The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1896-12-10
GALVESTON COTTON ExcuANeE.
Lively Debate over the Approprtn
lion for the Freight Durcnu.

lion for the Freight lsurcnu.
Galveston. Texas. December 9.--The an
nual meeting OF the Galveston Cotton Ex-
change tonight was about the warmcst ses-
sion the leading commercial organization Of
this city has ever had. Everything ran
smoothly until the report OF the directors
submitting budget for the ensuing year
was reached. The subscription OF $500
heretofore paid toward the support of the
freight bureau was renewed therein and
s6SO0 was appropriated for telegraph tolls.
In the estimated revenues, the . cents
bale on cotton collected from each VI the
factors and buyers was renewed and In i'd
dition thereto was IN estimate of $500, TO
be realized from az cents u bale. or one
half of factors guarantee TO buyers. The
factors at this place long agoestablished by
agreement, the custom of paying certain
guarantee on each bale Of cotton to indem-
Nifty buyers against latent damage. Later on
the payment was Incorporated into the
rules of the exchange. Some Of the factors
! have contcnded that the necessity for such
paymcn no longer exists.
In seeking to provide revenues tho direc-
tors decided to recommend to the exchange
that hereafter the factor pay 2is cents
bale and pay an equal amount TO the OK
change.
Colonel W. l.. Moody moved the adoption
OF the budget, amended so as to strike out
the ~ cents a bale mentioned, thus leav-
ing the guarantee payment remain as forrn-
erly. to reduce the appropriation Tor tele
| graph tolls TO $500 and TO eliminate the
appropriation for the freight bureau. In sup
| port of his amendmen; he spoke at great
| length and several times. He said some
| members were contributing but $50 year
to the exchange as dues, while he paid
fYA r..,aa 100.
died. Tho money thus paid in was used
IN part to support a freight bureau, which
az claimed. benefited all engaged In bust
ness, and In part for Geographic nforna
ton not beneficial to him. but used solely
by brokers for gambling in futures. He
! contendcd that II fun tclegraphic reports
were desired and the sustenance OF the
freight bureau wished. those Engaged in
| other lines Of business should pay a tax
thereon. as did the Gotten men. lie was
opposed by lens Moller. charles Fowler
Coono. John ID. Rogers George Sealy and
others, who urged the inpoi lance Of the
freight bureau
Mr.. Sealy offered suhst,u'e to reduce
the telegraph tolls as suggested by Colonel
| Moody, to leave the guarantee sund India
turbed. but to appropriate si2J0 Tor the
freight bureau. Tho substitute Was voted.
| but the special object ion seemed to he to
the fregh, bureau, Colonel Moody insisting
that II was not proper Tor The exchange
to contribute to the bureaus support. His
molten WIS adopted.
The decision OF the exchange TO cease
contributing to the freight bureau does not
mean that the Institution VIII be abnn-
doned. The subscriptions from other sources
are about $1,000 annually and the deficit
viii be made up
Previous to consideration OF the bulge,
other reports were read and adopted with
out oppositln.
Charles Fowler chairman of The commit
tee on terminals and transportation, sub
mitted n report In which he gave figures
illustrating the great increase I'm the vol
ume of business handled AT this port thi.
season and said Il had been handled viii
greater dispatch and at less expense thar
in any previous season except during
Temporary blockade Of grain due TO
| scarcity Of tonnage. This, however. dem
onstratcd the need of mora elevator room
and this is being provided. He referred Il
needed Improvements and extension Of th'
wharf tracks and the railroad Yards am
said such improvements are now In con
temptation. He suggested thst the eX
= change take steps to bring all parties In
: tcrosted in enlarging terminal facilities
together In order that such extensions ani
improvements may bn made before tn
p opening of the next season. lie compi
mentod the work Of the freigh, bureau an'
its commissioner Mr.. Denison. in obtain
ing new business for Galveston, and cnum
Grated some Of the work dono. lilo sal
: Galveston had during the past year SO
. cured very fGlr trentmcri from the rail
Q roads and tho Texas railroad commission
and also referred to the Insurance differ
entails which resulted In n treat increas
! OF cotton receipts.