The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1875-07-22
THE COTTON EXCHANGE CONVENTION.
wnlrn suLpnun srnNos. JpIy q. 1s1s.

The second annual National Cotton Exchange
Convention met this morning, at eleven O'Clock.
with iull attendance from all points Represented
at the AUGUSTA Convention on 1lth June, 1874,
when the first organization took place and the
indications are that this meeting will be an
event OF great interest TO the cotton trade.
Delegates were present from the cities OF Net
York. Boston. Baltimore, Norfolk, Wilmington,
Charlotte, Savannah. Augusta, Memphis, Nash
vile, Mobile, Montgomery Jackson ana New
Orleans.
ton was speedily effected.
The President )nn Phelps, OF New Orleans, oc-
cupied the char. Jonn 5. Toot. the Secretary,
was present, assisted by A. G. Mills, OF Galveston.
Thc President made y short opening speech. In
which he reminded the members OF the encomiums
that mad been passed upon tue working OF tue Con-
ventiUn last Year at Augusta, Ga. He holeu the
similar absence or talk. He lnf .rmed tne Con-
Venuon tnat the committee on Permanent Or
RahlzatlOn Was actively at work, but would not
be able 10 report until to-mo. row OrnIhg. In
the meantime they would near from committees
appointed ON interesting topics suggested uy dill
1erent exchanges IN the country.
Ihe report Vi rne Executive Committee OF the
new orleans Exchange upon the crop reports
was then read oy tne secretary. 1t detailed the
following lacts:-
Circulars, requesting full information had been
sent 10 al tae Cotton ana WoOnen mills, UUth
Norm ana South. rne latter nad sent full an
sweIs, but from tue former the responses were
not sdtls actory. Tle cOmmittee despatcned Hes
TER, tner superlnteadent, ana Mr.. Buck, OF New
VI leans, ~ various pUiutS GU the ONO anu Missls-
slLpl rivers 10 cnecx the overland movement OF
cotton north Aard and oY The very thorough nan
ner IN which tue Sc gentlemen accomplished their
onerous tasS the committee hoped 10 nave post
tive data With regard tue cJttOn sent north ward
ana combining Gus special information with the
tul returns OF Southern consumption from the
mills aud with the liz ures OF the receipts at tie
various ports. they would be cnaOied 60 present
IN the sep ember statement O showing OF the
crop which should be thorough ana reliable.
Inc CONCLUSION OF the reaulng OF this report
was received with cheers.
Commit 'ees were then appointed upon subjects
presented Dy the various EXCHANGES Some re-
por Gu details most Insignificant 10 cnarac.e +,
Whine others were deeply important. Among the
latter were reports upon the attempt To secure
tie adoption OF the American STANDARD OF classl-
Gcatlon 10 England ana throughout Europe; also
u establish Board OF Arbitration Iii Liver pool,
composed OIL salarled experts, Tor the settleins
OF al controversies during the sales OF cotton.
Interesting DEBATES are expected upon these and
Otner topics 10 Oe Drought be ore the Convention.
Among tue SUBJECTS 10 De considered are tne TO-
loving, presented oy several local exehanges:--
NEW ORLEANS EXCHANGE
To arrange for the securing OF monthly returns OF
overland shipments to spInners
lhe establishment Of inform rules relating to recla
mauou falsely packed cotton, vita TO secure
the Adoption OF same IN foreign markets.
standard oil ciassiuc Ation foreign markets ami pro
WANG tnat al safes OF cotton ia Europe by members
be maue on basis OF American stand ards
pool composed OF ried Experts Tor set cement Of all
co 'trVverses arising from sales OF cotton upon r.n
ouers torWarl delivery from United states ports
GALVESTON EXCHANGE
exchanges be MADE ron April to December inclusiye
Instead Of May 20 November as here.oo.e.
ports IRON Frilay 70 close o. "Wednesday
Recommending uniform system tor weighing cotton
and that all weighing be done by officially appointed
be experencedin the VOCATION and snail give pond and
That such weshsr shall not be Interested directly or
indirectly. y cotton at ume oil appointment or there
MOBILE EXCHANGE
S b ens oeaf @ ing p be
other cotton exchanges when satisfactory evidence
Gersaip '1' ''-"' VI 'A''f 'ne''
that notice Of expulsion Of memters at any local
Nauoua Cotton Exchange and that same be made ma
exchange.
In order ana condition. shall not be liable ocaed
counry or external damage.
That specific definition be given Of what constitutes
mixed packed cotton ana the rlgh OF rejection
That the propriey and feasibility of organizing an
international cotton exchange lie considered.
The establishment bureau OF cotton statistics
with salarei chief suDerinlenden whose duly il
shall be TO collate and circulate among subordinate
changes all statistical Information touching the plant
America, the makIng up OF overland movement,
Southern cousumpnon and total crop ngures, arranging
and puotisnlng monthly tgensraD crop repor,s u :.
heeom men ng monthly or semi-mon,hly count OF
STOCK Ill Liverpool instead OF semi-anluay, hereto
That the National Cotton Exchange obtain charter
proposed usefulness ana exenoel action.
Recommending that the relations between the national
and local cotton exchanges tepresented therein be
fully defined, as also tne authority the
ton Exchange in the estab shment OF usages as
snal control local cotton exchanges in rendering
formation aud statistics and their individual members
In the traffic in cotton.
that there be redistribution OF terri
tory Assigned to local exchanges at Augussa Conven-
ton, for purpose OF Obtaining crop inform zion.
Prescribing the manner ana method correspondence
between the different cotton changes
spondens IN tie Inferior, with the view securing
as TO acreage condition. &c. tree posi-
bic bias OF every Kind 10 this end there should be
two correspondents selected in each locality planter
and mercnauk
Recommending Tho fixing of standard of weights for
baging AMI ties with the view to securing greatest
economy consistent win safe package.
The establishment OF Uniform system for the exami
nation delivery OF cotton after SALE lea wing tno
time in which delivery shall take place to nxed by
the local exchanges, that should NECESSARILY depend
on local acIiiues
NASHVILLE EXCHANGE.
Recommending inquiry whether or no the classified
tton OF cotton by insurance companies 'extrah and
specially hazai d1us' IS not UNJUST delegates
Quested to obtain comparative with
other general merchandise since 1866.
that investigation be made whether no the per
otner circulation than national
beneficial " tho cotton interests oil the south.