The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1879-08-14
THE SOUTHERN STAPLE.
Fourth Annual Meeting of the Ma
tionaI Cotton Exchange.
QUESTIONS TO BE DISCUSSED.
A Success that Has "OutstriPped the
Most Sangune Expectations"

The delegates to the National Cotton Exchange as
sembled at noon yesterday in the directors room of
the Equitable Life Assurance Company. the forenoon
having been occupied by the Executive Committee.
which met in the Board of the Cotton Exchange.
for the purpose of systematically arranging the
various subjects to be discussed in Convention 1t
originally intended that the Convention should
be held st. Louis this year. but in consequence of
yellow fever breaking out in Memphis. and the con-
sequent apprehensions of local quarantine restric
lions at the first named city the Executive Council
YORK.
Mr.. John Phelps, of New Orleans, the president
having called the Convention to order congratulated
the delegates upon the fourth meeting of the
citation. the object OF which, among Others he stated
to be to promote the efficiency and extend the
funess of the local cotton exchanges of the country
we'll to their united and harmonious
action in considering the various questions affecting
the agricultural commercial and manufacturing in
teress of cotton. Another object to secure more
reliable information regarding the condition and
consumption OF the CROP and to establish relations
with the representatives Of the cotton trade in
Europe and elsewhere. "While much has been done
in accomplishing these objects. our labors." said
Mr. Phelps, "are fur from being ended. The
adoption OF uniform standard of classification and
the quoting of the three grades of good ordinary.
low middling and middling in the quotations fur
nished the Associated Press important step
in this direction The monthly cotton crop reports
now command the attention of all engaged in the
cotton trade and present reliable statement OF the
condition of the crop the end Of each month dur
ing the season."
The President then introduced Mr.. Hyde, presi-
dent of the Equitable Life Assurance Company, who
in brief address welcomed the delegates to the
lSr
president the New York Cotton Exchange. was also
introduced and made few remarks. A committee
Oh credentials then appointed consisting of tho
following delegates: -Messrs. Robert Murdoch. New
York; William Cunningham, New Orleans; j. l..
Sloss, St. Louis; George Leeman. Cincinnati. and Il.
G. Woodbridge, Savannah. After recess Of fifteen
minutes the committee reported that they had ex-
amined the Credentials OF delegates from the
changes which are entitled to representation in the
Convention and had found them correct.
THE DELEGATES.
On the roll being lied the following delegates
were found to be present st. Louis. w. Para
more j. l.. Sloss and W. M Senter, Savannah-w. W.
Gordon, NJ. Hamilton. +. Il. Sweet, j. f. whaton. J.
H. johnson. b. A. Hart and Il. W. Woodbridge
Mobile A. Mccall, ". H. Gardner. W. II. Ross
and L. K Irwin. Norfolk-R. p. Barry, II. s.
Reynolds and Caldwell Hardy Cincinnati-George
holm and w. X. Ryan. New York-W. p Campbell. j.
c. Inches James Swami, Robert Murdoch. W. L.
L. S. Jemison and f. Norton. Gaveston-G. Ranger,
J. H. Metcalf. j. d. Skinner and w. NJ Stafford.
OrleanS-JOln
W. A. Gwyn. W. H. Howcott. S. o. Thomas. J. J.
Stewart. j. f. Glenny. j. l.. Harris, 5. Berge. j. b.
Laftte W. NJ. owen. John Nj. Parker, Victor Meyer.
Henry Abraham. William Muller, A. G. Aoer. i'ks-
burg-H. W. Martin: Houston-E. L. Dennis.
Colonel W. II. Reece ana J. H. Clsley presented
dentias from the Agricultural and Mechanical Asso-
citation or Montgomery. Ala, and on motion. were
admitted TO seats in the Convention.
