The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-11-07
RAPID PROGRESS ON
COTTON SYNDICATE
Developments Point to Reopen.
ing Of Exchange Here by
November 16.
LIVERPOOL TRADE STEADY

All known factors ts1 the cotton stsia-
ton point to reopening OF tho New
York Cotton Exchange by November H.
Some complications may arise which will
| cause delay. but they do not enter into
present calculations. Developments yea
terday were highly favorable, consist
Ing as they did of rapid progress in OBJ
tanning signatures of the members OF
firms to the corporation syndicate agree
ments. the opening of the Liverpool cot
ton market with trading on n restricted
basis and Mt level comfortably above
the minimum OF 4.25 for May-June.
Trading in Liverpool consisted only
of liquidation of old contracts SO far az
selling WAS concerned, but new buying
was permitted. The opening price was
4,4O aud the close was at 4.34. The top
was AS. Spot sales were 5000 bales, of
which 5000 were American cotton.
The relative steadiness OF Liverpool
was construed IA confirming the fallacy
of the basis fixed for the liquidation Of
stradde transactions, namely 425. Prices
on the local curb were up, reaching
I62 for December here. The conference
committee sent a cable to Liverpool adj
Naucing the ballot price TO 7.75. There
Is 4 disposition to keep the ballot price
slightly above the level Of trading on tho
| curb" Moreover, spot prices In tho
South. which range from 6%c. to 7Lc.,
arc well above the parity represented by
tho arbitrary price set by Liverpool
None OF tho cotton assigned conditionally
by Liverpool TO American account has
been accepted by New York Arms.
II seems likely that the conference COM
mittee had some presentiment that liver
pool would try TO turn over TO New
York an enormous amount OF cotton az
bottom prices. for some time ago y
stipulated that the maximum amount
that could be allotted to New York in
one day would he 5000 bales. Conse-
quently when Liverpool tried TO turn over
10000 bales last Tuesday there was no
obligation to accept the offer.
In the United states court yesterday
Col. Robert NJ Thompson withdrew his
composition offer for the creditors OF =
II. =. Pel a CO.. and as matters now
stand the estate will go through the
process Of bankruptcy. and Col. Thomp-
son will put In his claims against the firm
as II creditor
This action should not be confused with
the application to the United States court
for an order permitting the sale OF the un-
hquldatcd cotton contracts OF Pell & Co
to the CorpOration-Synd at . cents
hearing on tho application for this
order viii he held to-day. and II is gen
orally assumed that favorable action will
be taken.
The granting OF this order by the
United States court should go far toward
d'Sposing of the contention made by some
delinquent operators who have stood out
against paying up their losses on the
ground that the closing of the Cotton
Exchange on July 81 invalidated their
contracts and relieved them from obll-
CATION below the basis OF the closing
prices. The recognition by the Federal
court OF further obligation certainly would
not sustain the arguments OF such delin
quents.
with tho handing down OF this order
to-day 4 should ba possible for the con-
ference committee to make almost inme
dlpte announcement or the date on which
the Cotton Exchange will reopen.
southern spot prices were steady yes
tcrday. Cotton Is becoming increasingly
hard to buy In tine South. Local brokers
say that middling cannot be landed now
ut New England mill points for less than
7aic. This iE nm advance OF nearly ono
cent in the last two weeks.
Exports yesterday were l7,2is bales,
including nearly $4,000 to Great Britain.
The into sight for the week was estimated
AT Boz. 900 bales. against $4,000 hast
year.