New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1914-09-26
SPOT COTTON
PRICES DECLINE
Report of Committee Indicates
an Early Opening of
the Exchange.

The report of the special committee
on rules and bylaws to the managers of
the New York Cotton Exchange was
made public yesterday, and the recon-
mendatiOn that q temporary contract
be adopted for use until the new cot
ton futures law becomes effective on
February 18 was regarded as a fur
Their indication that a resumption of
business is hoped for within the next
few weeks. The committee states that
il has been shown every courtesy and
consideration by the Department of
Agriculture. believes the department
earnestly wishes to provide rulings and
regulations which will prove to be for
the best interests of the trade" and
continues: Your committee is Of the
opinion that the expression of our views
as merchants will be reflected in such
rulings by the department as will per-
NIT the operation of sound and bust
messlike methods, in full compliance
with both the spirit and intent Of the
United States cotton futures act" The
committee is of the opinion, however,
that new rules and bylaws should be
effective on the day the exchange re-
opens and that trading in existing con-
tracts should be confined to liquidation.
II is therefore proposed that new
. contract SuOulu DC hNOpbSu DdoCu uPOl
the present government grades, and
that the present system of fixing diff
ferences shall be employed until rul-
ings can be secured from the Secre-
tary of Agriculture and the law be-
comes effective. On that date it is
proposed to fix differences daily in ac-
cordance with the rulings of the de-
partment, and to incorporate into the
contract such other changes as may be
necessary to meet the requirements Of
the law.
The report of the conference COM
nittee indicated that LOO bales of De-
cember contracts had been liquldatcd
at &c by ballot on Thursday in Liver
pool, making a total liquidation Of
5000 bales so far reported. The days
advices from the South indicated fur
Their weakness in the spot markets.
Rather heavy rains were reported IN
eastern and central sections Of the belt,
and the outlook was for further pre-
cipitatiOn in the East, but these reports
failed to cause any change OF senu-
ment as to the size of the crop.
Weekly movement figures Of the New
York Cotton Exchange: Port receipts
80 ,287 bales, against 37O,O55 last year;
overland to mills and Canada 2,4l9,
against 5,0l8 last year; Southern mill
takinrs, estimated, 10000, against Co.
COO last year; gain of stock at interior
towns 1886, against 25,42O last year;
brought into sight for the week lSl,lll,
against 465,493 last year. Total crop
movement - Port receipts 29O,O42,
against I 1927 $50 last year; overland to
mills and Canada 8,40l, against 3O,5Ol
last year; Southern mill takings Io,OOO,
against 254796 last year; stock at IN
terror towns in excess of August !,
117357, against $1,000 last year;
brought into sight thus far for the
season 493, 800, against l,675,9S2 last
year
The local market for spot cotton was
nominal. Southern spot markets were
quoted as follows: New Orleans steady
| at S6sc, sales 667 bales; Charleston &c
/ lower at sac, sales so; Memphis, &c
lower at sac, sales 1000; Augusta, &c
lower at sac, sales 604; Galveston, "a
/ lower at SIC, sales 1870; Mobile
/ steady at SIC, sales so; Houston quiet
at SSsc, sales 4,lO9.
Liverpool, Sept. 25.-Cotton-Spot,
! limited business; sales 4,2O0 bales, IN
GLIDING 3,40O American on the basis Of
6.55d. for midding. No imports. Week
Ily cotton statistics Imports 5000 bales,
! American 5000; stock $4,000, Amerl-
can $4,000; forwarded 10000, Amerl-
can $4,000; exports 1000.