New Orleans Republican. [volume] (New Orleans, La) 1867-1878, 1875-09-01

/ lty OF the National Cotton Exchange, ameet-
ing Of the committee ON classification and
| quotations Of the New Orleans Cotton Ex-
change wes held on the second day of &C.
tober, at which; resolutions were adopted
| which were subsequently amended as fol-
lows: go
| Resolced, That we find, after a careful
comparison the following difference be-
/ tween types upon which our quotations have
| hitherto been made, and those adopted by
the National Exchange, upon which we are
directed by resolution OF the board of di-
rectors to base our official quotations Oh and
after this date:
| American standard ordinary. equivalent
to old type barely ordinary.
American standard good ordinary, equiva-
| lent to old type strict ordinary.
| American standard low middlng, equiva.
| lent to old type strict good ordinary.
American standard middhng, equivalent
to old type low middling.
| American standard good middling, equiva-
lent to old type middling.
American standard for middling fair to
| agree with American classification will be
made equivalent to old type good middling.
In accordance with the above distino-
| tons middling fair under the new standard
was quoted ut the same figures as good
| middling under the old; good niddling
| under the new the same az inddling. under
! the old; middling under the new the same
ding under the new the same as strict good
| ordinary under the old, and good ordinary
| under the new the same as strict ordinary
| under the old. 1t will thus be seen that
while under the new standard the grades
vary in the quality they represent from
| what they represented under the old, the
| planter who has a crop of middlins i, hia
factors hands finds it changed to good
middling, but, the market being the same,
| worth neither more nor less than it was
| worth when it was styled middling.
Here, it is proper to remark that we have
made our general quotations accord with
| this new classification, but retained the
| range proper to give correct idea of the
course of the market to the planter as well
as to the trade. Our figures are intended
| to fully, as well as correctly, represent the
| market, which can not be satisfactorily
done by single quotation for each grade.
Ii is not only that an actual range is neces-
sary to describe or represent the various
| styles OF the same grade, but that the same
| often varies in price, and where there is
range the fact should be presented in JUS
| tice to the factor who sells at the inside
rate, as well as of the buyer who purchases
at the outside. This difference is greater
at some times than at others, and is caused
by an actual variation in the market as well
as by disagreement in classification among
brokers. Hence a crop may be divided be-
| tween two factors and be sold on the same
| day, and even at the same time of the day,
at difference of u a lac. Planters who are
| entirely independent of their factors may
| order their cotton held unless it meets with
highly satisfactory rates; the factor will con-
| sequently ask extreme prices and refuse to
| sell for less. In other cases the planter orders
his colt N sold as promptly as possible at the
market price, u cover previous advances.
| In this instance the factor will lie justified
in accepting the ruling rates-the figures at
| which more than half of the sales are made,
although it be Is a "a LEES than other GALES
| of considerable number and magnitude.
| NO report of the market can fairly repre-
| sent it that does not give the range, nor
| would any other do justice TO the factor
| who cold at the inside rate, or tire bl oker,
who bought at the outside. Adopting any
other rule, the planter, even if in courtesy
| he made NO comment on the matter, would
| feel that his crop had been sold too low, or
| the shipper, though equally courteous to
| his broker, might suspect or believe that he
had been treated IN Justly. The necessity
| of the comprehensive system, by which the
market is fully represented, led the trade
| before the war TO add strict middling to the
| grades previously in vogue and the neces-
sity of the case has since compelled us to
enlarge our quotations by the addition
of strict ordinary, strict good ordinary
| and strict low middling. A free and
frank consultation with many of our
| factors on the subject has con
| frmed our views on the question, anG we
| feel quite confident that it meets general
| approval. Whether the quotations be ac-
| curate or not must depend on the diligence,
| judgment, discrimination, experience and
| intelligence Of the reporter, who, with all
| his industry and fidelity, will sometimes be
| deceived or misapprehend the information
| given. To obtain accuracy, so important in
| reports which are accepted elsewhere as a
| true statement of the market, it is essential
| that the reporter should be sustained by
the cordial support of both factors and
brokers, in relation to which it affords us
pleasure to make our sincere acknowledge
ments. Without this aid in our distrust of
our own judgment, We would have made
our daily labors I'll satisfactory. The Cotton
Exchange gives only a single rate for each
grade, which applies 10 its official types
kept in type cases for examination
by its members. When the Exchange
was organized both the single grade
and the type were regarded as nee
essary to promote prompt and satisfac-
tory settlements of contracts. This, how
ever, has not conticted with the time hon
ored custom of the prese, in giving proper
range, avoiding exceptional extremes, for
each grade respectively. 10 connection
with this matter it must be observed that
the range varies with the demand and the
crop. When there are buyers for different
markets, some of which require rigid, while
others admit Of liberal or even loose CLASH
fcation, the range is widened by the de-
maud. And thus too when there is much
irregularity in quality, and the offerings
present several styles of the same grade,
the range is affected py the character of the
crop. Giving a fair consideration OF the
whole matter it must be manifest that it
can not be determined satisfactorily to the
public by any arbitrary or intlexible rule,
but much must be left to the intelligence
and discretion OF the reporter, and in our
duties as such we feel quite confident that
the trade will award to us the credit
OF fidelity and independence. Finally,
to make our report az comprehensive
as possible a, well as to do Justice to
the labors of the Exchange committee on
quotations, to whose opinion we have al
ways rendered the Difference due to their
intelligence and iInpartiality in the dis
charge of their delicate and responsible dn-
ties, we have given the Exchange single
rate figures in connection with our own.
In connection with the above mention of
the proceedings Of the National Cotton Ex-
change, We can not omit noticing the bene-
fits derived by the American cotton trade
from the complete organization of this body
and its local affiliations. The latter origin.
ated from such associations becoming nee
essary under the new facilities afforded by
the telegraph for the transmission of com
mercial intelligence. Before the establish
ment ct the New Orleans Association 1t had
become essential to tle interests of the fac.
tor and his constituents that he shall re;
ceive frequent dispatches during the day,
giving the various fluctuations as
they occurred in the Liverpool and
New York markets at an expense of sew
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