Nashville union and American. [volume] (Nashville, Tenn.) 1868-1875, 1875-04-25
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FUTURES.
The Resolutions Recently Adopted by
N Cotton Exchanged Quietus Pat
Upon "COntraets" in characterization
Establishment Of an Open Board Of
Brokers.

Inc RESOLUTIONS Recently AOOpttu Dy
the Cotton Exchanged Quie5us Put
Upon contracts in tina In%stituIiOn
Embellishments of an Open Board Of
Brokers.
As the resolutions adopted by the Nash
vile Cotton Exchange last Tuesday have
had the tWOfOld effect OF checking Temporal
Tily or permanently, the practice Of dealing
in future contracts within the jurisdiction
Of that body, and Of leading 10 the estab-
lishment Of an open board Of brokers, it is
proper to publish those resolutions entire
and give some account Of the changes
effected by them:
Whereas, the present system Of trading
on the fluctuations of the New York mar
ket is regarded by a large proportion of the
business community as d-emOraliZing, and
is thereby injurious % the best interests Of
the general trade and subverSige Of the
ends for which the Exchange was establish
cd; and.
"Whereas the system Of trading in cot
tOn for future delivery, when the proper
safeguards are adhered TO, is regarded as
beue1cial to the producer, manufacturer
and shipper; Therefore,
"Be il resolved. that on and afterthis date
no trading in future contracts will be al
lowed ia this Exchange, except upon those
forms now used 10y the New York Cotton
Exchange, which represent Transactions in
actual cotton only:
NASHVILLE CoTToN EXCHANGE,
NAsHvILLE-Sold by A b TO c - lbs.
in about - square bales upland cotton, of
American growth, deliverable from store
in New York OF Nashville between the
first and last day Of - next, inclusive.
The delivery within such time to be at
sellers option in lots of not less than -
bales upon i've day's,uOtice to buyer. The
cotton 20 be Of any grade from ordinary
to good middling inclusive al - cents per
Id. for low middling, with additions, OF
deductions, for other grades according to
the rate Of the New York or Nashville
Cotton Exchange at time Of delivery.
"It is further agreed that shall the seller
elect to deliver in Nashville. the buyer
entitled TO an abatement in the price equal
to the difference existing between the quo
tatiOns Of like grades Of cotton in the two
markets On the day Of delivery.
EITHER party may call for margin as the
variations Of the market may warrant,
which margin must be kept good.
"Fhis contract IS made IN view Of and in
all respects subject to the rules aud cOndi-
lions established by this and the New
York Cotton Exchange.
"A b Sc Ter. For and in consideration
Of one dollar to me paid, l agree to the
above contract. e. d.
Resolved further, that Rule No. 1 be
SO amended IS 70 read, 'either party to con
tact may close or cancel the same by civ
in notice in writing any day before notice
Of delivery has been given. The party to
whom notice is given has the option either
TO make settlement or secure a satisfactory
contract, either in Nashville or New York,
free OF commission
Resolved further, that the Board Of
Managers be instructed 20 prohibit trading
in the Exchange ia any other manner than
is embodied i'm the foregoing contract arI
explanatory rules, and that they expressl-
prohibit any proposition % trade. the set
tiement OF which is based upon any par
ticulaS dispatch or quotation, and that any
member or associate member violating
u is rule, shall be fined not less than s.