New-York tribune., 1914-11-11
EXCHANGE
TO OPEN SOON
Syndicate Officers Announced
and Needed Signatures OBJ
tained-SpOts Steady.

That the New York Cotton Exchange
will be reopened for general trading
within the next few days was indicated
by a prominent official yesterday, who
said that there was no obstacle to re-
suming business by the beginning OF
the week No official announcement
has yet been made as to the date for
reopening, but it is understood that a
notice of twenty-four hours is all that
is required, and it was learned yester-
day that all signatures necessary to
the corporation-syndic agreement
had been secured. These agreements
will now be referred TO the fifteen
banks and trust companies which are
financing the plans for reopening the
market Meanwhile the Cotton Trading
Corporation, which is a part of the
syndicate plan for taking over con-
tracts, has been incorporated Its
president is 6. T Hubbard a former
president of the New York Cotton Ex-
change, with Henry Schaefer, vice
president, and Z. p. McEnany, treas
urer. These three men, with h. NJ.
Weld and r. c. Cairns, both of the
present conference committee, form
the board of directors. According to
the plans outlined some time ago by a
special committee of the exchange OF
which f. VI. Weld was chairman, the
corporation will take over December
contracts at &c, and carry them down
to 7i2c should the market reach that
level. In such an event any contracts
remaining in the hands of the corpora
tion will be taken over in turn by mem
bers of a syndicate formed from the
exchange membership, who will assume
the complete ownership and control Of
the cotton. IL is estimated that about
100000 bales will be turned over to
the corporation under existing agree
ments, and arrangements have already
been made for funds amounting 70
some S1,500,000 for financing this in
terest down TO the syndicate's buying
level. During the last few days De-
cember contracts fuctuated between
755 and 7.65c on the curb here, with
considerable private business reported
at 1900. and owing 70 the recent firm
ness of Southern spot markets, some
authorities believe that members of the
syndicate will not secure many con-
tracts at 7l2c.
The markets were all steady yester-
day. May-June contracts in Liverpool
closed unchanged at 4.35d, and spots
we're in fair demand at unchanged
prices. Locally, December contracts
we're traded in at 1900 on the curb.
The only crop estimate of Importance
so far this season was published yes
terday by F. VI. Cordill, who places the
yield at l6,25O,O00 bales.
Local market for spot cotton nomi-
nal Southern spot market: Galveston
1-16c higher at 7Ssc; sales, $50 bales.
New Orleans Bloc higher at 9-l6c;
sales. 2,575. Mobile steady at 7Ac;
sales. so. Savannah firm at 7Ac; sales,
1881 Charleston &c higher at 7l4c.
Wilmington lsc higher at 7hc. Nor
folk 1sc higher at 74sc; sales, AIS.
Augusta steady at rs; sales, l,lO5.
Memphis steady at 7c; sales, $500.
st. Louis sc higher at 7ilc; sales, 60.
Houston steady at 7 9-l6c; sales, 3,l12.
Little Rock quiet at sac.
Liverpool, Nov. 1O.-Cotton: Spot in
fair demand, American middling 4.66d.
The sales of the day were 10000 bales,
including $500 American, 500 for
speculation and export. Receipts, 49,
6i9. including 32,033 American. Fut-
ures closed quiet at 4.35d, Id below the
top.
Financial arrangements have been
concluded by which the interests Of
the cotton market will be safeguarded
as regards the payment of settlement
differences. 1t is hoped this, in CON
junction with the scheme for transfer
ring January February futures into
WaV-June and January Egyptian into
NAV. will enable the directors of the
Cotton Exchange 70 effect a simulta-
neous opening Of this market with the
New York and New Orleans exchanges.