New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-08-15
NEW YORK COTTON
PLAN ACCEPTED
Open Contracts Here To Be
Transferred Into December
TO Help Liquidation.

the president of the Liverpool Cotton
Association, was received in the local
market yesterday, indicating that the
English trade would cooperate with
the New York Exchange in its efforts
70 transfer all remaining open con
tracts here into December. This cable
reported that the New York plan had
been endorsed by the management of
the Liverpool Exchange, and that the
members had been advised TO accent
the suggestions of the New York com
mittee, with replies asked for by noon
to-day. In view of the proposed trans
fer, the voluntary committee of the
exchange did not put through any
transactions yesterday, but will meet
on Monday morning TO explain the pro-
posal TO all members who may desire
information. With this plan in op-
Grafton, better progress is hoped for
in the matter Of liquidation next
week, when plans for financing the
new crop movement may also assume
more definite shape.
For some time Liverpool has been
endeavoring to concentrate the out
standing interest there into January
February, 1915, and the interest in the
more remote deliveries, ranging up to
the crop of 1919. into January-Feb-
ruGry, 1916 IL is now proposed to
transfer the January-February, 1916,
interest into January-February, 1915,
TO further reduce open accounts. The
interest left in the New Orleans
market when the exchanges were
closed so suddenly was comparatively
small, but included some straddle bus
mess with New York, which is grad
ually being closed out.
Reports from Washington that the
cotton futures bill had been agreed to
in conference and was ready for the
Presidents signature attracted no spe-
cial attention. II has been expected
for some time that this legislation
would be passed during the present
session Of Congress, and as the bill
was finally amended il does not affect
transactions consummated prior TO its
enactment, while the provisions affect
ing New York. contract methods do not
become effective until six months after
it becomes law. Many of the changes
provided for by the bill had already
been adopted by the New York Cotton
Exchange, to take effect on April 1.
The census figures on supply and
distribution showed a considerable
falling off in domestic mill consump-
tion for July, but consumption for the
first eleven months Of this season was
in excess of last year, and, including
lnters, the total for the season ending
with this month will approximate
100000 bales, or the largest on
record. Domestic mill stocks as Of
July 81 were 1000 bales, or about
equal TO two months requirements,
but spinners are still said to be put
ting off fresh purchases, and are sup
posed to be holding off for lower Of
fers. No change was reported in any
Of the spot markets. Sales in New
York were 145 bales, while Augusta
reported sales Of only eight bales.
Weekly movement figures Of the
New York Cotton Exchange:
Port receipts. s3ll bales, against 1878
last year; overland 10 mills and Canada.
1.1S2, against 4 .066 last year; Southern mill
takugs. estimated, nil, against $1,000 last
year; loss Of stocks al interior towns, 100,
against 1851 last year; brought into sight
for tho week. 8,fk3. against 39,093 last year.
Total Crop Movemcnt.-Port receipts. TO-
432 g63 G3AfS added New Orleans and
last year: overland 10 mills and Canada.
1.15f.552 against 1,10204t last year: South
oru mill taklngs . .860000. against 2SO5.-
600 last year: stock al interior towns. ! 500
below September !. against an excess Of
26S7s last year; brought into sight for the
season. 1f{i5.9oG against 13,s2e13o last
year
Liverpool Aug. 1A-FollowinE are the
weekly cotton statistics: Total sales. oil
kinds. 5000 bales: American. 1000: English
spiuuers' takincs II. ono. total export 1000.
Ill o NJ