The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1871-04-04
COTTON COMBINATION.
The Cotton QuOfnfions-An Attempt 10 Amend
the Ruies--An Evening Paper Denounced.

The Cotton QuOfnfions-An Attempt 10 Amend
thc Ruies--An Evening Paper Denounced.
Quite large meeting was held IN the Cotton Ex-
change, Pearl street, yesterday, pursuant to O call
issued on the 80th OF March by twenty-five mem.
beers who however, did not state tho obects they
had In view. Mr.. y. D. Harrison, President OF tho
Exchange, presided, ana Mr.. James +. Wemnan
and Charles A. Eaton acted as secretaries.
Mr.. Copeland explained that there was an
Objectionable rule In forco which re-
CURED that the price OF all cotton should
be fixed by tho market quotation obtaining
on the day Of delivery and the alteration which the
party he represented desired 10 have made was TO
fix the price on tho day when the notification OF
delivery Is given.
This action, 1t was hin,ed was prompted by a sps-
picon on the part Of certain members that tho ON.
cial quotations by Which all contracts are set
tied nave on several late occasions been higher
than justified by the condition OF the market. And
at the close Of the meeting 1t transpIed that This
SEVERE REMARKS IN OBSCURE JOURNALS
respecting the integrity OF the Committee on QUO.
Mr.. Wenman, chairman Of the Committee on Mar
ket Quotations, explained the work Of that body.
nc said tat before the organization or the Board "
Brokers, the market quotations were made up by an
entirely dislnterested person, who compared the
sales and purchases or numbers " brokers and
organization or tho present Exchange committee
or seven, Of which lie is chairman, had been elected
to perform thai duty, aud he could conscientiOusly
say that they had done it TO the best interests OF
all concerned. From the first they had made up
their quotations from te sales OF cotton Oh the spot
not even taking into the question cotton TO arrive on
the succeeding day. They had considered that The
New York cotton quotations, which were daily dashed
By the telegraph all over the country SHOULD be made
up from sales and purchases OF cotton actually IN
New York. The committee had never yet made
quotation without knowing that they could either
buy or sell at It. Mr.. wennan contrasted the quo
tltiO1S OF with those Ot to-day, show.
ing that at that time there were often differences or
az much as two cents per pound, whereas now there
were seldom any differences at all, ana those but
small
proposition 10 refer the subject to the Board Of
Managers was lost by large majority, and Oh taking
the sense OF the meeting tho president decided that
the Old standing rule be still adhered TO-
Mr. Hlrsch 0flered resolution that contracts for
future delivery cover oil grades OF cotton instead OF
as now, including only good ordinary 10 good md
ding. This was lost
Mr. Copeland moved that In lieu OF
THE PRESENT SYsTEM
each broker send his report to the superintendent
OF the Cotton Exchange who would then make up
the quotations.. The resolution provoked an ant
mated discussion which terminated IN the adoption
ton committee ae follows:-
Resolved, That ID the Of the meeting that the Com
iitee on as present have our full
n the most equitable and impartial manner.
Resolved further That in giving the Exchange the benefit
when the demands their require their
services the committee place as members oil the E.
paid With our thspks thew arc vet endered most nearby in
token Of our appreciation of their labors.
A lively debate then took place concerning tho
authorship OF the newspaper paragraph referred IL,
which, however, terminated without result.
After resolution had been adopted requiring that
signers OF calls for failure meetings should spccl-
cally state the object IN view the meeting adjourned