The Atlanta constitution. [volume] (Atlanta, Ga.) 1885-19??, 1895-06-10

transacted.
The first thought which strikes the visi-
tor as the doors open to admit
him to the scene is that it should
be possible for business men to make them
selves understood in such a din of voices
and wild gesticulatng.
Associated with the New York cotton ex-
change are found men whose long and sue
cessful experience has given them a high
standing in financial circles and the mem
bers of this great organization as a whole
comprise an accumulation of great wealth,
exclusive of the magnificent building in
which they carry on their business. The
various telegraph and telephone and cable
companies have their offices Immediately in
the exchange and messengers are to be seen
running about lodging some portly gentle
man here and there in their efforts to find
the recipient of a message.
me exchange was organized with
100 members August Is, 1870 and incor-
porated April S, 1871. It's beautiful building
extends 146 feet on William street, eighty
nine feet on Beaver street and eighty-nine
feet on Hanover square. 1t is seven stories
nigh. The cost, including the ground fur
niture, etc, was about $10o0.O00. The rent
of the offices in the building pays a hand
some return on the investment. The prop
erty affairs and business are under the
direction Of a president, vice president
Gether constitute the beard of managers
According to tho cor stitUton, the pur-
&c ses of the association are to adjust con-
troversies between members, establish Just
ana equitable principles in commerce,
maintain uniformity in rule and procedure
adopt classification standards, acquire and
disseminate useful information relating to
the cotton interests. to decrease local BUSH
ness risks, and to increase ana facilitate
the cotton trade
FOR these purposes an adjudication COM
mittee of five persons not members of the
beard Of management, is annually balloted
Tor by the board, and thus appointed to
decide any controversies between members
Whch might be the subject of actions at
law or IN equity, the same as regards real
estate. Certificates of membership
are transferable to members-elect.
Inc initiation fee is $4,000 and
annual dues not I'm excess of $50. Trad
ING IN cotton in all its branches is trans
acted. Upon the death of a membes each
of the survivors is assessed $3.50. which
goes to make up gratuity fund for the
heirs This fund is not subject to pledge or
mortgage.
The committe on classification consists Ct
hVe recognized expert members of the ex-
change, of whom three, drawn by . act
upon each application. The committee on
quotation on spot cotton at O'Clock
eaf9 day, by majority vote Of sLeh Ct
ts4ses, the. marked QUO
nsy for the TIME being Of middling up
lana cotton. Relative differences OF vIIla-
ton between the grades are determined by
the revision of the quotation committee
Every morning the tone and price Of the
contract market is determined and reported
by the committee on quotations Of futures
for Transmission by cable To Eurt,,t.
The vast. and, in fact, almost unlimited
experience of the majority OF the members
OF this wealthy organization il 4 bus ness
which necessarily demands sucn Carttut at
tention at all times of the season, has de-
veloped in them a shrewdness PROBABLY
uneXcelled in any other profes ion.
and yet. how true it is that so
many have tried and failed, having lost
fortunes over and over again.
1t is quite an interesting study to ECte
the different characters 10 be found on the
floor during business hours. ana as the lay
passes and the hour for closing me cx-
change approaches, it is an easy I after
to tell if little careful attention is gwen
what the result-favorable OF Enfavota Bile
has been with this or that one. Many OF the
members receive reports in their private
offices and consequently find il Unnecessary
to frequent the exchange IS often as 9TH
erS.
A great many of the members are f.om
the south, and probably The most innueu-
tial ones are included in this number,
which is a natural consequence
Among the latter may De mentioned ST en-
men as John Inman John AacX2nd'r ana
James Swan. These gentlemen are con-
spicuous members on the floor ans; are
widely known both IN the Eortu ard south,
the latter particularly.
10 the outsider it would seem almost
marvellous to note the ease and familiarity
Of the experts in classifying the thirty-three
grades of cotton, which is really quite
simple to those who understand it.
-Four hundred thousand bales of cotton
have been stored in New York at ruc IiGc.
and for all cotton in store are isSu"l aeGo-
table warehouse receipts. The stricteSt req
ulations guard the delivery Of spot CCt-
ton and cotton ION account.
The broker, of course, transaets tor him
self as well as others, the commission on
sale Of cotton contracts being paid for by
both buyer and seller at the rate of J2la
cents q bale, when the transaction is not
for members of the exchange. Seven and
a half ana 2ta cents, respectively are the
rates for members whose offices are half a
mile from the exchange ana l cent a bale
when one member merely buys or sells for
another. In case of time contracts of cot
ton, either party has the right to sell for
margins the Varia lions of the market
may warrant.
The hours of business are from 10 to
O'clock save on Saturdays, when they are
from 10 o'clock to noon.
All employees i'm the capacity of door
keepers, messengers, elevator boys, etc,
are neatly uniformed and have strict in
Struct.onS as regards giving information,
and it is almost an impossibility for
yiSitor-unless accompanied some member
as a guest or holds a special permit from
the office of the president-to gain access
to the main floor. A gallery. however, for
the benefit of visitors extends fun one side
of the room on the second floor, where an
excellent view may be had of The entire
proceedings.
For a member to trade or offer to trade
for future delivery of cotton after bust
ness hours would subject him to punish
ment by tine, suspension or expulsion. All
such illegal contracts are invalid.
The limit for deals in futures is about
twelve months. while the longest totals for
future delivery are from one to months.
New York agents buy largely for planters
on their plantations, and in this connection
might be mentioned the advantage the
southerner or former Southerner might nave
over other members.
Business seems to be more brisk during
the months of November and December.
morning.
The officers of the exchange are elected
annually The president and vice president,
however are by an unwritten rule elected
for a second term the vice president sue
ceeding the president by the same unwrit-
ten law The president, vice president,
Treasurer and fifteen managers compose the
board of managers. The officers for the
present year are
President Reinhard Siedenburg; vice
president Gustavus c. Hopkins: treasurer,
Walter T. Miller; secretary, Thomas NJ.
Robinson.
CorneIPs Men in England.
Southampton, June 6-The steamer Paris
a