Savannah morning news. [volume] (Savannah) 1868-1887, 1883-07-26

AO- tAC AuAA ASpOIlS OI I0e recent meet
ing Of the National Cotton Exchange, at
Old Point Comfort, we take the following:
COTTON TIES.
In regard to this question the meeting
adopted the following resolutions:
WHEREAS, The custom prevailing in the
Liverpool market of selling cotton bY its
net weight is fully recognized and taken
IN account in all the cotton ports and in
terror cotton markets in the United States:
and whereas. the price of cotton in this
country, which is sold at gross weight, is
therefore reduced in fairly estimated pro-
portions TO the weight of the bagging and
ties; and whereas, the American spinner
can and always does purchase cotton at
such reduced prices by reason of the
Liverpool custom aforesaid; therefore be it
ReSOtCed, lst. That the assertion made
on the floor OfCOngress at the last session,
and elsewhere, in the interest of the manu-
tacturers of iron ties, that the cotton
planter derives a profit from the difference
between the cost of iron ties and the price
of his cotton, is without foundation in
fact.
I'd. That inasmuch as a deduction is
made in the price of cotton for the full
weight Cf the bagging and ties in each
sale which is practically equivalent to
selling at full weight }, it therefore follows
that the cost Of bagging and ties is to the
planter just so much added to the cost of
productiOn-and any and all taxation inI-
posed upon iron ties and bagging must
increase to the planter the expense of pre-
pairing his cotton for market, and, to that
extent, reduce the profits of cotton.
FIRST BALE OF COTTON.
Mr.. Henry SeeligsOn, holding in his
hand a sample of cotton from the first
bale which arrived in New York this
year from Texas, thus addressed the con-
ventiOn:
MIR. President, l wish to call the at
tentiOn of this National Cotton Exchange
to the early or first bales of cotton re-
ceiyed annually by the Exchanges of the
country. / hold in my hand, sir, a sample
of the first bale of new cotton received
this year at New York. As it came from
the State of Texas, representing, as | do,
one other Exchanges, feel privileged to
speak upon the subject and to call your
attention to 1T. You will, sir, see from
I this sample that this cotton was picked
fully three weeks before it was ma
/ tured. The bOlls were, no doubt, gathered
from the stalk and placed in the sun to
/ open. The receipt Of a new bale of cot
I ton Of this character is calculated to mis-
I lead those interested in cotton as to the
early maturing of the crop. The fact is
most Of the new or early bales of cotton
| do not fairly represent the crop, as thev
7
garden patches, with view to secure the
premiums offered for the first bale. This,
in itself is "A perniciOus system, and
should be discOuntenanced bv our Ex-
changes. To the end that we NAV apply
in part some remedy, l beg to offer the
/ following resolution:
"WHEREAs, a sample of the first
new bale of cotton. received at
the city of New York from Texas
on the 18th of July, has been ex-
hibited on the floor of this Exchange.
showing cOnclusively that it was picked
when unmatured, and believing that cot
ton so marketed is calculated to mislead
the cotton interest of the country; there
fore, be it
''ReSOired, That this National Cotton
/ Exchange recommends to the Cotton En-
/ changes of the United States that a new
/ bale of cotton shall be so clased only when
1t is fully matured; that any cotton found
in such bales not fully matured shall be
/ considered good grounds for its rejection:
that all first new bales from any State
7 shall be submitted for examination to the
Committee on Classification at the Ex-
/ change where received, and their decision
+ of acceptance or rejection shall be final"
. Cheers.
/ TheresOlutiOn was carried unanimously.