The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-09-23
COTTON SENTIMENT
Is MORE CHEERFUL
Committee Reports Expected
Pave Way for Reopening
Of Exchange.
McADOO TO INVESTIGATE

In the light OF pending developments
II Is believed that the time Ia not far
distant when the Cotton Exchange will re-
open for business. The obstacles stiil IN
the way of an early resumption are OF
imposing magnitude. but some splendid
work has been done by the various com
mittces which have had charge ~ the
different questions and some excellent re-
suits are foreshadowed. The voluntary
committee and the conference COM
mittee. Of both OF which Edward NJ Weld
Is chairman. have shown extraordinary
efficiency In bringing order out OF the
most chaotic condition in which the mar
ket ever WAS involved. The conference
committee may report on It's syndicate
plan at almost any time In the near fu-
ture. although no date has been set.
The special committee. which went to
Washington last Friday TO confer with
officials Of the Department OF Agriculture
regarding changes necessitated by the
Lever act Tor the regulation Of trading In
cotton futures. Is expected 10 make its
report to the board - managers to-day.
Nothing is known except In a general way
OF the character Of It's recommendations,
but the best Of feeling has prevailed be-
tween the members ~ the committee and
the Departmen officials, and this ccopera-
ton has been no small factor in causing
a satisfactory solution Of some very
ticklish problems one Of the agents NJ
tho bureau Of markets under tho Depart
reut Of Agriculture has been here fNr
several days consulting with the members
of the exchange regarding changes in the
contract system resulting from the enact
mont - the new law.
II was thought that the extension ~
the moratorium in Great Britain 10 Mo-
vember might interfere with an open
ing by the Liverpool Cotton Association
befort that time II Is explained. how
ever. that the members 81 the Liverpool
Cotton Association. while making no cash
settlements. will exchange mutual credits
thus practically furnishing a currency Of
their own within the exchange. one In
dicatiou that the work " the conference
committee Is nearly completed Is FUR
nished hy the report that 'he English
members. Messrs. Whnerav and Smith.
are expecting to san for Europe on the
Mauritania next week
Considerable interest was attracted ny
Secretary McAdoo's statement which
was intended as n reinsurance 20 cotton
farmers that the Treasury Department
WAS doing all IN its power 10 furnish AID
There was general appreciation OF the
Secretary's announcement that he had or
dcred an investigation 81 complaints to
the effect that CERTAIN Southern banks
were charging excessive rates Of interest
and restricting credits II y the Score
tary's intention 20 withdraw all Govern
ment deposits and re'us" 10 issue cner-
gercy currency 10 any institution found
guilty ~ such conduct
The conference ~ Governors OF the riHc
cotton States which taxes place IN WASH
ngtor next Mondav. is likely 20 have
submitted ~ II plan 20 insure a reduc-
: ton In the acreage ~ cotton planted
next spring The proposal will call for
Federal taN OF $50 per bale on all cot
ton unless the planter reduces his acreage
/ 50 per cent The proposal OF a Joint issue
OF $3.50. ZOO. 600. with interest A. 2 per
cent, does not meet with approval IN
conservative circles. l. * argued that
| this plan 20 ValoriZe 5000. 600 bales of
cotton is likely to fall through because
/ buyers FOR the bonds are likely 60 he
4 found wanting.
Regarding an early opening ~ the Liver
/ pool Cotton Exchange correspondent
writing I'm the Manchester Guardian SAYS
/ eft REQUIRES more than tho ordiuar'
. amount ~ courage to lis any date FOR the
! resumption OF business In an open market
FOR there are stlll many dfhculties bar
ring the Way and - soon as som" are
cleared away others present themselves
= There is however. a general feeling tha'
gradually those IN charge ar mastering
tho situation and that as soon rs - IS a,
AN practicable matters vii be :" arranged
thar business will bc possible on something
like ordinary lines. II can only h" ~
pectcd though. that for cons'dcrah'e
time there viii he many restrictions
South IN spot markets were irregular
mn 10 o.. lower Augusta declined - -
the basis 81 50. cents, while Nor'oIN ""'
!. higher, at sTs
rhe ,ool,lv weather report was gen
o.au,. construed as favorable. Conditions
u.oro favorable 20 the rapid progress
or nlcldng Texas and oklahoma, a''houst
rain can,cd some interference IN W'
Carol,r,s Georgia and Florida