The New Orleans bulletin. [volume] (New Orleans [La.]) 1874-1876, 1875-12-02
THE COTTON EXCHANGE.
An Enthusiastic Meeting.
A Rich Testimonial to President
John s. Phelps.

lnere WAS b large anu tutuusiasliC mcotinS
of the cotton merchants of our city last even
ing at the Exchange, pursuant to the pub
lished call The interest taken was consid-
erably increased owing to the rumor current
that something unusual was to occur.
John S. Phelps, Esq, the President Of the
Exchange, took the chair at o'clock prompt
ly. In few remarks he stated that under
the bylaws of the Exchange an annual meet
ing was required on the first Wednesday
preceding the annual election of officers, for
the purpose of listening to the reports of the
various committees. This was rendered ne
cessary in order that the members might
know exactly how the affairs of the Exchange
stand.
The Committee of Finance then made their
report, which was adopted following which
was that of the Treasurer; next followed the
Committee on Membership; then that on
Information and Statistics, followed by that
on Classification and Quotations. After this
followed the report of the Committee on Arbi
tration; then that of the Board of Appeals,
which Board, we are happy to say, had not
case to present.
The Committees on Trade on Credit, on
Supervision, ON Insurance, on Books, then
reported, all of which reports were unani-
mously adopted.
Address of the President.
Gentlemen-As this is our fifth annual meet
ing, brief review of the history of the Ex-
change will be interesting. The fir't step
toward the formation of the New Orleans
II &o1va = oil
at the office of the Life Association of Ameri
ca, on the 18th Of January, 1871. There
were only thirty-six persons present. but
they boldly resolved on establishing an Ex-
change, and appointed committee to draft a
constitution.
The constitution was adopted January "a,
1871, the officers elected February Z, and the
Exchange opened for business February 20
We had then about fifty members. can we'll
remember the doubt and uncertainty felt as
to the success of the undertaking; the most
sanguine of our number did not dream OF
seeing this small beginning produce the re-
suit it has. and that our Exchange in less than
five years would become what it is to-day.
AS one of the committee to draft the constl-
tuition, looking at our organization to-day, |
am satisfied we had not the slightest concep-
ton of what Cotton Exchange should be.
The reports of the various committees,
which have just been read to you, leave me
little to do, and do not propose to occupy
your time with any lengthy remarks. take
pleasure in commencing the energy and eff
cheney of the committees for the past year;
that on Classification and Quotations has a
daily duty to perform often difficult and vex-
atious, and too frequently rewarded with I'M
Just criticism. The Committee on Informa-
ton and Statistics is one of the most impor-
<I,o how
entitled to your thanks for the prompt and
eff cient discharge If their duties. To Mr..
Harrison Watts the able chairman of this
committee, you are under especial obliga
tons.
The Committee on Arbitration seem to have
performed their duties so much to the salts
faction of parties coming before them that no
appeals have been taken. The cotton trade
is conducted in a peculiar manner, entirely
different from that of any other city, so far as
my knowledge extends
Large transactions are made without witnesses
or written memorandums OF and kind, yet dis
putes or failure to comply with engagements
are unknown, and we have as our record Com
mittee of Arbitration almost without business,
and our Board of Appeals, the Supreme Court
of the Exchange, without single case. Con-
sidering that cotton valued at fully one hun
dred millions has been bought and sold du-
ring the year, it is q record of which you may
well be proud.
This is as iG should be; for membership of
this Exchange high character and honesty
should be requisite; "ways that are dark and
tricks that are vain," should not be tolerated.
The energy and efficiency of your Superin-
tendent, Mr.. Fl. G.. Hester, are we'll known,
not only at home, but to the entire cotton
trade of the country. The accuracy OF the
crop statement as made up by the National
Cotton Exchange, last season, is his best certi-
ficate as a statistician; and the perfection OF
our information is record of which he may
Justly feel proud.
FINANCES.
The financial position of the Exchange as
presented in the reports of the Finance Com
mittee and Treasurer, shows increasing
strength, and should be a matter OF pride to
every member.
The report Of the Treasurer shows bal
ance IN hand in cash and recelvables OF
This will probably be increased by admis-
sons OF new members, interest, etc. $500
$500
The Finance Committee estimate the e1-
penses for the current year at.....-... 70, Duo
Leaving a balance on hand, after paying
the expenses, OF. ACKNOWLEDGEMENTS. $50, UOO
This statement shows that we are keeping
our expenses we'll within our means, and
adding about $1,000 yearly to our reserve.
The Finance Committee, consisting OF
Messrs. Hardie, Buckner and Woestie, are en-
titled to your thanks for their watchful care
and attention to this important department.
The addition of the departments OF Super
vision and Lsvee Inspection, and the gradual
growth of the Exchange, has Increased the
labors of the Treasurer to tenfold what they
were at its organization. The annual dis
bursements and receipts are now fully $780,
900. 1 am sure your Treasurer, Mr.. W. G.
Black, has the thanks of every member for
his laborious devotion to your interests, and
the method and order with which your affairs
are conducted.
LEVEE INSPECTION.
The Department of Lsvee Inspection went
into operation on the first of September last
LIS object is to protect cotton on the landing
and in course of shipment from theft, and to
see that it is properly handled and protected
from the weather. Books are kept in the Ex-
change giving the number of bales of cotton
received each day by every vessel in port, the
character of the weather, morning, noon and
night, and the condition OF the cotton re-