The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-06-21

OF GA to GO points, or say over 50 per bale.
IL - true the quotations for spots do not
include cost OF certifcating. and the cotton
deliverable on contracts is not confined to
middling, but is basis middling. Allowing
all this, however, the difference Is some
thing phenomenal.
On their face the figures appear to prom
Use anyone buying contracts in New York
at current quotations, settlement In the
actual stun within few days, with q GER
tainty Of about So per bale profit.
But alasl In cotton, ''certainties' are
always the most dangerous. The knowing
ones hesitate. They do Inore-they posi-
lively refuse to accept the golden opportu-
nifty hcld out to, them by the New York
Cotton Exchange, and some are even UNI
generous enoughto hint that something is
wrong with the figures. OF course their
talk is all nonsense. How could IT be
otherwise2 The figures are official. The
oilers and bids for Junes and Julys were
made open and publicly on the New York
Cotton Exchange floor, and the quotations
for spots are settled by committee OF
seven OF the most prominent experts in
New York. More, the latter are assisted
by Revision Committee Of nine other ex-
perts, who consult with them at stated
periods. With such assistance II seems
ungenerous 10 cast doubt on their work.
Yet, what can the matter be?
The figures for spots and futures don't
jibe, and IL is claimed that one OF three
things Is certain, either that:
/. The official spot quotations OF the
New York Cotton Exchange, us given to
the world with the sanction Of that body
nra pYropanua hy A ~ . nania. nr
2. The contracts OF the New York Cotton
Exchange that call for basis middling are
not settled on that basis under the rules OF
the Exchange. For II would seem ppa-
rent that the cotton which is certified as
middling on certificate is not the mid
ding which is represented by their spot
quotation. In other words, there appears
TO be two distinct standards in the New
York market one representing cotton sold
on the tables, irrespective OF any connec-
ton with the future market, and the other
that which the committee charged with
the work certifies TO as fit delivery on
contract; or,
8. That the certificate system, Of which
so much is said, has failed TO carry out its
original promise, anda means by which
operators. who rely upon the justice OF the
New York Cotton Exchange rules are
made positive losers thereby, and the GER
tiiicate certified cotton now tenderable on
New York contracts has been classed above
its actual grade, and il is these overgraded
certificates that are depreciating such con-
tracts.
This is what is said, not only in one or two
centers, but all over the South and else-
where.
One New Orleans firm claims that they
bought contracts in New York and took
the actual cotton because on the face Of
the figures there was something like the
handsome profit shown by the present
data. But when they came TO resell the
cotton they could not get within half cent
OF the quotations.
II the state OF affairs existing in New
York affected the local interests OF that
center only We could afford TO LET Il pass,
but II uniayorably Influences the lcgiti-
mate business in all markets at home and
abroad. Y.