New-York tribune., 1907-01-03
FILE COTTON CHARGES.
Continued from first page.

fraudulent contracts and transactions which are
at present practised by those who are IN au-
thority in making effective the present rules
and methods of that exchange. TO the detriment
ana injury Of the legitimate cotton trade of the
United States.
In addition to the formal charges many let
ters and affidavits in support of them were sub
mitted to Postmaster General Cortelyou. Rep
resentative Livingston urged prompt and de-
cisive action, and Mr.. Cortelyou said the charges
would receive attention from the department
Walter c. Hubbard. president of the New York
Cotton Exchange, who last week. after report had
come from Washington that fraud order might
De asked against that exchange, telegraphed Post
master General Cortelyou requesting copies of any
complaint which might have been made against the
taken to protect its interests against such
rahtaoIe attacks made public yesterday a letter
sent by him to the Postmaster General, in which,
after quoting the telegram, he continues:
To this l would add. that It is deplorable that
such assault upon the New York Cotton Exchange
en-, a GnArtered institution of more than thrty-five
or such Implication the integrity of its mem
prno saoHtd o be made under any pretext for
kn9wn merchants here, of the trade in the South
the present. of their Organization They are up
Iight business men. They need no defence or apo-
are ignorany made They viii protect themseIves STVe
he cali
which is calculated for their injury. 80
In an interview printed in The Tribune last Sun
day. President Hubbard said
The early experience Of the Exchange depnonstrat
60 mat frequent revsions of the premiums and dis
TO put such prices 'on and "ofrf as to nrat
cne deliver of cotton in this market with the
OF nre eeEveGy The present system makes such cor
TO facilitate the delivery in New York of ali tSe
cotton the planters will raise"
E~-Presdent Samuel T Hubbard said:
an AT Ihe corresponding period last year there was
MARKET and amount era OF high grade cotton in the
cnasers under the Exchanges form of contract
icsm because discounts on the low @rees IS CRIT TIT
high enough The differences last year eventuaiiy
there VIII be the result this year II is nor
tSi to consider the price arbitrary When as
grade the weight OF that cotton depressss the price
PRESIDENT Hubbard gaze out last evening the re-.
port Of a special committee which In 1891 made q N
INQUIRY into the merits OF proposal to change the
form of the New York contract Th,s ranor+ ,.
as follows: was
Of Changing g5ee tb having in charge the advsaby
report follows Aitbougb - oI n contract beg to
bales OF cotton OF our present contract against
Sss SsepSveiy by both exporters and spnners rens
grades seous in seasons when low
Dber
N. act was adopted. and rightly en- % rt,.,
setisraD,ultF an opportunity of securing n rrice
to him for his growing cr6ne one
ali merch,r;ioteis MIN, II he chooses To deliver
sra @ ole grades; 10 restrict the daIi,,a-,- -
7osed ~. no' @ oelow low middling as has hee6 ~
seG 90a1 oy yarous Southern exchanses Would n pro- a
he ~ b,,, 80 great injury TO him while II rnIGSt
~ 90 pLt sight benefit the buver IN IN i'IilL III,
prodirt cia,one: one: when large percentage df Ire
bedgS ana You'd ~9nld practically have no market ~
~ IT, ''H utlVer IN. Liverpool already being cioS
tract VI IL 40" iniddhng clause CON
%, ne argument that the comparatively Ion, ,,o,.
- ''Ili tcts In our market have reduced ~.
u ert crop does not hold good in ni,r n,t.iII
", t, ~ liver pool has the low rniddlinp? ciaso
ari s.NI Iict futures In that market hs,a 80,
rrS S.i' are selling as much below prices for 60
ti,nae 20 auts as IN our market. and excant IN
tb VI corner contract cotton Of various Grade
sa,r t,oketheT promiscuOusly can never haS. ~ .
scrpton. ''is si"deS or any de-
Ihe adoption Of the low Iniddling clause ,o,,
.IIEe away valuable Southern business - ii
ttiIu 70 open the door ''squeezes'. o,j s.
lIle very ming our Exchange has aIvSayes s9i. I
euatd against Respectfully submitted ''''u ~
GEORGE GRENNECKE
THOMAS H. ROBINSON
SAMUEL HOPKINS
a. HARDEN
ROBERT WOEI. I.FENDF,N