The annual report OF the Executive Council of the
National Cotton Exchange read by the sc, retary
Mr.. Henry q. Hester, begins by stating that with
the organization of the Convention of 1879 the Ex-
aha huxa cla6 ito DIp hat
period cotton culture in the United States has out
stripped the most sangune expectations. The
problem OF free labor has been virtually solved. and
results prove that with her unexampled fertility Of
soil and peculiar adaptability of climate for
cotton raising, the South must be regarded
the future reliance of the manufacturers OF both
America and Europe. With the changed relations
between capital and labor between planter and fac
tor between the ountry merchant and the city
chant, growing out of the new system OF producing
ana handling the staple. a new system more com.
plicated than before and involving tar greater
variety of interests, has arisen for the mutual pro-
lection of all parties interested in the staple.
MANUFACTURE.
Taking the average of few years past, the report
states that but thirty-one per cent OF our cotton
crop is manufactured in the United States, the
mander going to feed the mills of Great Britain
and continental Europe. 1t claims that the cotton
growers and merchants thus contribute toward
ing the calculation upon the extremely
reduced prices current during the CONNIE:
per annum. ITO foster this large trade the
report continues "we have asked and received
of the government no special facilities or encourage
ment. 1t admits having had that protection
On the high accorded to all merchan-
disc while in the hands of common carriers.
but adds, 1--WE are entitled to more specific advan-
tages, chief among which the extension aud
careful fostering OF the Agricultural and Sig
nal Service bureaus, The sensitiveness of the cot
ton plant to meteorological influences is such that
it would be highly advantageous some reliable
and efficient means supplied for getting nforma-
ton by telegraph of daily variations ut all i'm
portant points in the cotton belt. The labor
and expense of accomplishing this, while too
great for private enterprise, would involve
the government. through tho Signal Service
Bureau, in comparatively small outlay.
The report INDUCES the hope that these matters
will be taken up by the exchanges in proper spirit.
to the end that an interest may be awakened that
will lead to needed extensions and improvements in
both the Agricultural Bureau and Signal Service
At the last meeting committees OF experts were au-
thorized to make UP types to conform to the Liver
pool standard. sent out by the Liverpool Cotton
brokers' Association to the National Cotton
Exchange and which. by resolution, was
adopted by the Convention as , basis
says. performed the work required of them.
and the international standards have since then
been in use by the exchanges The Secretary dweils
particularly the important question OF allowances
of three pounds per bale to the buyer as compensa-
ton where side pieces are used The Convention of
1877 adopted resolution that ION all bales OF cot
with side pieces an allowance of three pounds
per bale be made to the buyer. At the time OF the
passage OF the resolution 1t was stated TO tine Con-
vention. ON what was considered undoubted an-
thority that Congress had abrogatcd the law enorc.
ing the of side pieces on cotton bales transported
by passenger steamers. IL was subsequently asccrs
tanned that the statement incorrect and tho
Executive Council decided to suspend its operation
until the meeting OF the next Convention.
SUBJECTS TO DE DISCUSSED.
III accordance with section . OF the by laws the
constituent exchanges have forwarded the following
subjects for discussion by the Convention
fist-That some more uniform method ct compiling the
monthly crop DO adopted, that
each exchange binds itself to adhere that method in
respect.
Seon,i-1hat measures be adopted to secure at least
friendly information respecting the actual under
and the product of cotton in each county aud
parish of the cotton States.
Third-Ihat the districts allotted to the various
changes be revised.
Fonh-That tho National Exchange take into consider
alton the advsabty Of having weekly statement OF the
visible supply OF cotton.
EJh--rhat time of meeting of the National Cotton
EXCHANGE be Fixed ou the third W edDcsday Of July.
Srt That be taken to establish Central
Committee of Arbitration for the settlement of claims
arising of transactions In cotton
between the mcmbers,o of tho constituent exchanges.
Sccoh-That resolutions be adopted opposing n taro
upun cotton for side pieces.
EJiAThat ~ oper influence he brought to boar
to increase the
Signal Bureau to establish other stations In the
cotton belt
Ninth The excessive charges of express pancs for