The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-10-29
LIVERPOOL POLICY
AGAIN CRITICISED
English Cotton Trade Purchases
on "Call" Retard Ad-
justment.
KILLING FROST IN BELT

In response 30 q call from Edward VI.
Weld, chairman Of the conference COM
mittee. there was a meeting yesterday
afternoon in the gallery OF the exchange
building of members of firms with con-
tracts open for Liverpool and also those
having straddles open between Now York
and Liverpool AZ this meeting, which
was called for tho purpose OF letting the
members interested in the intermarket
transac tons know what had been done by
the committee up 10 date. II developed
that there IS fairly well grounded con-
vction that the New York market has not
been fairly treated by Liverpool
While there is no disposition to take
snap judgment and put the blame on
Liverpool 10 such an extent as 20 charge
wiiful violation OF the letter and spirit OF
the conference agreement drawn up some
tifno ago II was openly admitted at the
meeting that the cotton situation from one
standpoint at least had been badly ham
died by the Liverpool authorities.
The COMPLAINT Is based chiefly on the
failure TO prevent English spnneTs from
buying cotton ION cali" In other words
spinners have been permitted 10 make con-
tracts for cotton on the call" plan with
out fixing tho price, which would neces-
State their buying in the futures In this
way they have virtually borrowed the cot
ton which they have used in their estab-
llshments and have kept short OF the con-
tract market II they had been compelled
60 FIX the price 60 New York had been
given assurances would be tine case an
amount OF contracts would have bean pur-
chased equivalent 10 tho amount OF cotton
which they have taken. BY keeping short
In this way the English spinners have do
prived the market OF buying power est
mated az nearly 10000 bales
II $4,000 bales OF December cotton had
been bought In this market through the
undoins OF the intermarlset straddle the
present tangle would not be as trouble
some as Il IL. some rather sharp cables
have been exchanged on this subject. and
the meeting yesterday indorsed the action
OF the committee and recommended such
further action "a seemed advisable.
Further frost was reported In the cotton
belt yesterday. with some OF Il OF the kill
ing variety. Temperatures as low as % de-
grees were reported from the CarolinAs
while freezing weather also prevailed In
the central and parts OF the western belt
Not a great deal OF damage is 10 be
expected. although the crop might he
affected 10 the extent OF half a million
bales at the outside. II should he borne
IN mind that az least l0.50o,0OO bales
have been picked up to this date and
that a fair proportion Of the crop lies
outside the frost area.
Cotton prices in the South range from half
a cent TO three-quarters of cent higher
than a week ago. This Is a direct re-
hect!on OF the Improvement IN the gen.
eral cotton situation. The Endorsement
OF the Wade syndicate for sl35.0o0.0 600.
the assurance of an early opening by the
New York Cotton Exchange. the resump-
ton OF exports 20 Germany and Austria,
and possibly the sentime ntal effect OF
frost damage have been the chief factors
causing the advance. Interior prices In
Texas now range from 6i.c. to SIC.
compared with q minimum Of 5a4c. last
week.
A report from the clearing house COM
mittAe IS expected later this week, al
though one member Of the committee
said yesterday that II might not be ready
until ..rly IN the coming week