New-York tribune., 1914-11-23

Liverpool on Monday, after having
been closed for fifteen weeks, and the
surprisingly heavy ginning figures
made public by the Census Bureau on
Saturday were the principal features
In that line of trade. The opening Of
the local exchange was marked by
steadiness, with some prices advancing,
but since then there has been light
trading, with everything except old
December options tending 90 n lower
level of prices. There was sharp
drop on Tuesday, with rally on
Wednesday, and weakness since then
One result of the first weeks trading
is n lessenlng of the fear OF any seri-
Gus disturbance in the market, in spite
Of the huge crop indicated by tho gin
ming figures
There is considerable urgency in
some quarters regarding the proposed
clearing house, as IL is believed that
with the Federal Reserve Bank system
in operation il would be of great bene-
III TO the trade. But all the loan pools
and syndicates and other measures Of
that sort are at best only temporary
They simply remove the cotton from
the market. but do not provide for or
promote its consumption, and that, af-
ter all, is what the Southern growers
are most In need OF. Storing cotton is
allowing II 10 eat up interest and in
surance charges, and TO just that ex-
tent increasing the loss. unless tho con-
sumptive demand reaches point where
higher prices are warranted by trade
conditions.
All the alleged helpful measures.
however, have not prevented decline
IN the Southern spot markets, while
somo futures here went down to the
equivalent of or cents pound.
For instance, good ordinary, at 300
points "of" middling, reckoning De-
comber at cents, was down TO 1 cents,
whilo strict good ordinary, at 200
of" reached 3 cents Good ordinary
is not deliverable on contracts, but
strict good ordinary is, with moro than
5000 bales In the local certihcated
stock.
Ginning figures, showing 1l,62f,70S
bales produced to November IA, indi-
eating a crop of about 100000 bales,
were surprise TO the trade. Possibly
100000 bales have been ginned since
November II, while 20 far this season
only 4,06S,7l4 bales have been brought
into sight, comparing with 6.973,537
bales last year. The amount Of cotton
already ginned and available for mar
ket in the South IS probably not far
from 6,500,000 bales. and there Is a
grave question whether the South, with
ell the sustaining measures proposed
and IN operation, can carry the load.
In this connection II is noted that tho
Egyptian government has come TO the
aid of small growers with what
amounts 90 valorization plan, buying
tho cotton and storing IT until better
times come &c the trade.
In Other Markets.
There has been little or no striking
change in the country produce mar
kets. Eggs Of the best quality have
held 60 their abnOrmally high figures,
with medium and lower grades crowded
on the market and pressed for sale.
Fluctuations IN butter, fruits and veg
etables have been governed by daily
supplies and demand, with a general
tendency toward lower prices, caused
in a measure b. the competition OF the
public markets, which have been dong
q rushing business.
In livestock and dressed meats trades
there have been signs of weakness, eX-
cept for fine calves and veal and the
better qualities OF lamb. which have
held up 20 extremely high figures. Hog
products have been weaker. There y
considerable nervousness over the
spread Of the foot and mouth disease
and the consequent destruction OF
large number Of cattle which have been
milk producers, with the slaughter
house as hnality, and the stoppage Of
interstate traffic in some cases has had
an effect on the n arkets. How far this
will extend and to what extent il will
affect the meat supply are questions
which no one can answer az present,
but every effort possible is being made
10 stamp out the disease, and with some
prospects Of success.