New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-09-23
COTTON TRADING
RULES A PUZZLE
Lever Law Conditions Call for
Conferences-Spot Prices
Irregular.

That extraordinary difficulties have
been encountered in adapting actual
trading methods to the provisions of
the new cotton futures law was fur
Their emphasized yesterday by the pres
ence there of a representative of the
Department of Agriculture in confer
ence with members of the New York
Cotton Exchange. 1t was said that the
object of these conferences was to de-
eide upon the rules and regulations
which would be used by the depart
ment in the administration of the So
called Lever law Many who have read
this law carefully are of the opinion
that it creates almost as many prob
lens for the department as for the ex-
changes, and it is believed that the de-
partment has been seeking as well as
giving information. Among the duties
of the Secretary of Agriculture under
the provisions of the law are the desig-
mating of bona fide spot markets, the
drawing up of rules and regulations for
the fixing of differences and the set
thing of disputes regarding the grade
and quality of cotton, which may be
referred to him by either party to q
future contract in the event that de-
liveries are made and accepted. 1t is
naturally supposed that the recent con-
ferences between the Washington au-
thorities and the committees from the
New York exchange have been largely
upon these features of the bill, and 1t
is anticipated that a report will be
made upon the progress of the negotia-
tions at a meeting of the board Of man
ayers to-day. The impression still pre-
walls that when the exchange reopens
for business it will be for trading in
I L 81 in rap 4
so near that provided for by the law
that little further alteration will be
required when the law becomes actually
effective, next February.
Meanwhile, the work of closing out
the old interest continues. 1t was re-
ported that yesterdays operations in
the conference would result in the
liquidation through ballot Of about
$500 bales, the results of which would
be announced this morning. A notice
issued by the voluntary committee or
liquidation requested members OF the
clearing house having open contracts
in October to make report upon their
position and intentions, in order to pre-
mare for the first notice day, which
falls on Monday. Most of the October
interest is supposed to have been
transferred to December, but it is estl-
mated that some 6,OOO bales may De
rendered in the final liquidation of that
position. The local stock Is gradually
| losing, something over 10000 bales nav
4 ing been shipped out since September
/, which naturally helps the situation
/ Some of the spot cotton handlers
here with Eastern belt connections re-
! ported rather freer offerings from their
territory at slightly easier prices, but
while Augusta was Bc lower Nortolk
reported an advance of 1$c, and advices
from the Western belt indicated con-
! tinued steadiness.
/ Southern spot markets were reported
as follows: Savannah steady at StSc;
sales, 632 bales. Norfolk steady and
hc higher at sac; sales, bales. Au-
gusta hc lower at SIC; sales, 6S9
bales. Little Rock unchanged at &c.
! Galveston steady at S9sc; sales, 900
bales. Charleston firm at sac. Will
mirgton steady at SIC. st. Louis UNI
changed at SIC. Memphis steady and
unchanged at S%c; sales, 1000 bales
Houston steady and unchanged at o9sc;
/ sales, 1928 bales.
Liverpool, Sept. 22.-Spot in mod
crate demand at unchanged prices
! Sales. 2.70O bales, including 1000 Amer
/ ican, on the basis of 5.S0d for middling.
Receipts, 1859 bales, including l,l9'
! American.