The morning news. [volume] (Savannah, Ga.) 1887-1900, 1899-03-10
WANTS TO AMEND CHARTER.
COTTON EXCHANGE CONSIDERS
MR. ATHENS COMPLAINT.

Proposes 10 Improve the Conditions
of the Cotton Buying Business by
Allowing NOn-resideRts 10 Be
come Members of the Exchange on
the Payment of Nominal Fee
and Also That the Brokers shall
Guarantee the Representations of
Their Correspondents in the In
tcrior-A General Meeting of the
Exchange 10 he Held April 10 to
Consider the Proposed Amend
ments-
A meeting Of The Cotton Exchange was
he'd yesterday at noon to consider the
complaint recently laid before the drec-
tors by \. c. Ahrens with reference 60 the
ueIhods which now prevail in the pur-
cbase Of cotton from interior buyers
There was an unusually large attend
snce OF the members the subject present.
Ell by Mr.. Ahrens having been freely dis
cussed since the publication by the Morn
ing News of his complaint at the time it
was beEore the board Of directors.
The object Of the meeting was stated by
the president. Mr. Henry T. Williams,
and Mr.. Ahrens' complaint to the board
was read Mr.. Ahrens addressed the meet
ing. stating the difficulties under which
the port buyers labor in purchasing from
the interior sellers. The cotton must ne
purchased upon the classification Of the
interior seller, a sight draft is drawn at
once and must be paid Immediately and
without opportunity being offered for the
inspection OF the cotton. The cotton is
sold to foreign buyers and very frequently
il is found not to come up to the classif-
cation. The resuk is a claim upon the
port buyer which he is compelled TO pay.
When he endeavors 10 get the amount Of
his claim refunded he gets very little sat
isfaciion as rule, and a claim is seldom
paid in full. The brokers who represent
the sellers in these transactions decline
10 be responsible for their interior connec-
tons AS the latter are often without
financial standing, the buyer is without re-
course.
Mr. AhrenA offered a resolution that the
board of directors OF the Cotton Exchange
be INSTRUCTED to can a general meeting in
accordance with the provisions of its char
ter, for the purpose of taking into consid-
GRAFTON the following motion:
THAT the directors he instructed to ap-
ply to the Superior Court OF. Chatham
county for The amendment of the charter
of the exchange by striking out from arti-
Gle 3, section !, the words CITY of Savan-
nah" and substituting therefor the words
United States of America" thus making
the article read as follows:
ANY person In good standing in bust
ness in the United States of America may
be elected q member of this association"
MIR. Ahrens also offered the following
amendment TO the by laws:
In case OF contracts made by a member
of this exchange for non-member the
said member shall be responsible in every
respect for the proper fulhlment Of such
contracts, on and after Sept. /, 1899"
There was no general discussion of the
motions submitted by Mr.. Ahrens as the
rules require that an amendment to the
charter must be posted thirty days before
Il can be acted upon. 1t was decided 10 call
a general meeting OF the exchange for
April 10. at which the amendments sub
mitted by Mr.. Ahrens will be discussed.
The questions raised by Mr. Ahrens are
OF considerable interest to the members
of the exchange. and it is likely that the
meeting 10 be held April 10 will be weil
attended