The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-11
COTTON SYNDICATE
PLAN INCORPORATED
General Belief That the Fix.
change Will Reopen by
November IS.
WASHINGTON CONFERENCE

SO sure arc the members of tho confer
cnce committee OF their ground that steps
were taken a few days ago To Incorporate
tho corporatlon-syndicate for the liquida-
ton of speculative long cotton under the
name OF the Cotton Trading Corporation
and to proceed along other lines on the
assumption that the reopening OF the Cot
ton Exchange will take place on Monday.
November l6 AS matter OF fact one
OF the leading members OF the exchange
who has taken perhaps the most promi-
nent part In restoring conditions to nor
NAL stated that he saw no present obstacle
to resumng business next Monday. The
banks are expected to give final indorse-
ment to-day.
The incorporation Of the Cotton Trad
Ing Corporation, which will assume the
task of liquidating the long contracts.
took place several days ago. There is a
board of Ave directors, consisting OF s. T.
Hubbard. president; Henry schaefer. vice
president: T.. +. McEnany. treasurer; Ed
ward NJ. Weld and Robert G.. Cairns. Mr..
Weld Is chairman of the conference COM
mittee which evolved the corporatlon-syn-
dicate plan along with his associates.
Nessrs. Schaefer and Cairns About AGO.
600 bales OF long cotton will have to be
disposed OF under the plan. The guarantee
for the protecting OF the banking corpora
ton Is considerably in excess Of require
meuts
The next important feature to no CON
sidered s the conference in Washington
tomorrow, at which the regulations of
tho Treasury and Agricultural depart
ments for the operation Of the market
under the new United States cotton fu-
lures act will he considered. The reRula-
lions as far as promulgated have been
sent out in printed form from Washington.
| =
some modification as result OF the con-
ference At any rate Il will he interestine
to note how far the department officials
| are willing 10 make certain essential CON
Cessions to the requirements OF tho trade
Although 1t seems 20 he taekn for
granted that business will be resumed
| next Monday II is doubtful II all the
/ Cotton Exchange houses fully appreciate
/ that they will he required to trade In the
new contract for all months after Feb
| ruary Is except In the closing out oi
| all contracts. This will require the sign
| ing Of printed forms, which must conform
20 the provisions OF rhe new law. II
| Is doubtful II many firms have taken
steps to provide themselves with these
blanks. and the time for doing 80 Is be
coming limited.
Southern spot markets were steady and
unchanged to &c higher yesterday. A
letter from a Memphis spot firm had the
follownG TO say regarding the situation
/ in actual cotton:
Along In October tho market was very
duh and cotton was hard to sell. Mid
ding cotton at one time was quoted al
size. here. but IL was sold at &C., and
during that period II looked as II every.
body all over the cotton belt was tryins
to see who could sell cotton the cheapest
The market since then has gone UP fully
cent pound and these parties are now
shipping out and buying a good Sea
of that cotton at fully s. bale loss
Our sales here in the past two weeks
have been In tho neghhorhood OF $4,000
bales, and a good demand continues. A
good portion of this cotton is for export
and we also hear a good deal OF II is fol
Investment"