New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-09-09
COTTON TRADERS
MORE CHEERFUL
Spot Situation Regarded as I'M.
proVed-Better Export De-
mand- Settling StraddIes.

Rather a more cheerful feeling APP
pcsred to be developing in local cotton
trade circles yesterday. This may
have been partly due to increasing
optimism regarding an carly settle
ment of the European war, but aside
from this there seemed to be q better
tone in the spot market and more
confidence in the gradual liquidation
Of the international interest. II was
reported that most Of the local firms
having open contracts had promptly
responded to the request Of the inter
national committee that all trades be
margined down to BOD for January
February in Liverpool and to 9.90c for
December contracts here. This in it
self made favorable impression on
sentiment, and it was predicted that
the work of closing out the old con-
tracts in accordance with the plans
recently approved would soon be max
ing progress.
The committee having the work in
charge issued the following notice:
"The committee, under paragraph b
of their circular of September 1, des-
ignates the National Bank of Commerce
in New York, the National City Bank
and the Guaranty Trust Company as
margins are to be deposited for the
account of Liverpool firms. The com
mittee has received notification Of
price of 5.70d for January-February in
Liverpool effective to-day. The COM
mittee has adjusted the price of Dc
cember at $500. The committee is
ready TO proceed with the ballot
Under the committee rules / and 2 all
members must pay margins to 0.9Oc to
each other by check and deposit in
trust companies rs heretofore. The
committee rules that all such margins
must be paid by 2:30 p. m. on the day
called. Calls must be in by IL noon,
otherwise call is not payable until the
following day at 1880 p. NJ"
The reduction in the Liverpool price
Of January February from 5.9Od to
5.7Od was fully expected, and was ac-
companied by corresponding redue-
ton in the price of spot cotton in the
Liverpool market for the purpose of
stimulating the demand from Lanca-
shire spinners. Beyond the formula
ton of these details in the scheme for
international liquidation, no fresh de-
velopment was reported in the cX-
change situation.
The report Of the Census Bureau,
showing only 475,455 bales Of cotton
ginned to September I this year
against 799,099 last year, was thought
to reflect considerable holding in the
seed, as we'll as unusually wet weather
during August, and this made rather
favorable impression on sentiment as
to the probable course of prices.
Moreover, it was reported that some
what better export demand had devel-
oped toward the end of last week. and
that domestic mills were becoming
more active buyers. Local spot people
said that offers from the Southwest
showed an advance of about 3-l6c from
the prices asked last Friday, and the
idea of somewhat steader spot sit
uation was colored by the official re-
port from Augusta, showing All ad-
vance of Lice to 7 9-16c for middling,
with sales Of $50 bales. Liverpool re-
ported sales of 2,40O bales, bC' no
sales we're reported in the local mar
ket, which continued nominal.
Advices received here from San
Antonio, Tex, state that the Chamber
of Commerce there has started an agi-
tation for an early reopening Of the
Cotton Exchange in order that firm
prices may be established for the bene-
fit of the grower. "Buy a Bale" OF
cotton clubs are being formed in va
rious sections of the South, with
hope Of distributing the burden of
holding the crop off the market, and
in nearly all Southern communities
meetings are being held for the pur-
pose Of electing delegates TO con-
vention 10 be held in New Orleans for
the purpose Of further discussing the
cotton problem.
Liverpool, Sept. S.-Cotton, spot I'm
proved business; prices 20 points low
er. Middling fair, 7O4c; good mid
ding, 6.56c; middling, 5000; low mid
ling, 5.52c; good ordinary, 4.56c; ordi-
nary. 3.92c Sales, 300 bales, includ-
ing 2,4OO American, on the basis Of
GOOD for middling. Imports, $4,000
bales, including 1000 American. The
price of January and February deliv
ery was reduced to sod.
FOREIGN EXCHANGE