The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-07-24
THE COTTON CONVENTION.


ELECTION OF PRESIDENT, VICE PRESIDENT AND
RESOLUTIONS AS TO BILLS OF
LADIEG AND THE TEXAS PACIFIC RAILROAD
GREEN BRIAR, WHITE SULPHUR SPRINGS,
West Va. July %, 1875.
After arduous days session the Convention
of Cotton Exchanges adjourned at ten p NJ. until
tomorrow. An extraordinary amount OF impor-
tant business was trnsacted, but the Conven ton
went out OF It's Legitimate routine to take up the
Texas aud Pacific Railroad scheme. This occa-
stoned sharp discussion, the proposition meet
ing with serious opposition from some OF the
Northern members The Southern members
all fought for this project which Is con.
sidered so essential to their greatest interests.
Upon cirG Uoce vote a division was called for,
resulting for the proposition, 80 TO 20. In addition
TO recommending the complet ion OF the road the
Convention requested The represen OF cir
different States in Congress TO urge the govern
ment to guarantee the punctual paynent or the
interest on the bonds OF the road which are to be
secured by first mortgage against every contn-
gency that might arise. This question thus dis
posed OF the regular business was resumed. The
President was authorized to appoint COM
mittee of five OF the New Orleans Exchange
on statistics whose duty it shall be to prepare
ana publish monthly statements OF overland
movement, receipts at ports foreign exports and
nEures for The years 1876 and 1877. Provison was
also made for The continued publication or
monthly national crop reports The Executive
Council was further authorized TO change the
domicile OF the Naunnal Exchange, nxed at
Augusta Ca, in case That City was found to be
lncenyenlens for the reason that no member OF
the Council or OF the Board OF Directors resided
there.
The Convention proceeded to execute the special
order-namely, the election OF a President, Vice
President and seven Directors. the chairman OF
the New York delegation nominated John Phelps,
oil New Orleans, for President, and ne was
elected without a single dissenting voice. This
result was received with general applause. The
chairman OF the New orleans delegation nomi-
mated stephen Harrison, OF New York, for Vice
President. A. F. Herring, of Augusta Ca. and
mated. A ballot was taken, wnen Mr. Harrison
was elected by an overwhelming majority. Next
followed the voting Tor seven directors and alter
ballotirg for tnreequarters OF an hour the follow
Ing ticket was elected e. .. stone or Galveston
OF Mobile; J. w. Lathrop, OF savannah; W. A.
Goodwin, OF Memphis J. +. Wheless of Nashville,
! and N. Q. Reynolds, OF Norfolk.
Acknowledgements OF thanks were made by the
| successful candidates who were present
mittee OF three be appointed by the President to
inquire into the question OF the insecurity or bills
OF lading. the motion was agreed to, and Messrs:
Wheless, of Nashville; WnitocE, OF New YORK. and
| Plnckney, OF Charleston, were appointed as such
| committee.
| Mr. Pinckney. OF Charleston, moved that two
grades be established in addition 20 those adopted
at the last Convention, TO be known as mlddling
| sihcauon In New York be requested 70 put up the
| same and forward them 10 otner Exchanges.
| The Convention then received the report OF the
committee upon the plan pursued by the New
Orleans Cotton Exchange TO secure correct H.
formation and make up an of1icial crop statement
for 1874 and 1875. IL was favoraby received. IL
was resolved TO adopt the same plan for the
National Cotton Exchange reports In future, and
the report OF che committee upon the definition
OF false and iraudulently packed cotton and
mixed cotton was received False and fraudu.
lenty packed cotton Is defined to be such bales
may contain any foreign substance, water packed
bales or bales containing damaged cotton IN the
interior, without indication OF such damage upon
the exterior OF the bale, ana OF such bales as
are plated or composed oil good cotton upon
the exterior ana decidedly Inferior cotton In the
interior oil the bales. IN a manner not to be de-
tected without opening the bales. THIS definition
was unanimously adopted and made otlclal. It
was moreover, resolved that the reclama-
tion OF such cotton 10 be valid must be made
Within 100 days after its arrival. and be presented
TO the seller at the point OF shipment witnln
! thirty days thereafter. The same COM
| mittee reported the following definition Of
! mixed packed cotton to be sucn bales as contain
! more than one-quarter or cotton, the lower
quality being so situated In the bale that no de-
sign or false or fraudulent packing appears. The
difference, however, IN qualities must equal at
least 0ne-hall the grade In the Dales sold as low
middllug and above, aud one iull grade OF bales
sold as below low mddlng.
This report was adopted as was also O motion
that the Executive Council be instructed TO OBJ
tain a cnarter and provide seal for tne National
Cotton Association.