The sun., 1914-09-15
PLAN TO TERMINATE
TANGLE IN COTTON
Arrangements Made TO Form
Syndicate 10 Take Over
Long Contracts.
BUY i BALE CLUBS ACTIVE
organizations Spreading and
Putting Courage Into
Hearts of Farmers.
BUY i BALE CLUBS ACTIVE

It was understood yss'c:Il5 tina:
..u'it" p'l.s N,.. lli,. way on tho
Cotton Exchange for tine formation of e
.nh,t' 900 tth" oN,. distress" long
contracts .'d relieve tlr local cotton
situation with % Wow o. am '1rly open
',s ol tile .Stt.u., The plan has no.
Vet .... formally i'lt.j before the
w. rU of mHU1r''- hu' B., Is known TO
have ;u. approval or She Influential
O'nD'., .s ti. h,t proposition yet
houeht forward Js , solution Of the
couudct problem.
According tp arrIuEtm'ut. suggested
yesterday Z syndicate ot cotton ucr-
chants Will b, formed TO take over such
long contracts as holders are anxious
q dispose of on the basis of cents In
New York. tn" names of those forming
the syndicate w"r, not given out an1
{ is possible that they will not he made
public. They represent however, some
OF the most solid houses in the cotton
trade Several OF these viii not only
take care OF their own long contracts
but will Join IN. pool to undcrwrlte
tho holdings which other firms desire
90 dispose Of ON the basis Of cents.
Py this method ~ 10 hoped 70 clean up
the whole New NOrk-Livorpool stradde
interest This will mean that the hold
ers Of long December contracts will sell
cut at cents. which viii leave the
Liverpool stock uuh'dged in proportion
10 the amount Of contracts sold out In
New York. This Will result In putting
the syndicate long IN the Liverpool
market at 5.25 for January February.
The plan will require some pretty heavy
fnancing but II Is hoped TO obtain the
cid OF New York bankers 10 whatever
extent assistance may be needed.
II the plan goes through and Il seemed
reasonably sure yesterday that 1t would
f. Is not unlikely that the Cotton EN-
change win be opened some time during
October Como members were enthusi-
astc enough to believe that business
m yht bc resumed by Octohor ]. but pres
eut indications point To- Monday, October
u as the more desirable date. The mora
turium IN England does not terminate
,u,u October T. and moreover the changes
ihat have to bc made IN the bylaws of
the Sew York Cotton Exchange In order
70 conform to the provisions OF the new
law regulating cotton futures. formerly
known as the Lever bill. VIII require
further time and consideration. A. a
matter of fact the difficulties In the way
Of meeting al the requirements OF this
law constitute the chief obstacles to an
carly resumption OF business. There are
two or three sections iu the law which
iual,e IL almost impose hlc To conduct
business m normal fashion. particularly
the arbitragc transactions with Liverpool.
The "Buv q Bolc" movement seems to
lo spreading rapidly throughout the South
.nl this iu conjunction with other EFFORTS
for purchasing aud taking cotton on the
market sccm, likely TO relieve the South OF
large part of its burden. southern
newspapers are full Of the "Euy Bale
I.-yplEtudJ and a great deal OF helpfu'
missionary work i5 being done. Not the
lcl.t important feature is tho courage
it puts INTO the hearts Of farmers VINO
sec thousands of outsiders buying cotton