The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-08-11
COTTON TRADE WAITS
LIYERPOOL'S ACTION
Closing Of Straddles May BE In
Huenced by Settlements
To-day.
SOUTHERN HOLDERS At SEA
Reported Variance Of Two Cents
Per Pound in Price Of
Cotton.


For Virginia. thundershow ers Tuesday:
Wednesday fair, with moderate temperA-
tire; moderate southwest winde.
For North Carolina and South Carolina,
local thundershowsrs Tuesday; wednesday
generally fair; moderate south and south
west winde.
For Georgia ana Aiebama. local thunder
showers Tuesday and probably Wednesdays
moderate southeast 20 south winds
For Mississippi and Louisiana. local
thundershowers Tuesday; Wednesday partly
cloudy; probably thundershowers In eoutn
portions; moderate Gouth winds.
For eastern Texas local thundershow ers
Tuesday in north; partly cloudy in south
portion; Wednesday generally fair; mod
crate south winds
For western Texas local thundershowers
Tuesday In north and west fair in south
portion; Wednesday fair. warmer In north
ana ives, portions.
For Oklahoma generally fair Tuesday and
Wednesday except showers Tuesday in
southwest portion. warmer Wednesday.
For Arkansas local thundershowers and
slightly warmer Tuesday; "wednesday fair.
warner.
Members Of tho New York Cotton Bx-
change arc awaiting with considerable in
terest tho outcome of tho regular settle
ments In Liverpool to-day. II u believed
Of course that LiverpoolS sheet viii 20
through like olock worx. and there n no
anticipation OF financial trouble II 10
hoped. however. that when Liverpool has
taken stock OF her financial condition, as
we'll a. the cotton commitments In which
that market Is involved, there may be
moro disposition to take up tho question
OF liquldating the New York-Iiverpool
straddles. Consequently me members of
tho local exchange are Withholding judg-
ment as TO hverpoors failure to make
instant response TO the request that the
existing straddles be closed out.
Ordinarily technical matter. such
as arbtraee transactions between two
markets has less bearing than funda-
mental conditions. In this case. however.
tho buying power OF tie market would be
vitality affected by the present engage
ments with Liverpool. II seems likely. at
any rate. that no attempt viii be made to
open the Cotton Exchange until the Liver
pool Cotton Association has been given
every opportunity TO declare its attitude.
The utmost confusion prevails through
out the whole South as - the value OF
its cotton. In one part of the belt bids
Of ~ cents for middling are being natly
refused on the other hand. Savannah
Is reported to have sold cotton on the
basis OF middling at 10 cents last Satur-
day. This chaotic situation shows quite
clearly what might be expected II the
Cotton Exchange were TO be abolished
according TO a programme outlined by
some OF the Southern politicians in their
bids for Office. In addition to the practi-
cal imposs!bil!ty OF establishing a uni
form price for cotton there also 10
mains the difficulty of marketing Il IN
large way. because there are no open
contract markets IN which hedge sales
can be made against the new crop.
In local cotton circles Il Is not be-
lieved that the export business will begin
in general way much before the first
OF November. This 10 taking the most
optimistic view OF tho war situation and
granting the early elimination. either
/ through destruction OF blockade, OF the
German war vessels. II Is conceded that
foodstuffs from the United States will
have the right OF way and that no ves-
sells are likely TO be available for cotton
shipments on an important scale for more
than two months.
or the belligerent countries England
and Russia a'e the only ones that will
be in n position to do much IN the way
OF cotton manufacturing for consider.
able period. English mill operatives are
chiefly women and half grown boys and
girls Russia OF course. II isolated, and
her Industrial situation will not be sc
greatly affected. Belgium France. Ger
many and Austria arc out OF considera
tlon for the present. The present the
atre OF war Is in the centre OF the most
! important textile district OF the Continent
and the town OF Muelhausen IL ono OF the
biggest cotton manufacturing centres OF
/ Germany.
Little attention Is being paid 70 cror
news but the developments of the past
few days have been favorable. Further
good rains were reported yesterday owe,
most OF the Eastern belt. except Nortt
! Carolina, and In the Western belt hene
fetal showers fell In Arkansas, Louisiana