The New York herald., 1877-09-09
COTTON SHORTS.

A NEW RULE PROPOSED AT THE COTTON Ex-
CHANGE-sUPERvIsIoN OF sAIpLING.
On the 11th inst, between the hours OF eleven A.
NJ. and two O'Clock i. NJ, tho members of the New
York Cotton Exchange will be called upon TO vote on
an amendment to the existing rules approved OF by
the Board of Managers, which provides for the
establishment within the Exchange Of Bureau
oil Supervisors, who, under chci, are charged
with the duty Of watching the handling
of cotton and guarding against the whole.
sale stealing practised at present Under the new
system every person engaged in banding the sta
FIRST be lconsed by the managers Of the Cotton
Exchange and is thus held a strict accountability
for his actions In order to deray the expenses Of the
supervising staff IL is proposed to the buyer aud
seller each five per bale. which according to the
statistics of cotton received this city, would amount
TO about $40 500 per annum At present amount
OF cotton 10 wasted and stolen, which fnds It's way
into junk shops. II is alleged by leading brokers that
a huge ring exists among the samplers, which The
rules if adopted, will tend to break up at once
The dealers III cotton who iavor the len ment do
from the tact that the OF such
plan Aew Orleans, Mobile and Savannah, tho saving
on samples has oeen remirkabiy large. In New
Orleans alone % 500 Uaes were made up last year Tor
the ners, all oil which was saved and gath from
samples. In recent report made to Tue Cotton Ex-
change at New Orlcaus The subject, the man agers
alter recng the disadvantages incurred from exces.
sive sampling, say
EXPERIENCE.
One OF The leading members OF the Cotton Exchange
received letter from tho most operator in
cotton oil the Crescent City, IN which remarks mat
'when The rules relating to supervision were unuer
discussion they met with great opposition fhs op-
position was not cohhued TO either factors buyers or
brokers, but was shared by many OF all classes one
OF the strongest plans urged that each member
could, by employing Trustworthy persons and estab.
llshlng his own rules, secure all The protection
promised by the proposed d meut and MANY
insisted that by adopting and enforcing such rules the
Exchange would 30 beyond It's legitimate sphere OF
action aud would attempt improper in Interference
with The private Affairs OF its members Tue adyo.
Gates oil The REFORM upon the other hand insisted tEat
the members were, 10 their individual capacity DOW.
crlcss correct the abuses that had gradually grown
up the trade had obtained the sanction OF long
usage They coniended that just and equitable rules
respecting tho rights and protecting tue interests of
all classes Of its members wCCld provide The Only
Of relieving the trade OF buses whose existence
acknowledged by all Tue ru.es upon being
submitted 10 a test OF ballot by tho members O tho
Exchange we're adopted by q very small majority
Since then those who had most violently opposed the
adoption admit that the rules have ,rovcd of M
advantage 10 the trade II not actual saliva
ton. The recIpts OF letters complaining of large
shorts weights has ceased ana the receipt of
has more than doubled. To defray the expenses a
contribution oil four cents per bale was levied upou
all receivers ol cotton but this sum not found TO
be sufficient FIVE cents per bale, however, has paid
ali contingencies"
In New York there arc about twenty five ware
houses. Where large storage places for cotton exist
ike lhoso oI Brooklyn or Staten Island one man caI,
oversee them without extra help IL Is claimed that
the saving In New York city by the adoption OF the
new rule will be hve thousand bales ia one year
The gentleman who furnished the above Information
to the HERALD expressed the pnon that TIE new rule
horst been sent elsewhere VIII then hnd ready
market here