The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-08-28
HOPING TO ADJUST
TANGLE IN COTTON
Much Depends on Attitude Of
liverpool Committee, Due
Here Tomorrow.
ALEXANDRIA STRONG ARM
Contracts Of English Operators
CLOSED 0ut-No Notice
to Holders.
ALEXANDRIA STRONG ARM

At present the cotton trade 10 awaiting
such developments ss may arise from the
conferences with the Liverpool committee.
which will arrive here tomorrow. before
coming to any definite conclusion regard
ing tho prospects OF resuming business or
expressing positive opinions over the out
come, 1t Is not believed that Liverpool
is in any position to stand out for an
extortionste settlement. The English mar
ket needs an early adjustments Just as
much as New York.
The committee from Liverpool origi-
naly consisted OF Messrs. wh!neray.
Smith and Cooke. but only the first two
are coming IL definite arrangements can
be made for undoing the straddle between
New York and Liverpool the tension In
both markets will be greatly relieved, as
a great deal of long cotton will he taken
ont of the New York market while Dver-
pool will receive much needed funds.
The position or tho Liverpool market is
further complicated by the drastic action
OF the Alexandria cotton exchange. which
closed and declared all contracts can
cellcd on the basis OF closing prices. There
was q big straddle In Alexandra between
that market and Liverpool, w1th the Eng
lish trade short against purchases In their
own market. These shorts were covered
At relatively high prices and the holdsrs
we're left with hong contracts In Liverpool
which has put them IN q most unoorn-
Portable position. There has bean = Great
deal of the strong arm" taStios through
out tho present crisis, a. may be noted
from tho fact that Liverpool cancelled al
credits with German and Austrian clients
and closed all contracts without consult
ing such continental customers
1t seems quite likely that any settlement
OF old contracts in the New York market
will be made without regard TO the basis
at which spots arc now selling In the
South. II IS believed In conservative cir
Cles that Il would be bettor to consider
outstanding contracts as obligations gov
erned by the conditions under which they
wero entered into and 10 liquidate them
with such an understanding. All new
contracts entered into upon tho resump-
ton Of business on the Cotton Exchange
will he governed by circumstances sur
rounding the new crop
Spot prices IN the South are yielding
sin further and In some portions OF the
belt there IL a vcritable stampede among
holders Quotations from Texas Yesterday
reported an interior basis OF IA cents for
fully middling. Augusta. Ga. marked
down the m'ddl'ng price TO sL cents.
New England spinners are practically out
Of the market and are waiting for lower
prices. Japan. which bought freely at 10
cents down to . cents. IL now out OF the
market
The corrected report OF the Census Ru-
r-au on the worlds crop for the season
OF 1914 places tho yield at 22,255.o0
bales. against 2o.976.o0 last year. Tho
crop Of the United States, exclusive Of
linters IL placed AT 13.545. 900 bales,
against I3113.0o0 last year. The India
crop II given as 3,so1.o bales. against
S,32s,0o0 last year. The Egyptian crop
70 placed at 1.47e.oo0. against 1892. 900
bales last year.