The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-24
COTTON EXCHANGE
PROBLEMS SOLVED
Early Resumption Promised.
With No Likelihood Of Fl
nancial Trouble.
CONJECTURE AS TO PRICES

| Nothing of Importance developed on the
Cotton Exchange yesterday. but II is gen
orally assumed that business will be re-
sumed inside OF n week or two 1t is
known in All unofficial way that tho
big questions upon which reopening Ii
contingent have been threshed out and
the task that remains is chiefly an adj
justment of details. Gossip. and gossip
alone. furnishes tho basis for tho report
that tho support Of the syndicate plan
/ was not unanimous, as two or three firms
are said TO have taken the stand that
the general welfare was no concern of
theirs so long as they themselves did not
require assistance, Happily, however,
this was tho decided exception. and the
responses to the appeal of the committee
have been fairly amazing In the generos-
! ity OF spirit and the financial strength
that was Indicated.
u has been the ideal Of Chairman Ed
ward NJ. Weld and his associates on the
conference committee TO reopen the Cot
ton Exchange without failure. This
hopo probably win he realized. thanks
20 the sound Judgment with which the
negotiations have been conducted as we'll
as tho broad spirit Of cooperation eX-
limited hv almost the entire membership
The origination of the syndicate proposal
the tact displayed Ia working out It's de-
taile. the patience shown In meeting tho
objections Of recalcitrant members have
resulted IN accomplishing something that
apparently ives impossible. and tho gem
eral sentiment of the exchange toward
the committee Is one of admiration and
gratitude.
With practical eFgirencs that the eX-
change will open soon for businetJ mem
beers already hre beginning TO make con-
lectures as 10 the course OF the market
! when business IL resumed There IL such
"A general feeling OF pessirnlsm that II Is
not surprising that many cotton men look
for stu lower prices. At tho same time
the judgment of tho conservative element
does not pronounce In favor Of a further
and lasting decline. II would not he sur
pr!sing n those who look for five cent
cotton should bo iudcly awakened The
chief point that seems to have been over
looked !n the establishment OF prevailing
quotations IN the South Is that cotton has
been selling EEK" the Cotton Exchange
The level Of six cents and below in the
interior represents the acme OF discour-
agrmcnt on tho part % holders NJ a time
when spinners cannot buy because they
have no, hedging Insurance facilities
Banks have hccu reluctant 20 lend more
than the minimum amount because the
holder Is denied the protection OF tin,
future market No forward contracts can
be made except In n highly speculative
NAs' al Oh WHICH goes 10 SNOW ifit 20
the experienced cotton man the exchange
IS means for the elimination OF speciI-
lition In his transactions
the biggest siuglo Influence IN tho res
torator ~ normal market for cotton
viii be the active resumption Of business
on 'ho New York Cotton Exchange No
section OF the country realizes tnig any
more clearly than the South. which has
been going through course Of instruction
in economies that Il is not likely soon 20
forget.
As a matter OF fact the sound economic
views advanced by the Southern press
IN the present cotton crisis have fur
nished revelation to those who Tor
years have seen little but III considered
abuse of the money devil in It's columns.
The restraint and the wisdom shown In
the southern newspapers has been tho
subject Of most fattering comments. An
editorial which appeared in the Houston
Post on October 10 was read with great
interest Yesterday by the members Of tho
exchange. In its comment on the cotton
situation this journal said
The more we have investigated our
cotton problem and the deeper insight
we gain OF the conditions which have pre-
cipitated Il. the more certain We are that
self help Is the key to the situation. The
bankers movement will supply Ill the
financial resources needed. ana & Is for
the Southern farmers. merchants ard
landlords To- do the rest. There will Dee
a market soon that will enable farmers 20
sell part OF their cotton nt a fair price
and this with what they borrow on the
hasis OF $40 n bale will enable them to
lIduidate their debts and readiust their
operations 20 the situation created by the
war
Therefore LEI no man be disappointed
at the failure Of the futile remedies that
lt7ve been prop sed in Congress and In
our Legislature. Government should never
he asked or expected 10 do for the in
divldual what ne can better do for HIM
self IF the Federal Government. were
to undertake to relieve all Industries and
vocations which have been distressed by
the war Il would DO crused by the task.
because as matter of fact II has No
resources with which TO perform Il.
The potert,a,lty OF this nation lies
rather in the individual effort Of It's
citizenship directed by the best individual
Intelligence, strengthened by untiaEging
Individual energy and coordinated by an
all pervading spirit Of patriotism. The
South will emerge from It's embarrassment
Infinitely stronger for having solved its
own problem through the application Of
sound principles and tho utilization OF
practical methods. II We had depended
upon the Government we should have re-
manned dependent. whereas ultimately We
are bound to emerge economically indie
pendent for all time. This will reflect
great credit upon us and IN the end the
material rewards will be Rtupendous"