The New York herald., 1874-05-22
A Proposed Convention Of Cot
ton Exchanges.
THE MONEY MARKET.
Gold q Shade Firmer-Shipmsnts To-Day
Sales by the United States Treasury.
STOCKS BARELY STEADY.
WALL STREET,

THURSDAY May 5l-o r M.
There 10 now under discussion question as to
the propriety OF calling convention Of the cotton
exchanges OF the country with the view OF attain.
ing more certain and definite results and acquir-
ing more in ormaIion than can be had at present
concerning this crop. The idea is good one. Cot.
ton lorms such an important part OF our CONNER
cal machinery, and Is 50 largely identified with
the movement OF large sums OF money az home and
abroad, that II should be the aim OF all who are
connected with It's production and sale to supply
tho most trustworthy statistics. For instance,
more efficient system Is needed for obtaining
ccpts at delivery ports, not yearly or monthly,
but dally. 1t is also desirable to have more COM
plete reports OF the interior movement; more
perfect estimate OF what might be called the in
visible supply, and method or scrutiny
that Will prevent errors from counting
and recounting stock IN process OF snip
ment from one locality to another. There should
also DO statement OF che overland movement,
the consumption North and south, and IN short,
such division OF labor IN making up these re-
ports as that absolute correctness would be sc.
cured on the part of those doing cotton business
in the various sections OF the country There Is
scarcely Southern city in which the existence OF
COTTON EXCHANGE l
would not prove or incalcuab!e benefit for II
would be but little time before the united labors
oi national Importance from an arthmetlcal, CON-
mercial and meteoroogica point Of view. II
network OF these exchanges existed to-day in
Louisiana a week would suflice TO coliate vau
able and trustworthy facts concerning the cotton
losses ana prospects in every county OF the inun-
dated region. The information would go Tor ward
to New Orleans and We should derive knowledge
that has no little bearing upon the fuJure OF the
trade. The Illustration hk kewise apples to other
portions OF the South, and there Is no good rea.
son why well concerted effort should not be
made, having for its object the collection and pub
ucation OF this KIND OF reports.
FOREIGN INFORMATION.
We observe IRON our London exchanges that q
movement is on foot to enable the working classes
OF England to purchase consols in small sums
through tine agency OF the Post ONCE, even to in
vest small amount as 81 LIS. 4d.. yielding in
tcresr at the rate OF Is. a year. committee OF
gentlemen recently waited upon the Chancellor OF
lie Excnequer for the purpose OF presenting the
subject to his consideration, and that official now
nas 1t under advisemant. The chief objection
urged that it would overload the Post office de-
partment with additional business. The Chancel-
Ior states that ne has a similar scheme, which may
possibly be more advansageously operated than
In the manner above proposed. The Bank OF Eng
land made gain OF f5ss,ooO in bullion
closed up quiet and firm at the follow
Ing quotations :-Consois for money, s315 a 931s;
90. account, 93h q e3s; fve-twenty bonds OF 1865,
old, 1o7k; do. 40. 1857. 1oe,s 1925; ten-iorty
bonds, loiI; new hves, 1915 a lo4ss; Erie, 81
a2A; New YORK Central, ssA The bank directors
1t their regular meeting TO day did not change
the rate OF discount and it remains at per cent
The proportion OF the bank to liabilities is
now Ak per cent against 3f1s per cent this day
last week. The specie in the Bank OF France has
increased during the week 9.64f,00o francs. In
Frankfort, United States bonds are strong and
higher 1925 being quoted at 93i, and 1868, old,
at lelA. Rentes in Paris closed at 59f. 55c
THE MONEY MAREET.
Money on call was easy at the close on the basis
Of per cenr. Foreign exchange was dull at 4.S71z
4sS for bankers 60 days sterling and 4.eol 4.9l
for demand.
GOLD
was a tribe hrmer to-day, opening at l12k, al.
vancing 10 l12z, receding TO ll2is and closing at
ll25s The rates paid .or carrying were "a, nat.
and Dnaily per cent The operations OF the Gold
Exchange Bank to-day were -