Public ledger. [volume] (Memphis, Tenn.) 1865-1893, 1880-01-10
COTTON FREIGHTS.
The Foreign Cotton Buyers
Stirred Up
And State their Grievances to
A Cotton Exchange Meeting.

For some time past serious COM
plants have been heard in various
quarters regarding cotton shipments,
especially for foreign account, 1t is
stated that freight agents Of the sew
eral railway lines are governed by a
pooling system and that their arrange
ments are so exacting that in many
instances they have acted as a com-
plete embargo upon buyers of cotton
for foreign shipment, A foreign rep
resentative said at the meeting yester-
day that he receives orders TO ship
cotton eastward to be transhipped
abroad, but freight agents are unableto
take the cotton. Theprevailingratef from
here to Liverpool is sd with lid in
surance, while from st. Louis it is
45d with id insurance. This dis
elimination would give buyers a mar
gin to pay at least 3c per pound more
for cotton at St. Louis than here, if
suitable grades were attainable. These
determinations are initiating seri-
ously against the interests Of buyers
here, and threatens to drive foreign
agents entirely away. A committee of
five were appointed to take the subject
nnder consideration and report to an
adjourned meeting to-day. The COM
mittee are, J. T. Petit, R. F. Phil
lips, H. NJ. Nicely, Robert Woolfenden
and J. R. Goodwin. The following
resolution relates to the grievances
and were adopted by the meeting yes
terday
To the Executive Committee of the
Memphis Pool Lines:
At a public meeting of the Memphis
cotton exchange, held this day at their
rooms, it was then and there resolved
to memorabilia your body that, by you
aud through you, we may have relief
from the oppressive system you have
inaugurated, whereby you have in
hicted %grievous wrongs upon the ex
port trade Of cotton of this market.
Resolved, That the system of fore
ing cotton buyers to ship their export
cotton by certain fixed lines or routes
is greatly prejudicial to our interests.
In many cases the orders we receive
are for shipment from certain ports,
and your blockade must drive from
this market such a class of trade.
Resolved, That any pool allowing
each and every pool at the time Of
their receiving cotton for shipment to
fix his own rate upon cotton which we
are by you forced to send him. is a
monstrous outrage upon us, and the
voice ofthis meeting is that it should
not for a moment be tolerated or ex-
acted by a body of intelligent business
men who r placed in judgment over
us.
Resolved, That it is the opinion of
this meeting that while we are oppos.
ed to the principle of railroad pooling,
if such be a necessity, we would re-
specially suggest and urge upon you
that that route should be left open to
us that a REASONABLE mileage per ton
should allow us the lowest rates to
Liverpool or the continent.
Resolved, That grave discrimina-
tons are made agaist US under this
arrangement as against other markets:
that cotton can be shipped from here
to st. Louis and reshipped for Liver
pool at far less than the fixed rates
this market for weeks past.
Resolved, That this course on the
part ofyour pool must, if continued,
resultin the exporting ofthe exporters
to other markets, and eventually that
Memphis will cease to be an export
market ofauy importance.
Resolved, That we believe that it is
for the real good of this market that
exporters shsuld be treated in such a
spirit as will encourage their remain
ing here; that their absence would be
a great loss to this market, there being
many times when spinners are not pre-
pared to buy, which would result in
lower prices and the turning away Of
much cotton to st. Louis and New
Orleans. We would therefore earn
estly beg you to consider these points
in our behalf, and, from a point of
selfinterest as well, give us such re-
lief as we ask.
The committee to whom the subject
was referred met this forenoon and
adjourned to Monday next, when some
lively Developments are looked for.
Fresh Shell oysters received