The Washington herald., 1914-10-14
CASH BOARDING
SHOWS DECREASE
Unfavorable War News Yes
terday Failed to Affect
Trade Situation.
COTTON CHANGE GOSSIP
New York Committee Seeking to Re-
sumo Futures Trading Washington
Virginia Railroad Directors.

The fan Of Antwerp. followed by the
rebellion in South Africa, was taken TO
mean a prolonged war in Europe and
checked some lines of trade, but II Is
significant that the mania for boarding
cash has abated and yesterday this news
did not revive it. Banks are buying COM
merciaI paper freely and seem to be able
and willing to extend all needed accom-
. mediation to commercial enterpriseS In
terror banks have recovered their courage
. and still further Improvement in the
money markets of the country will fol-
low the opening of the new Federal re-
serve banks
Grain markets are now on q legitimate
export basis and the foreign demand is
well assured at current prices Farmers
probably will sell grain more freely here
after. The movement has been heavy
in the spring wheat districts where the
farmers have not forgotten that the harv-
est in Argentina and Australia Is only
two to three months away. Argentina s
financial position is weak and this will
cause the earliest possible marketing of
the growing crop for whatever price it
will bring.
Some progress is being made in form
ing the banking pool with Sl5e, 100000 to
finance the surplus of the cotton crop,
but time is being wasted in some parts
of the cotton belt in talking about direct
government assistance. Congress may ad-
journ this week because the elections
are only three weeks on and many OF
the members OF the House of Representa-
tives win have less than two weeks for
campaigning after they get home. This
Of itself makes the consideration Of such
a controversial question impossible dur
ing the present session. The cotton pool
idea is practical, but it will not give the
cotton growers a full price for their sur
plus cotton unless they cut down the
acreage They must help themselves next
year by growing something they can eat
and cen sell. There is absolutely no
chance for the restoration OF normal con-
sumption Of cotton while this wsE lasts
and for nearly a year thereafter, out the
demand for grain and live stock will
remain good.
Cotton Exchange Opening.
II any proof was necessary that the
board of managers of the New York
Cotton Exchange is strainins every nerve
to make possible resumption of futures
trading, it was furnished by the prompt
action of that body in meeting and ap-
proving revisions in tn rules Of the ex-
change to permit of trading in new law
contracts
The new rules will become effective with |
out action by the members as a body as
amended. The members will vote on the
bylaws next Monday and undoubtedly |
will approve them.
In most instances the changes in the
rules are only technical, but one change !
which will AFFECT all trading in futures
is that which requires trading to cease
five business days before the current
month expires. That provision will be
especially interesting to shorts, who will
have five days less each month in which |
to cover their commitments.
One of the greatest obstacles to re-
sumption of trading has been removed
by the approval of revised bylaws and
rules. and il is only a matter of a few
days until they will be operative and the |
way cleared for trading in new style con- |
tracts under the United States cotton fu- |
lures act The other big obstacles to re-
opening is, OF course, the large volume
of open contracts. 1t is encouraging to |
note that progress is being made daily
by the promoters Of the plan to syndicate |
all open contracts. The conference COM |
mittee which is arranging the details OF
this plan has completed its canvass of
members of the exchange, and, now is