The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-08-20
Elizabeth Cit, Cuii.r.
NEW PLANS FOR RELIEF
OF SOUTHERN COTTON MEN
Committee uf New York Exchange Makes
Suggestions OF Important

special to rhc Times Dispatch"
param, ,,e I,N ,oM"rc H' tic ts,tlcment ct the
c~ntract relations between brokers spin
nf an" hn S' cotton ENchamEe
appointed fov tho purpose Of enabling south
contract, which they bought asains; sales
10 the mills. madc the following suggestion:
"rrSs -, shr r,mn,i,t te"ard W. "'''
Men Who arc hbsolnteiy solvent find them,
upper mils,on" lhey have bought CON
tracts through New York and New orleans
commission houses. on which they owe in tho
prices an equivalent amount TO mills both
North and south. which contracts Is due
a, ve, unayaii.,his. The idea is that the.c
Southcr, shippers shall cancel the old con-
tracts With Inc mills and renew them again
1t is suggested ,ha, the price on al! new
contracts he made. say i3i- cents FOR mid
ding landed MILLS. The mills would give
,hem their nonintcrest bearing note duc on
tho last day ~ the month in which shipment
tween tho original price of the sale and tho
nc,N contract price. This note would bc
turn over the indorsc, note Ia the commits
sion house IN <"w York or New Orleans In
consideration of tho rcccip, Of such note
tho New York OF Now Orleans commits sion
broker would guarantee tho delivery 81 the
cotton through tho southern shipper 10 tho
A"ithern or southern min at the lower
'wln you assist in securing tho unani-
IN carrying out this scheme II Is only an
appeal 10 the mills To lo what they can to
hclp out the general critical SITUATION which
EXISTS. aud would long way towards
assisting in the rcopcninr Of the Cotton ~
change In The near future, and help mate
rally in tho rational marketing ~ the
S"uth's cotton crop''
Mall adNiccs from Liverpool present tn"
plan unanimously adopted by tho liverpool
Cotton Association. and unanimously an
proved 10y the members. The plan appiie-
10 an members aud associate members in
terestcd in the selling ~ spot cotton already
IN Liverpool and Manchester sud cotton
ar"at /" Great britain
Tho plan provides that all contracts 70.
'atinE to trades mad. previously IN actual
cotton shall nc placed in tho hands Of A com
nittec OF supervisors Minimum prices arc
provided for tho basis for contract set
tlcmcht. SafcgHarding Of the interest Of
importers and consumers alike Is conte,n-
plated. and II is not aitcmp, To hold
" IS stated that the settlement q i'm.
noratiNe unless tho mills OF Lancashire are
10 close down for want ~ cotton. The pisn
IS approved nv tho banks concerned in tn,
Importation OF cotton
II would appear from the a hove action
of the two exchanges that the trade /.
nearing point whore daylight can be seen
IN the settlement Of domestic and inter
national relations in the market. Ali 81
this VIII work FOR basis upon which the
crop ~ American cotton can he financed
Reports from the South to-day indicntca
very moderate receipts Of new cotton with
markets nominal at from N. ios,c per
pound. according Ia Grade. Fortunately The
recent weather conditions hay. retarded
picking and baliug. and. receipts from August
arc likely 10 he smaller than usual