The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-08-15
Consolidation Of Commitments
Expected to Facilitate
Reduction.
LIVERPOOL AID PROMISED
Replies From English Operators
Are Likely TO Be Re-
ceived To-day.
Cotton States weathcr.

For North Carolina and South oaroiins.
local thunder showers to-day and probsniy
tomorrow: moderate Winds mostly south
wcgt-
For Georgia, Aisosm. and Mdciesppd
local thunder showers to-day and probably
tomorrow; moderate shifting winds
For Louisiana. local thunder showers to
day: fair and warm in west tomorrow:
local thunder showasr IN east portion; tight.
ehittinr wdnds.
For eastern Te1ss, fair in south. local
thunder ehowe-e and warmer IN north per-
ton: moderate southeast winds.
For western Texas. generally fair to-day
snd Tomorrow: warmer tomorrow.
For oklahoma fair to-day and to-moro~,
without decided Temperature change
For Arkansas. partly cloudy to-day ana
90 morrow somewhat warmer.
Cotton Exchange oficials have taken
the View that house cleaning. 10 far as
| contracts are concerned, 10 quite a. es-
seutiai TO tho early resumption Of busd-
ness a. The clearing up Of such general
phases a. Shs financing and marketing
Of ne crop and the exporting Of cotton
to Europa Fcr this reason me circular
letter Of shs board Of nnanagere which
was distributed yesterday morning 10 At
tracing q greet deal Of ATTENTION. II
suggests the sdvisability @ brokers
urx4ng their clients 10 transfer all COM
mitments into December ~ specified DIFF
ferencea IN this way Il n hoped that
longs and shorts will be brought together
with a resultant further reduction IN com
mitments
The necessity for such a step 10 clearly
apparent The work Of restoring eaui
liNrtum IN the contract market canno'
begin until the debris attendant on this
war chaos and the Pell suspension Is
cleared away. 1t is believed that whcr
longs and shorts are brought together
as far As possible n fair sized long Interest
will be found 20 exist IN this market. 'Ir
addition to this remains the problem o
dspos.ng Of about 10000 bales unliaui
dated long contracts held by firms VIII,
had sold TO Pell & Co. Under the rule'
this cotton must be rold out within thre'
business hours after the announcement
of inability to meet obligations unies
some other method Ia devised for tskin.
care of these contracts the reopening o
the exchange would he slgnalized by som
heavy Nauidating and intending buyer
would be Inclined 20 stand aside.
Against the long interest In tho loca
market stand about 100000 bales OF shor
contracts for the account OF Liverpoo
straddlers who have sold hero agains
purchases in Liverpool. About tho hard
CIT nut the local Cotton Exchange has {
crack Is the adoption of some plan tina
. will meet tho acquescence OF Lverpoc
and which will induce English traders
ever. and thus furnish buying power I
absorb tile liquidation OF local longs.
II 4. conceded that there would be con
siderable Decentralization on the openin
~ the Cotton Exchange, provided som
OF these commitments were not adtustc
before hand. For this reason cxchanr
officials are doing everything In the
power to reduce engagements and rromot
as thorough liquidation az possible durin
tho period of intcrregnum.
The circular sent out Yesterday morn
ing, after stating the reason for trans
rerrinc all open contracts into the p-ceu
her position. which will 10 the basis col
tract. suggested the following basis c