The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-01
COTTON MEN AGREE
TO ABIDE BY PLEDGE
Liverpool's Action Fails to In
fluence Position Of Local
Exchange.
WORK ON CLEARING HOUSE

Liverpooi's action In marking down the
price OF Jsnusry-Feoruary to 8 pence
on Tuesday furnished the basis for =
meeting OF the Cotton Exchange member
In the gallery yesterday morning ano
at this meeting the situation was as thor
oughly discussed as was possible. TIL
mmbers OF the conference committee made
It clear that Liverpoors latest move came
as a surprise and 1t vas even suggested
that there had been a violation of the
agreement between the two exchanges
on this point there was some difference
OF opinion. as the hnal paragraph 10 thu
conference agreement merely stated tina.
margins would not be asked Tor below
the basis OF 8 cents tor December snO
5.25 for January February.
The stanch sense OF obligation wa
never better demonstrated than at this
meeting. when the decision was rea hec
that the New York Cotton EKchang'
should stand by its agreement with Liver
pool and mark cUn,raC. down to the
basis Of nine cents In ac ordnance with thu
prearranged plan II was admitted thai
the step taken by Liverpool vas suhcien'
Justification for cdncellng all previous
agreements. but II was also felt that SOM
consideration should be given u tAe pres
sure which might have been brought &
bear on the English market Several pri
tina, the action OF the Lancashire spinner
In goins TO Parliament had considerable
weight In forcing the reduction In tn
price OF January February
Al the meeting II was decided 20 con :
tlnue the conference committee In powe
and to instruct n TO make the best settle
ment possible under the circumstances.
The whole ncident has cast more o.
| less gloom over the outlook. but well In
| formed members OF the exchange believe
/ that the conference committee Is worklnf
with intelligence and loyalty 70 the bee
interests OF the exchange and that th'
! ult' innate outcome IL by no means as nope
! less a. IL now appears on the surface.
/ The special committee having ,harge o
! the Clearing House proposal IS deNotn.
] considerable time 10 investigation o. plan
| laid before H. Suggestions have been IN
vited from various members OF the en-
! change, and tnasmuch as sentiment u
strongly In favor OF a Clearing Hous'
system that will do away with the arcnai'
method which has resulted In the Tying
up OF millions OF dollars In closed con
tracts. as well as involving The member
in ruirous street losses there IS Nttf
doubt that the EFFORTS OF The commute
/ will result In a feasible plan.
The Crop Reporting Bureau OF the De
! partment Of Agriculture will Issue 10
report on the condition OF the co,to'
crop at noon to-mo row. The Census Bu
reau will issue Its report AZ 10 oc!oci
tomorrow morning giving the amount
cotton g!nned TO September p. .
Giles IN her report issued Yesterday mad
the condition OF the crop IS 5 agalhs
1876 two weeks ago and 1873 at the en-
OF August
Southern spot markets show some fur
,her weakness. although the decline u
not as pronounced az u was ear Ter In ih'
week Savannah is unchanged at I I
cents Augusta steady and unchanged a
ia cents. Little Rock y lower At -
cents Exports reported yesterday wer
l4.s44 bales, max ag total Of llTooo
against i176,000 last year
4 good business Is being re0orted 20
the export trade In cotton goods. 7; .
estimated that during the past week bust
ness 10 the extent OF one million dollar
has been worked chiefly through III
n. b Claim Company There has beer
heavy buvins OF sheetrT Nv the Frencl
GOV rnnent but the business also In
cludes prints cotton duck, underwes r
blankets. towels and other lines OF me-
chsndse Tor quick shipment