The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1879-11-27
THE COTTON EXCHANGE.
The Proceedings of Their Annual
Meeting.
The Question Of tho Powers Of the
Committee on Classification
and Quotations Dis
cussed. ~

Tho annual meeting Of tho Cotton Exchange
took place last evening under the presidency of
Mr. Perry NuRent. the buslness being limited.
with ono exception to tho randing of tho reports
| Of tho various etanding eommlttees. Tho OK
Coz tion was n discussion oopeor a Ing the pow
ors mud duties OF tho COMMITTEES on Classtflca-
tion md Quotations.
Beerenry I[ssttr road tho following reportH.
ANNUAL. REPORT BOARD OF DIRECTORS.
NEw ORLEAna. November ~. 1879
10 tho Members Of tho Now Orleans Cotton E1-
change:
Ge,.iie,ae1a@ Board OF Directors hnya the
nleaanre TO presont TO you tho annual report of
the nfraira aud fnauroa of the Exchange.
Tho various eommittee rep rfa which accom-
pnnV. and are made DHrt ct this document ara
80 eomplete of themselves Tint llttls elae Ia Isf.
| to TO satd.
| Briefly out they are reflex of former annual
fotutns u continuance OF hlHtory Indicative
| of .tsndy Improvement from yrnr to year
| Tho Cammitteo on Memborehlp report a net
| increase IN your roll of II membars ID WISHING
| rnamhers mud 10 pnid attorneys. making n to,at
Of 3sa persons entitled to daily admission to tne
Exchange rooms. n iargerr number thnn hns
| hnan on our rolls snee tho Inauguration oi tho
| Exchange. In february 1911.
The Troasnrer's and Finance Oommitee's re-
ports arc equal Y snt sfnGtory. sh wing graft
lying increases In tn =,urplns funds of the Ex
eha6Re. apd tho propabili of II lnnteriHI ntdl-
tion thereto from tho agness Of receipts over
! expenditures during the current yoar.
| Tn" suggestions mada by tho later relative
! TO limitation OF th" stock issue and building nm
TX 'hnree era worthy of y 'ur most seri ,ua oon-
| slider tion AS stated, 35) sharaa will afford
ample margin for the admission of new nom
bars Tor R"me Years % come. Visiting membsra
chenge regulations to hold ato.k. Moreover
| such limitation Ia essential to retain the q m.
s'ent contr Of threh-fourths Of tho stock 10
! tho hands of those VIII Hs.inereats arc conferred
| In the institution Hs sln Exchange
| AZ an evidence Of tlls extent Of tho nnnneinl
movement of the Exchange. 1t may be stated
| / fiupfttiup n fnn n,,J ,-tt,
| azgrngnos 1914. .20t 60
Wnile. 'hts lnrgo movement Il merely ndl-
| rhfivG or the rapid turning over b. thu funds
| for Investment from time to time IT. showa, too.
how difficult 1t hns boon to mako loans exnnpt~
ing on call or for worry snort periods on such
securities MS proved IN evsty way acceptable
1 For Il short time II Wts deemed advisable TO
invest III United States bonds at tho low rate II
4 pnr cent.
Exeh tnge of nearly s45 900 which BY the snd Of
tho current year may be Increased to 100000
eoms years to como OF between six and olght
housand dollars. You are under nn annual
lontal OF 1920.
The cost of erecting or purchasing n suitable
structure and grounds. and tho provisions for
| tho pay mont thereof. are m aters that should bs
carefully weighed and considered before definite
Tho increnae in the number Of persons nd
mitted to tho Exchange. and the fact that the
| all who hAve tho right of admission has led to
some complaint tont the apaeo occupied is In
anf1nlont. ana proposition has been freely
discussed looking toward n future limitation OF
ATTORNEYS aud visiting membes, Although tho
question haa NOT been brought before your
bpnrd they fosl called upon TO livRe tho mem
| bers agninst tho adoption Of such m sasure
It Ia. in their opinion. tho tr1le interest Of the
E1change to admit NIL applicants Of good moral
character who are duly qualified. such course
tends towards enhancing tho value Of your Ex-
change rooms hs me.tlng place Tor the NOR
chants Ia common. and should they prove In
adequate orr policy should be to secure others
thu will afford tho nacee ehry ncconmo odation.
Tho general work of your Exchange has
Some difficulty has been experienced Mt times
by REASON OF del sys In the cable DnWs: but your
G9mmittee on Information aud Statistics have
| labpred faithfully to correct those drawbacks
which IT appears have boon shared also by
other Exchanges. Tho eonmtteo are now in
eorrespontd.enGe q. " With prcper officers + tho
similar committee Of the Nsw York Cotton Ex-
change. who. In behalf Of their own institution.
results Ws trust will be satisfactory solution
Of the matter and an Improvement of that par
tlruar branch Of the telegraph service
Tho rep rts OF your Committees on Arbitra-
ti0n and ApDeRs arc specially xratifyinR.
From the handling ofneatly sixty millions OF
dollars of actual Ct IN produce not . single dispute
tion. the few casos acted upon being In relation
TO = future" transactions through New York
agents.
The Committee on Glass fcaton and Quota
tions have caused to be posted la tho Exchange
rooms daily quotations OF the market as here-
tofOre.
In conclusion we desire to congratulate you
upon the Continued prosperity OF tho trade
!" nna the fe1 m SpT pce
the winter following. our trade. by comparison
with that OF other ports WAS not. on the whole
unsatisfactory.
Tho present season opened under better aus
pices than have be,n known for many years.
and. with more than double tho rocelpts thus
TAR. and u healthier Quito TX throughout
tho mercantile world. the prospects for q
brighter future for our city and State esem as
sursd
The positive assurance o, an early connec-
tion with the great State OF Texas bv rail- ~ also
a source OF congratulaton. and lusti1es the
anticipation that from that source may we look
for material additions to trade liz cotton as we'll
as general merchandise.
BY order Of the Bo trd OF Directors.
PERRY NUGENT President
H. G. HESTER. Secrotary.