The New Orleans daily Democrat. [volume] (New Orleans, La.) 1877-1880, 1880-01-08
THE COTTON EXCHANGE.
An Interesting Discussion and q Series
OF Resolutions.


An Interesting Discussion and Series
of Resolutions.
The meeting to consider the proposed
amendment to the constitution OF the Cotton
Exchange met promptly at 7ao p. ~. Mt
M. Cunningham In the chair. Mr.. IL. q. Hes
ter acting as secretary and the number q
shares represented 107
After some discussion substitute was pro-
posed to the amendment. The following was
the proposed amendment:
The cat,itsl stock of the New Orleans Cotton
Txchan ~ shall be $685. 90. divided Into $50 shares
OF 500 EACH which shal be paid Ia cash. Az
certificates Ut stock Bhnli by signed Nv the presl-
dent and couDtert gned by Il treasurer.
And the following was the substitute offered
by Mr., Perry Nugept:
ARTICLE TIT.
Tho capital stock OF the said nsse citation snail
M 800 ln0 divided iatv 5000 BhsreB pf two hum
dred doIlarr. which shares SHAH pc phld ior
In caph OF In install meDts. NJ REQUIRED by me
board of directors ., who may from une 70 einie
fix the price AZ which shares OF STOCK belonging
"a thig ahEoeintinn shall be sold, when price
shall In no Cart b. less nan tAo hunoreu doi,
Iaru per phere proptded. that owners N oih
shareA OF 800 phc may, on aud AFTER inc eng I,h
of January, 1880. sui rel der iha same. ana snail
be entitled d 4, peive from this association, In
exchange therefor. an equal number OF SHARE
new shares. Ia case payment for BLOCK should
he eaii,n loi IL iln,aiinen 4 nny hun. ciiDer ~
stallments within thirty daya after the date
fixed for such payments shall tori. y Oh install.
mentg previously paid. All crrlineates OF stoek
shail DO for $500 eoch. and shaii 20 signed by
urer.
Mr.. Cammack. the mover Of the original
amendment objected to the substitute offered
by Mr.. Nugent. He said the object OF his
amendment was to limit the number OF MEM
bers and 10 shut down on those clerks and
nephews OF apinners who came here TO learn
the business They paid no taxes or licenses
like the other members VI the Exchange. and
contributed nothing to the support oi the gov
eminent.
ton. He heid that the OBJECT Of the organ
izers OF the Exchange was To admit MI TO-
speetabe pefsons VINO paid their dues, and
not to limit the growth Ut the Exchange. He
Endorsed Mr.. Nugent's proposition, and said
that the doors vi the Exchange should ~
thrown freely open.
MIR. Oanlniack held that the Limitation Of
stock would Increase the value Of that stock.
To this Mr.. NuRent replied that y member
was net privileged to Cell his stock without
forfeitinp the right OF membership, ana that
to appreciate the value of the same would be
only giving SPECTATORS an opportunity oil
making a corner"
Col. Louis BUSH agreed with the position
taken by Mr.. Phelps, aud favored the extern
sion OF the advantages which the Exchange
presented to all coming Within Its existing
charter. He considered 1t iudiscreet ~ raise
questions Of this cha aeter In an institution
whose Influence IL felt the world over, ana
hoped that the doors OF the Exchange would be
thrown wide open 10 such ns were capable Of
entering under existing regulations. He op-
posed making a close corporation Of the Cot
ton Exchange, aud held that the change pro-
posed would be injurious. The Exchange. he
said, should own It's own building and grounds,
commensurate with Its high position, where
the Chamber of Commerce, the Merchants
Exchange and all other centres Of commerce
might be- concentrated.
Tae vote on the adoption OF Mr.. Nugent's
amendment WAS then taken and the amend
ment was carried.
This amendment goes into effect imme-
diauely.
The president was also requested to call o
meeting, after due notice. for the cOn5idara-
ton Of the following amendment OF article \
OF the constitution:
Itahal be lawful for those or The stockholders
who are duly elected and qualified members OF
the said association. and tJr them alone. MT u
general meeting convene for that purpose.
after notice az reanirta by article Kill, TO make
any modneai ion-. additions or changes In the
original act Of the ,rporatlon. or W dissolve this
association. with the aBs. NJ Of three fnucths 81
such stock holders as may be- present Il such
meetina zach " whi,h stockholders 40 pres
ent ahaia be entitled ~ only one vote. and any
such mod ,feaIion. ad ittion, change or uispo-
sltion shall b recorded as required by law.
Before adjourning the president called the
attention OF the meeting TO the recent cireu-
lar OF the Treasury Department at Washing
ton, instructing collectors OF customs to with
hold IN certain cases the names Df ship
pers and consiKnees from publication, and
requesting them, when written requests shall
be filed by shippers or consignees, To cause to
be withheld from publication for period not
exceeding ninety days, statistics OF the i'm
ports or shipments Of any particular mer-
chandise shipped by them.
The feeling Of the meeting was unanimous
ly opposed to what they considered the very
arbitrary action OF the Treasury Department..
and d motion was adopted requesting the
chairman To appoint u committee OF three
shippers, with the president as chairman, to
prepare suitable memorial to be presented
Through our members OF Congress to the
proper authorities la the premises
After this resolution the meeting adjourned.
We learn that the action taken by our Ex-
change In relation To the Custom House sta
fistiGS, will bs followed by other exchanges
and boards of trade throughout the country
For, to allow the present perfected system or
Information to be thus interfered
with would result lin great Inconvenience and
1ncalcnlable loss to our commercial oommuDi-
ties, especially ut all United States ports
where there are custom-houseS from which
Can be obtained almost daily OF
vast Importance to trade and commerce.
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ADJUSTMENTS.