The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-31
EXPORTS OF COTTON
SAFE FROM SEIZURE
Additional Assurances to Ex-
change From the State
Department.
PELL CONTRACTS STATUS

Further progress was made yesterday
in clearing UP important details which
must be out OF the way before the re-
opening OF the Cotton Exchange. The
board OF MANAGERS held a prolonged ses-
sion at which several subjects were taken
up. A rule was passed making the in
creased rate OF commission applicable
only to new commitments Consequently.
on the closing out OF old contracts, tho
old rate OF $3.50 will be charged. Another
rule was passed more clearly defining the
relations OF old and new contracts and
emphasizing the conformation of new con-
tracts to the requirements of the Lever
law. At this session also considerable
time was devoted to n discussion OF the
tentative clearing house plan. This will
be taken up at another meeting on Mon
day. and after this n 10 expected that the
general scope OF the proposal win be made
public.
The board was in receipt OF long teie-
gram from Robert Lansing. acting Score
tary OF State, which came in reply TO an
inquiry sent by the officials of tho ex-
change on October 81 asking that an on
cal Abatement be given regarding the
liability OF exports of American cotton
TO seizure as contrabsnd of war. Acting
Secretary Lansings telegram followsl
Your telegram October e. The Brit
ish Government has made q definite dec
laration as 20 It's position In tho matter
OF shipments OF cotton from this coun-
try and has given ASSURANCES that cotton
will not be seized. The Secretary OF
State for Foreign Affairs OF Great Brit
ain has pointed out that cotton he's not
81 10, nrifiah llaf Of
traband articles md that II 10 therefore,
20 far as Great Britain 10 concerned In
tho free list, where II will remain 80
far as tho department is Informed cot
ton has not been declared contraband or
conditional contraband by any OF tho
other beligerent nations and tho depart
ment has no reason to believe any or
these nations will take a position In this
matter different from that OF Great Brit
ain. The department perceives no legal
obstacle TO the shipment OF cotton by
American shippers 10 either neutral or bel
lgerent countries
Edward NJ. Weld chairman OF the con-
ference committee made an Informal
statement TO the effect that as soon As a
court order was issued authorizing the
sale OF the unliqudated cotton contracts
OF s II. p. Pell a. Co. at cents, pre-
sumably under the syndicate arrange
ment, Just so soon would II be possible
to make announcement OF the corpora
ton syndicate plan. In accordance with
the suggestion that the unliquidated Pell
contracts be segregated from the other
liabilities of the suspended Arm Il II
thought that tho court may be able To
issue the order on Monday. At any rate,
signed requests from tho firms interested
ero likely to be ready in time for action
at an early date. II Ia not believed that
any objection will bs entered In behalf
OF tho estate
No further action has been taken In
regard 20 the points OF disagreement be-
tween the New York and Liverpool ex-
changes II was thought best to defer
action until the meeting OF the directors
Of the Liverpool Cotton Association on
Monday.
There was a moderate amount OF trad
ing on the curb az $50 for December
About 900 bales were sold at that price,
but offerings appeared to be in excess OF
bids.
Texas advices indicate q general failure
OF farmers 10 use the new warehouses
stances the bales are left out in big piles
In the farmyards. while the warehouses
OF adjacent towns have not been utilized
10 tho extent OF moro than one-third OF
their capacity
According 10 Secretary Hester OF New
Orleans the into sight for the week was
b27.2O5 bales. against 705,80s last year.
Exports for the day were 25,375. making
total Of $4,000, against 2.s0l 900 last
year.