The Savannah morning news. (Savannah, Ga.) 1900-current, 1903-03-01
NEW F. 0. B. RULE
COTTON EAOhANDE ADOPTS
AMENDMENT TO OLD RULE.
MUST GUARANTEE COLOR.
NEW RULE CARRIED BY NEARLY
TWo-THIRDS MAJORITY.

~RuIe 1O6," Relating to Cotton Sold
nm Class, Amended So as to Re-
staple - Question MatureIy Con-
sidored, and Thoroughly Debated
Refore Final Action-Most Factors
and Nearly All Exporters Favored
the Change Strong Arguments
Advanced on Both Sides.
There was a. largely attended meet
sng of the Savannah Cotton Exchange
at noon yesterday, called for the pur-
nose of taking action with regard to
q proposed change in "Rule 106" of the
Exchange, relating to cotton sold ION
class" -
For some time the question has been
warmly debated by the members of the
Exchange. Heretofore, cotton sold ION
vannah Cotton Exchange did not nee
essarily require to be guaranteed as
10 color and staple. On the new rule
all such sales hereafter must be so
guaranteed unless otherwise expressly
stipulated.
Opinion has been very much divided
among the trade as to whether the
proposed change would be beneficial or
the opposite to the business of the
port, and also as to whether the Sa-
vannah Exchange would adopt it. Ex-
porters almost unanimously favored
the new rule, as did also majority of
the factors. 1t was vigorously OPP
posed by the I. o. b. people and some
of the factors, and these were REIN
forced by earnest protests by mail
and wire from houses in the interior,
from Georgia to Tennessee.
The supporters of the change held
that the old rule was detrimental to
the interests of the port by not admit
hitting of exporters paying as high
quotations here as elsewhere, owing to
the lack of color and staple guaran-
tee. On the other hand those who OPP
posed the change claimed that it would
detract from the business of the port
to exact from sellers guarantee
which very often they were not in po-
sition to give.
The question was very thoroughly
discussed In all its bearings at the
meeting, as 1t was not desired to take
hasty or ill-adVised action on matter
of so much Importance. Strong
speeches in favor of the change were
made by Maj. Edward Karow, Mr..
Henry T. Williams, MIR. w. c. Steed-
man and Mr.. F. c.. Battey. Eloquent
appeals against it came from Gen. w.
w. Gordon, Mr.. E. A. Cults, Mr.. John
Nlsbet, Mr.. G.. E. Dickinson and Mr..
Wright Hunter.
When the vote was taken it was
found that thirty-six members favored
the change, against twenty-one on the
other side. When the result was made
known, the minority acquiesced with
the best grace possible, and cheerfully
hope that the decision will not be pref
judicial to the future interests of the
port.
''Rule 1o6," before the change adopted
yesterday, read as follows:
Rule 106. Unless differently stipu-
lated, cotton sold on class shall be re-
quired to be even running. In Savan-
nah settlement, even running grades
shall be such as contain not more than
ten (10) per cent. of falling off bales,
offset by an equal number of better
bales; such falling off bales shall not
be more than one-half (5A) class below
class sold"
The rule as amended stands:
Unless differently stipulated, cotton
sold on class shall be required to be
even running, and for grades of mid
ding and above, good color and good
staple" for grades below middling,
''fair color and good staple;" for color
ed cottons, good staple" In Savannah
settlement, even running grades shall
be such as contain not more than 10
per cent. of falling off bales, offset by
an equal number of better bales; such
falling off bales shall not be more than
one-half class below class Sold"