The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-11
Farmers Hauling Bales Home
Rather Than Sell at
Sacrifice.
LIQUIDATION OF CONTRACT
Committee Reports 600 Bales
Closed Out Under the
Ballot Plan.


Georgia fair and somewhat warmer to-day;
CLOUDY tomorrow; moderate northeast
winds
For Florida. fair to-day and Tomorrow.
except showers In south portion: moderate
northeast to east winds
For Alabama, Mississippi Louisiana and
eastern Texas. seneraiy fair to-day and
tomorrow; moderate variable winds
FOR western Texas, partly cloudy to-day:
probably showers In extreme west portion;
fair tomorrow
For Arkansas, local thunder showers to-
day; probably fair tomorrow.
For Tennessee. partly cloudy to-day: prob
ably followed by showers by night: fair
tomorrow.
For Virginia, increasing cioudiness o.day;
showers at night; showers tomorrow.
For the FIRST time In several weeks the
members OF the Cotton Exchange found
a feature that transcribed in interest tho
complications IN the contract market
Judging from the news that came from
Texas, II looks as IL the farmers Of that
State and certain other parts OF the South
had put TO rout the cotton buyers and
spnners who have been expecting to get
raw material at prices which represented
an absolute sacrifice to the grower A
turn In the tide was noted last week but
nothing definite developed aside from a
moderate hardening tendency. Yesterday,
however. the nrmness OF Southern holders
was go apparent that spinners took fright
and bids poured In from all sections, with
out. however. bringing much response in
the way of offers.
In the last week cotton has advanced In
Texas about one cent per pound. II Is
difficult TO tell how low the price went
in the manic n hnt rtn
quotations were made ranging from s to
t19 cents as a minimum figure for mid
ding cotton, Yesterday, however, IN
cents was being refused for midding cot
ton all over Texas In one central Texas
town. which represented conditions typi-
cal OF the whole State. the farmers were
reported on Wednesday to have brought
In 800 bales. Of which 275 were hauled
home. while twenty-five bales went to
local merchants In liquidation OF out
standing accounts.
Generally speaking, however. farmers
are hauling home about 75 per cent of
their cotton and turning over to their sup
ply merchants the remaining 20 per cent
The merchants. however are not as easy
for the buyers to deal with, as they know
something about the value OF cotton and
are quick to detect "A scramble among
shippers who are short on their contracts.
In the eastern belt cotton is also some
what steadier. although the advance ia
not so great. Savannah has begun TO
quote spots and yesterday reported good
mlddl!ng steady and unchanged at s cents
on sales of 500 bales. on Monday the
Memphis market will begin to give out
quotations.
are working on plans for the liquidation
OF the New York-Livcrpool straddle In
terest and expressed more than the usual
optimism over tho outcome OF their ef
forts. IL is rumored that certain supple
mentary plans are under consideration
which will facilitate tho adjustment Ed
ward NJ Weld. chairman OF the confer
ence committee, late yesterday afternoon
announced that as result OF the ballot
500 bales Of cotton had been liquidated.
Sales of 100 bales each were made by
Post Flagg, A. l.. Wolfe & Co. We'll
Bros, Hayden, Stone & Co. Lehman
Bros. and Henry Hentz & Co.
Further statistics regarding the old crop
were available yesterday. Secretary Hes
ter OF New Orleans made the total COM
mercial crop 14.5ss.oo0 bales, apportioned
as follows; Alabama. 100000. Arkan-
sas, I,osI,oco: Florida. 10000 Georgia.
2.45< 900: Louisiana, $500 Okla homa.
$1,000; Mississippi. La3s,ooc; North
Carolina, $4,000; South Carolina, 1.4s2,-
900: Tennessee. &c. $4,000; Texas. 81
90S, 900.
The Financial and Commercial Chronicle
in its crop review for tho season makes
the commercial crop 14.6os.96s bales.
With reference TO the new crop outlook
tho periodical says while It Is not
possible. Of course. to forecast with any
degree OF certainty the precise extent OF
the crop now maturing, the general con-
dition of the plant at this date Ii such
that. barring unusually adverse weather
later on. the promise seems to be that with
killing frost about the average date the
production OF l911-l912 will be eoualled
or exceeded. Tho crop in the season
above mentioned was 6,13S,000 bales"
Considerable dissatisfaction IL ex-
pressed among Southern newspapers over
the manner In which Southern bankers are
failing to come to the aid OF the cotton
grower. A good many country bankers
have refused TO lend more than $40 a bale
on cotton. At the conference In Washing
ton the price OF s cents was considered
banker figuring on a margin OF rs per
cent, which would make s cents per
pound, or $50 to he advanced on cotton.
Some very snappy editorials appear In
the Southern press and the view is taken
that the bankers are carrying their con-
servatism to unreasonable and unbearable
limits
At It's meeting late Wednesday after
noon the revision committee of the New
York Cotton Exchange made a radical
revision in the premium on high grades
and left the big discounts on tho low
grades unchanged BY this action the
committee virtually prevents delivery of
cotton on New York contracts until the
middle of November. when tho committee
will meet again and IL necessary adjust
the differences.
by the reduction OF the premium on
high grades Southern shippers will ind
1t Improbable to deliver cotton OF this
character ON contracts As the crop is
fairly high grade the big discounts on low
grade cotton also will keep deliveries OF
these grades away from tho market
Among tho changes made strict good
mlddlng was reduced from a premium OF
Fully good mddling was reduced from
rs points premium to 35 points good
middlng from SO to IS points. strict mid
I