New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-11-28
THE PRESIDENT OF THE COTTON EX-
CHANGE.

In the midst of so many fattering allu-
sions to the services of John Phelps, ESQ.,.
on the part of those who are trying to
GUST him from his position, we are at
some loss to account for the wish to have
him retire. He may be fairly credited
with having built up the Cotton Ex-
change, as it now exists, and introduced
reforms into the mode of doing business
which have elected unqualified approval
from all who have publicly expressed
themselves. Is it for any act of his as
president of the Exchange that his re-
tirement is thus sought? or does the de-
mand for his supersedure arise out of
such deep seated hostility to the funding
act that it extends to all who are charged
with any duty under it. If it be the
wish of majority of the Exchange that
their president decline to attend the
meetings of the Funding Board, simple
resolution of instruction would no doubt
be sufficient to accomplish that object.
We suspect, however, there is something
in this matter which is concealed from the
pubic. During Mr.. Phelps brief expert
ence as president of the Cotton Ex-
change, he has introduced sundry inno-
va.ions into the good old custom of
doing things. 1t may be that some of
the members have been displeased with
them, and hence desire an executive Off
Ger who will be willing to permit re-
turn to ancient practices.
During the time Mr.. Phelps has occu-
pied the position he has labored to bring
the Exchange up in point of organization
to what it should be- Telegraphic and
statistical information especially has been
made as perfect as possible, greatly to the
discontinue of the 'short crop" prophets,
who have on many previous occasions
gained credence when they represented
there would be only half a crop. The i'm
pressions thus created have generally been
utilized by few spectators in the cities
who were sure to accompany their un-
loading with the information that "the
crop turns out to be much larger than at
first reported" Our Co ton Exchange
has put an end to this, and also the other
evil of making from twenty-five to thirty
thousand bales from loose cotton, which
grew at last into an almost incurable
habit. But very few people are aware of
the labor and patience expended in bring
ing about these great reforms. We learn
it is the intention of the president to lay
before the Exchange at its annuil meet
ing, which takes place on Wednesday, an
explanation of the detailed working of the
supervision and levee inspection, to which
we hope he will add the details of the
loose cotton matter.
1t is hardly reasonable that man who
has been so useful in bringing so many
works 10 partly finished condition should
wish to retire, and thus run the risk of
relapse; to see the exertions of three years
Jealous service rendered fruitless by put
ting the affairs Of an important interest
into possibly hostile hands. 1t is for the
members of the Exchange to decide this
question; they have perfect right to act
as they think proper, but we do not wish
to permit the opposition to be based upon
a question which really has no necessary
connection with the objects for which the
Cotton Exchange was founded.