New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-11-05
COTTON STRADDLE
PRICES LOWERED
Differences Between This Mar
ket and Liverpool Argued
Spots Advancing.

Yesterdays meeting OF Cotton Tx
change members resulted in q decision
TO ballot for orders in the liquidation
of straddles 81 as low a price as 7.olc
for December contracts in New YORK,
or Just I point above the price at which
the corporation proposed TO assist In
carving forward old contracts is TO
turn its holdings over TO syndicate.
Some few days ago, IL may be recalled
local traders agreed not to ballot pc
low 5 cents under the terms of the In
ternational agreement of last Septem-
Der. and disputes have developed be-
tween New York and Liverpool in con-
nection with the liquidation Of the
straddles. The Liverpool price OF
January February is now 425d, equal
TO about &c for December here at the
agreed upon difference, and the action
of trade here yesterday was supposed
TO reflect Willingness to compromise on
prices. The price named 70 Liverpool
as the minimum acceptable TO New
York certainly seems low enough for
December contracts here, in view OF the
reaent sharp advance in Southern
spots. and if 425d is a fair price for
January February in Liverpool II
must be that, notwithstanding IN
creased freight rates and marine RISKS,
trade conditions do not warrant ulI-
ference Of more than 100 points between
the two markets. The difference OF lhO
points fixed by the international con-
ference was evidently based on an eK-
pectation that England would find II
impossible to import, while the south
would break in the absence OF export
demand. but exports have been incress-
inc and if 4.25d in Liverpool repre-
sents the cost OF fresh importations,
il is felt that the English trade should
recognize the business OF modined
difference in undoing the straddle &C
counts. While these matters were
being discussed here the Liverpool
trade decided to transfer the interest
there from January February TO May
June, 1915, at a premium OF points,
and so notified the New York Exchange
bv cable late in the afternoon. This
action was said 10 be in keeping with
a plan previously outlined BY Liver
pool. and was considered here as pos
sibly a step toward an early reop-
ening Of the market. Otherwise the
talk reflected no change OF sentiment
as TO a probable resumption OF ousl-
ness before the end of the month, =,
Advices from the South indicated
continued steadiness in the spot sit
uation. Charleston and Wilmington
we're &c lower, but other spot markets
were unchanged to &c higher, with
fairly good sales December contracts
on the curb here ranged from about
752c to 7.55c.
Local market for spot nominal.
Southern spot markets: Galveston
steady at 7fsc; sales, 400 bales. New
Orlans nc higher at 7 3-l6; sales
f.4l5. Mobile slice higher at Bloc;
sales %. Savannah steady at T%c;
sales. 3,l51. Charleston Isc higher at
&c; sales 100. Wilmington sc lower
at &c. Norfolk sc higher at 7hc; sales
s75. Augusta isc higher at 6-l6c;
sales, 953 Memphis nc higher at &c;
sales. $500. St. Louis steady at &C.
Houston &c higher at 77sc; Sales
2.643. Little Rock sc higher at 6Psc.
LiverpoOl. Nov. 4.-Cotton-spot-
large business, prices unchanged. Sales
21 800 bales, including 1900 American,
on the basis Of 4.55d for middiing. I'M
norts. ASST bales, all American.