The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1885-07-17
THE BUSINESS BUDGET.
NATIONAL COTTON EXCHANGE,
Important Proceedings at Yesterdays
Standardization of the Cattle
Trade-Stocks ON Wall street.
Trade and sTrahc.
National Cotton Exchanre

NAtlona cotton Exchange.
GREEN : BRIAR WHITE SULPHUR
SPRINGS, w. Va, July l6.-President
Gardner called the convention to or
der alto o'clock. United States Senator
Gibson, of Louisiana, was on the floor
by invitation. t. l., Lareiy, of New Or
leans, was elected president for the
next two years by acclamation,
Mr.. Jerome, of st. Louis, first took
the chair, the now president not being
present. He thanked the convention
for the honor conferred upon him.
Charles G. Elliott, of New York, was
elected vice-president,
w. Mullins, OF New Orleans; Ii. w.
Corner, Savannah; W. ii. Gardner,
Maryland; w. X. McClinlock, st.
Louis; w. l.. Moody, Galveston; w. ID.
Cleveland, Houston, and J. II. Clishy,
Montgomery, Alabama, were elected
directors.
The reports OF subcommittee were
submitted.
AT to.day's session of the National
Cotton Exchange the committee on
weather signals reported in favor
of additional stations for the
cotton belt and the president
appointed committee of three to
memorable Congress to furnish such
stations by legislation.
The committee on through bills
of lading reported as follows:
We call the attention of the ex-
changes TO the various decisions of
courts in different sections of the
country upon the subject ofliability OF
commopb carriers on bills Cf
lading signed by the agent
where no property was actually
delivered. Cases have occurred where
BILLS OF lading have boeu signed in
regular form and drafts negotis ted
thereupon, and 1t afterward appeare d
that the property had not been ship
ped, which cases have been brought
into litigation and variously decided
upon by the different courts. Your
committee firmly believe this state of
things tends to place not only banks,
but all connected with the negotiations
Of drafts on bills of lading in state OF
doubt as to security. There
fore your committee earnestly re-
commeuds that tho exchange
ask Congress TO pass laws making a
common carrier liable for tho acts OF
its agents, and that tho various OK
changes request their representatives
| in Congress 10 use their influence to
secure this end.
Tho report was adopted and referred
to committee of three members of
the New York Cotton Exchange to
memorialize Congress.
The Committee on Standard Types
reportei the following, which was
adopted:
"We recommend that tho time for
making up the standard types be
changed from September TO Novem.
Der l, commencing with the season
OF 1885, asid types 10 be received
annually ON the same date, In
order that they may be made
up of cotton grown in tho season, fol
which they are 70 servo az
standards; that a committee ol
one expert from each exchange
represented in the National ExchangC
be appointed TO meet in New York OF
the first Wednesday in November
who shall bring with then
full samples OF different grader
from their districts In order 10 arriy,
at uniform type as nearly ss may be
to be made up TO tho basis Of the stand
ard of 1882.
A recess was then taken.