The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-01
COTTON SYNDICATE
PLAN COMPLETED
Court Order on Pell Contracts
Is Sole Feature I'm
adjusted.
SPOT MARKETS STRONGER

Rather unexpectedly the conference
COMMITTEES yesterday morning announced
officially that the corporation syndicate
plan for tho liquidation of speculative long
cotton had been perfected. with the sole
exception pf the court order necessary 10
consummate the sale OF the unliquldated
long holdings OF S. II. p Pen & Co. n
IS expected that rhis order will be handed
down early in the coming week and pos
sibly tomorrow. as tho signatures OF Cot
ton Exchange creditors arc being OBJ
tsined rapidly as possible
In the announcement tho committee
saidi
The committee bog 20 report that sub
Jet only 70 approval by the court of
the present proposed disposition OF the
unliuuidated contracts with 4. H. p. Pell
& Co. the corporation syndicate plans
have been perfected. The various agree
ments which 10 is necessary for the mem
beers to ggn have been finally approved
by counsel for the banks and by David
II. Miller. Esq, counsel for the com
mittee These agreements are in the
hands OF the printers and should be ready
for distribution on Monday. Members
are requested TO read them carefully ana
be prepared TO sign them when they np-
pear before the committee.
I'm this connection the committee in
forms the members that rhey will he
asked TO appear AT a definite date and
time in the near future in order 10 sub
NIT final figures as 30 the number OF
bales they will turn IN 70 me corpora
ton at cents. Members are requested
TO obtain from their clients and 70 bring
with them satisfactory proof that the
contracts which they purpose selling 20
thu M a,trh oh n
as 70 entitle them ~ participate IN The
ballot
The detail work ahead OF tho com
mittee ~ eth OF some magnitude and
members are earnestly requested 10 Co
operate BY appearing absolutely on time
FOR such appointments rs may be made a"
This announcement also was made
THE attention of the members IL called
70 the fact that thc ballot price IN New
York remains At eight cents. rotwlth-
standing the reduction OF Liverpool prices
10 4 50d Members having s'raddles 70
reverse for their own or clients account
shall bear .his fact IN mind I'm connection
with any orders they may have In Liver
pool 20 participate In the ballot"
Some action II expected 10 NJ taken
regarding the disagreement with Liver
pool over the permission extended to Ian
cashire spinners 20 buy cotton on call"
which means that no equivalent IN shorts
II nelNg covered. Ine tpinnefe nave VII
tually been borrowing cotton, which thcv
have consumed without fixing the price.
This they have evidently expected 10 nv
when they were satisfied with the extern
OF tho decline This has worked n trc-
Tnendous hardship on American longs.
one prominent member of tho Cotton EN-
change estimat es that since the exchanges
wore closed English spinners have bought
1874. 900 bales OF cotton on call. and hnv"
consumed this cotton without COVERING
their shorts thus putting burden on
the cotton merchants which has resulted
in enormous losses
The board OF directors OF the Liverpool
Cotton Association Is expected 10 meet
tomorrow 20 consider the recent cables
OF protest which have been sent from this
side. The situation Is really stronger than
Il appears on account OF the big Ianca-
shire short interest as any development
which would force covering would cause
substantial advance
Spots are much stronger In the South
and markets which sent quotations only
a little above cents week ago were
quoting around : cents yesterday. This
has not been due SO much 20 ris"
In prices as 10 an Rcknowl odgmcUt OF
existing conditions. The quotations re-
Gently sent ont from the South evidently
have been subjected 20 manipulation by
factors and country merchants, and have
Hot gwen true lued OF NhluNN. / ne
head OF one OF the big local firms yesterday
was relating his experience IN trying TO
buy several hundred bales OF n certain
grade which had been nominally quoted
around GA cents. After sending inquiries
all over the South no was forced 70
pay about three-quarters OF a cent above
the published quotations.
There Ia evidently big Southern short
interest In spots. az Il great deal OF cotton
has been sold ahead in the expectation
OF covering az still lower prices.