open for unre-
stricted trading at the usual hour on
HVnday. This statement was received
with intense satisfaction by members
and others who had gathered together
in anticipation of the action. In a
more detailed notice, issued later, the
managers requested that trading in
o.d-style contracts be confined to liqui-
dation, and that all new business be in
the new style contract for January or
later deliveries. The inspection bu-
roEu Of the Cotton Exchange is now
prepared to certificate cotton under
the new standards of government
grades, and members are asked 10 dis
courage the bringing to New York for
delivery on the old standard any cot
ton except in fulh!ment of sales al
ready effected. Until further notice,
trading on calls will be in the old
style contract for November and De-
cember delivery; new and old style
for January to May, inclusive, and in
new-style contracts alone for later
positions. All trades except on the
calls will be presumed to be in new
style contracts unless otherwise spe-
officially stated. The new-style con-
tract will conform to Section Of the
Cotton Futures act, on which no cot
ton can be delivered except within
the government grades and staple.
The announcement Of the reopening
marks the end Of one Of the most
trying periods in the existence Of the
exchange. Business was suspended on
Friday, July 81, amid great excite
ment and confusion resulting from the
outbreak of the European war and
after the announcement Of three fall
ures, one of which left an unliqui-
dated interest OF $4,000 bales outstand-
ing. An international interest also ex-
listed amounting to about $4,000
bales, while there was naturally
large scattering local or Southern in
terest which had accumulated at pre-
war prices. Ever since then members
of the exchange have been endeavor-
ing TO liquidate their old commitments,
provide for the enormous losses in
Cured through the sudden collapse OF
prices and clear the way for resum-
ing business under safe conditions. So
FAR as possible, the old commitments
we're rung out through voluntary
committee on liquidation, and such
operations were facilitated by the con
centration of contracts into the De-
cember position in New York, and into
January-February in Liverpool.
An international conference followed
resulting in agreements 70 liquidate
the straddle interest at a difference OF
$50 points between New York and Liy-
erpool, but little progress was made,
and the special committee Of the New
York Exchange finally formulated the
neutrality-suspicious. plan OF taking
over the old interest. This cleared the
way for yesterdays announcement, and
100000 bales Of the old interest have
been purchased by the Cotton Trading
Corporation at 8 cents for December
contracts. The corporation will carry
these contracts down to ia cents,
when they will be taken over by the
syndicate end Of the proposition, and
members have agreed TO pay tax OF
50 so q contract on future trading until
the expenses of the corporation nave
been reimbursed. Liverpool has not
vet removed the restrictions on seilng
below 4.25d., but with all old contracts
in the local market now amply financed
no apprehension is felt as to the effect
of future fluctuations on the remain
ing old interest.
The New Orleans Exchange will also
reopen on Monday, and for the first
time since last summer all three OF
the big futures markets viii be IN
operation next week. The last ballot
under the international agreement OF
September was held yesterday after
noon, resulting in the liquidation OF
%. 500 bales Of December contracts at
prices ranging from $50 down TO I6le,
of which the new corporation sold
2l.3OO bales. December contracts on
the curb here sold off to 746c, but
Liverpool advanced a point and South
ern spot markets continued steady.
Weekly movement figures Of the Cot
ton Exchange follow: Port receipts,
342.13s. against 49l.246 last year; over
land 10 mills and Canada, As .040, against
1920 last year; Southern mill taklngs,
estimated, $4,000, against 10000 last
year: gain of stocks at interior towns,
92,420, against 81, 2l0 last year; brought
into sight for the week 557 1913, against
696. TAG last season. Total crop move
ment-Port receipts 2,0l9,l9l, against
4736,909 last season; overland to mills
and Canada l85,S6O, against 2s3,O1S
last year; Southern mill takings 1885,
900, against S44,796 last season; stock
at interior towns in excess Of August
1,803,7ll, against 445,S97 last season;
brought into sight thus far for sea
son S,5O6,762, against 6,3lO,67o last
season.
Liverpool, Nov. l3.-Cotton spot
quiet, prices unchanged; American
middling 45sd. Sales 1000 bales, in
GLIDING 5000 American and 500 for
speculation and export. Receipts 1851
bales, including 9S2 American. Futures
closed quiet. May and June-0pening,
4.27d; 2 p m, 4.26l5d; closing, s26hd.
Weekly cotton tatistics-lmports
S3,447; American, 72,l69; stock, 734,-
600; American, 1000; forwarded,
6S,5l4; American, 55,90S; exports,
$3.50.