The Charleston daily news. [volume] (Charleston, S.C.) 1865-1873, 1871-06-19
TIE NEw FORK COTTON TRADE.
The Cotton Exchange-An Interesting
Sketch of its Origin, Present Condition
and Prospects.

and Prospects.
[Frcm the Journal OF Commerce, June 1871
At a meeting Of the New York Cotton EX-
change, held yesterday at No. t42 Pearl street,
the plans presented for the new exchange
building, in Hanover square, were adopted
amid much enthusiasm. The new exchange
will be located on the property occupied blythe
Hanover buildings, covering q plot OF ground,
recently purchased, bounded by Pearl. and
Stone streets and Hanover square, about sew
enty feet front by seyenty-hve feet deep. The
building will be three stories high, with the
exchange on the first floor. The land. with the
buildings thereon, was purchased for Sis 600,
and it Is expected that about $40. 1000. will be
expended in altering and Improving the prop
erty for the use of the exchange.
This action on the part OF the members OF
who ore permanently engaged, and are OF
good standing in the cotton trade Of New
York, is'a development OF fits strength as an
organization, and q manifestation Of the i'm
portance Of the trade in this city that deserves
more than a passing notice, Fifty years ago
the dealings in cotton, then brought rom the
Southern States to this city in a few small YES
sells making long voyages TO the Calf States
and freighting cotton as the smallest portion
of t&eir cargo, formed a very iusigfcant and
unimportant part of the business OF our mar
ket. The larger proportion of the cotton crop
of the South was sent direct to Great Britain,
even Philadelphia shipping more than New
York: and the market here was quoted week
ly in the style OF ''prices same as last quota
TONS" The following extract from the Jour
nal of Commerce of September Is, 1927, shows
what proportion OF the shipments OF that per
iod from New Orleans were made to this
'sNEw ORLEANS, August Is, 1s27.-Cot:on-
Imports from Friday morning, the loth IN.
slant, up to yesterday: From Natchitoohes, "a
bales; Pensacola 20; together, A. Cleared 10
the same time for LIVERPOOL, 2346; Philadel-
all 306S, making a decrease in STOCK OF 30l9
bales. The, sales OF the week. consist In 27a
bales OF middling and inferior Alabama at
and "a cents, and Sc bales Louisiana and MIS-,
sIssippi at II cents down, according TO quahty:"
The exports for the season OF ls?6 and ISL
from the United States were given IN the Jour-
nal of Commerce, of November %, 1927, as
follows To Liverpool this year, 555, oos 6aSe
&c: to London. 1926. and to Glasgow. 4l,639,
making 8 total of 604, l62 bags and bales.
The trade with the South from New YORK
continued to Increase. larger SHIPS were
~freighted and sent to southern porls, anu'
with sugar AMI molasses as heavy return car
goes, cotton was taken at low rates to MI up
the vessels. The lower rates OF frelsnts en-
abled the New York merchants at length 10
send cotton to Great Britain a. less prices IMAM
it could be sent Tor direct from the cotton
growing States, and the Afternoon Oh r EarG 3ptrai
BUYERS was drawn 10 New YORK. Ine lnUo-
duction Of ocean steamers in competition WITH
tha broad-built London and Liverpool sailing
vessels gave a rev impetus 10 the trace.
which had already been enllvened by the
coastWise steamers running to this city from
Charleston and Savannah. In ls39-4o the eS-
ports amounted to about l,soi,Sll Dales, III
for ls26-27. New houses were formed here
deyotinr almost exclusive attention to
the cotton trade. its quotations. were
more rseular, aud the Importance OF
New York as an exporting cotIon. port
was acknowledged both In Europe apd
al the South. Then the great triumph Oh s9s
century, the electric telegraph was placed 10
the hands of the merchants. and with Its rapG
communication between BUYERS and sellers,
the Increased facilities gained by the banking
community In effecting exchanges, and tne
numerous lines OF TRANSATLANTIC ana coastWlse
steamships having New York City as thelr
connecting port, the cotton trade assumed eX-
traordinary dimensions. Cotton sent to Europe
on slow sailing ships was sold IN trdnSata oy
the New York merchants and brokers, the
sealed samples being sent North by steamers
the plarters-or factors atthe South guarantee
inc the correctness Of the samples, which were
I'm turn forwarded by steamer to Europe anu
sold to arrive, or sold to exporters here. The
East India cotton, always of q poorer qualify
and bringing lower prices than American
cotton. was nearly driven out OF the european
marksI. The. East India planters reallIeu
theirasituatio and boarded their cotton IKE
silver. dollars, waiting Tor on opportunity 70
send it when, by some cnanee, tne Anerican
supply should fail. T.. - -.
The New York houses werein q prosperous
condition tudslarSe fortunes were being real
ICED, when the war Of the rebellion com
menced. The Southern ports were biockadee.
the supply. failed, and the trade was orougnt
nha E,cf India cotton WAS Sent
forward, and some Of it actually lmportedU
the United States. Many OF the new fork
cotton merchants retired from active busl-
ness. With the revival OF trade at the close OF
the war, came almost an entirely new per
sonnet in the cotton business OF New iork.
The trade, however, is now composer oi soMe
of the most intelligent, active and enersetlc
merchants, bankers and brokers In the CON-
mnnity. gentlemen well known Tor strict IN
tesrity in all commercial TRANSACTIONS, aao
who cannot !ailto maintain the hiSh stana:n
already achieved by the business men Oh New
York. n,
otter its close, the trade relied for Its reports
and quotations upon the daily newspapers:
While the business was confined TO safes OF
cotton on the spot, those reports were suui'
Client. but when business commenced ~ cou-
tracts for future delivery. something Oh an
oaicial character was desired TO decide dlsa-
.yreements which would sometimes arise as 10
The value of co! ton on the day OF settlement
On September 23d, 1868, the cotton brokers
established the New YORK Board OF Gotsq y
Brokers, meeting at the office oil Mr.. James r,
Wenman. for the purpose Of making rules and
regulations for the general benedto Of the trade
onotalions we're made by taking the average
Of the daily reports OF the various brokers q:
sent tn the secretary. The. operations OF tnls
board proved satisfactory until the contrac,
business assumed such large proportions Thai
operators felt warranted in demanding a voice
In the regulation of the trade. AZ . meeuae
of the trade held in the Office OF Messrs. Duial:
l. Walter, in July, 1870, the preliminary step
toward the formation Of an Exchange Wers
: taken. and on July 20. Of the same year. "is
constitution and Hy-laws were adopted.
The New Yo.d Cotton Exchange was 1uily
organized on the 10th OF September last, witt
about one hundred members, and to-day nun
bers nearly three hundred. The following -
list Of it's officers: Stephen D. Harrison, presl
denS James F. Weuman, vice. president; ar
th,r 70 nrovaa trpaSurer. William H.. Bunker