The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-08-16
THE COTTON EXCHANGE:

ADJOURNMENT OF THE CONTEMPORARIES LOCAL
EXCHANGES RECOMMENDED TO SOLVE THE
.'rARE" QUESTION AND THE GOVERNMENT
URoTD TO IMPROVE THE NAVIGATION OF THE
MISSISSIPPI.
Shortly before eleven o'clock yesterday the third
days proceedings of the National Cotton Exchange
were commenced in the Board room of the Equita-
BILE Building The President. Mr. J. b. LATTE. of
New Orleans. occupied the chair. The considers
ton OF tho report of Committee No. being the first
order of business it suggested by the President
that the Convention take up seriatim the recon-
mcndations contained in such report. It APP
parent from the action OF the previous day that the
only part o. the report on which discussion might
DO expected that recommending that the time Of
the meeting OF the National Cotton Exchange be
fixed for the third Wednesday in July. The report
OF the committee having been taken up the order
suggested by the President. that part regarding the
compilation Of tho monthly crop and acreage reports
and that portion recommending that the Memphis
district be placed In charge Of the Central Commit.
tee on Information and Statistics adopted. On
motion of Mr. johnson. Of Savannah. it ordered
that twenty eight counties of Georgia heretofore
allotted to the Augusta Exchange be added to the
Savannah Exchange.
When the question OF fixing upon the third Wednes.
day In July the for holding the National Cot.
ton Exchange was taken mp Mr. Paramore moved Ia
make IL the second Wednesday In september. Mr..
Phelps said no hoped Mr.. Paramore's motion would
not prevail. inasmuch rs the bylaws fixed the time
OF meeting. aud he opposed to changing the by
laws IL possible. After further discussion the
date for the Convention fixed for the third
Wednesday In July. q recommended in the COM
mttee's report.
The resolutions recommended in tho report Of
Committee No. l. in regard to the importance of the
local committees filing their reports with the agents
of the Associated Press in their respective Cities
tho 9th of each month. SO that they may appear in
the daily papers the morning of the 10th; also
the resolutions instructing the Central Committee
to send each local exchange a copy Of the rules
governing the issuance Of the monthly crop re-
ports, were. motion. adopted. The resolution.
offered by the committee. to petition the
tional government to include in the next census q
report of tho area OF cotton under cultivation in
each county and State of the cotton belt we'll
the number of bales produced. was referred q
committee of FIVE, with power. On motion, thu
President appointed such committee Messrs.
Irwin. of Mobile; johnson. of Savannah; Hentz. OF
New York; Sloss. Of st. Louis, and Gwyn. OF New
Orleans. F
DISCUSSING QUESTION OF TARE.
The report Of Committee No. T. recommending that
all discussion the matter OF tare cotton bales
or an allowance Of any description on account OF
baggng and ties be indefinitely postponed. was then
taken up On this subject Mr.. Murdoch. Of New
York addressed the Convention. saying that the
question of tare will not be set aside, but would
como up again and again for discussion in the vari
Gus cotton exchanges regardless OF any action the
Convention might take upon It. The question came
very near being decided by the Legislature Of this
State at its last session. and this decision would
have enforced the sale Of cotton in New York with
tare He thought some decision ought to be arrived
at as soon practicable. aud offered the following
Ts, tho sHs the Of
Conventions 1871 IT, be readoptcd by this
exchanges with tho additional that Committees q
ss s up ~ the
Mr. Gordon. Of Savannah. moved that the words
minority report be stricken out and majority
report inserted.
Mr. Paramore moved to lay the substitute ON the
table, saying that the question of tare has been
disturbing element in all tho local exchanges. and
TINT in his opinion some definite action should be-
taken by the Convention in regard to 1t.
Mr. Laftte having called the Vice President to the
chair addressed the Convention. saying that there
was no use in talking OF burying it, He said they
were already threatened with legislation IN this
State. and if body Of men can settle the question
OF tare body the National Cotton Exchange.
He thought that cotton like every other merchants
BILE commodity should be sold by weight. and IL
advance Of per cent in the price of cotton. The
expense of bang cotton goes much to the cost OF
inu of the crop. They should labor TO educate the
planter up to the point OF selling by net weight. and
then the whole question would be got rid OF. as the
planter would then that 1t to his interest
sell by net weight.
vote was taken Mr.. Paramores motion to lay
the substitute the table, but 1t was lost by IS
The substitute of Mr.. Murdoch to the report Of the
committee was then taken up ana Mr.. Gordon's
amend ment substitute the majority report" for
minority report in the substitute was adopted.
FLAX BAGGING Condemned
The resolution recommended by the committee
that all baggng which when wet stains cotton aud
shall be considered unmerch charitable. was adopted
Mr. Gardner, of Mobile. offered resolution setting
forth that in view Of the loss by the rsvages Of In
sects psople OF the cotton States, the appro
priaion for the United States chronological Com
mission ought TO be increased. and to that end
Congress at its next session Accordingly the Chair
appointed as such committee Messrs. Gardner. OF
Mobiles Murdoch. of New York. and Skinner. Of
On motion Of Mr. Phelps resolution was adopted,
setting forth that the Congress OF the United states
oe pctitioned to aid and promote the Improvements
of the navigation of the Mississippi River and Its
tributaries. with view to securing case and safety
to commerce on that river.
The report Of the committee recommending the
appointment of a special committee to memorialixs
Signal service Bureau, was adopted, and Messrs.
Miller. OF New York; Johnson OF Savannah. and
Sloss of st. Louis, appointed such committee.
The Convention. having passed vote of thanks to
the outgoing and newly installed officers OF the
National Cotton Exchange. the Equitable Insurance.
Company for the of its room. and the press OF
this city for its reports ofthe proceedings. adjourned
sine die.
ENTERTAINING THE DELEGATES.
The dinner rendered by the Cotton Exchange Of
this city to the delegates to the National Cotton
Convention took place at Delmonicos last evening.
and was in all respects pleasant success. Covers
laid for seventyAve persons. Mr.. Robert
Tannahill, vice president. and acting president
chair Mr. John Phelps. expresident OF the National