The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-22

| low miGdling and one grade above low
lmiddliny, or one grade below middling
and one grade above niddling. In other
words, the maximum variation OF any
certificate should be two grades.
"2. The committee feels that there
may oe made further Limitation by
both the New Orleans and New York
exchanges upon the quality OF cotton
to be deliverable upon any contract,
| and feels that the recommendations
made by the association in 1906 repre-
sent the maximum variation which
should. be permitted in grades dcltv.
cred on contract.
"3. It is essential, for contract to
be OF real value, that 1t should be
responsive+to spot conditions. The con-
tracts have been far from responsive
to spot conditions on the New York ex-
change for several years, and not
wholly responsive even on the New
| Orleans exchange. To make spot quo
tations and contract quotations the
same. your committee feels that some
option should be given to the buyer
to require delivery to him OF cotton
OF specific grade. and therefore recon-
mends q third provision. as follows:
THAT at reasonable time before
/ tGnQeTI Oalc inc buyer may SiNc uoNiSS
that he will require the delivery to him
of the grade average middling. nothing
below low middling, nothing above
good lniddlng. and for such option he
should be required to pay reasonable
excess over contract price-say, Ia
cent per pound.
| ~. II It be commended that such a
Requirement would tend to manipula-
tlon In making 1t practicable for buy
ers to squeeze sellers. then your COM
mittee feel that a further provision
would wholly. eliminate this possibility.
namely that a provision should be
made for the certification OF cotton In
standard warehouses In the cotton-pro-
ducing States and that delivery may
be made on contracts OF cotton in these
| standard warehouses; with proper
allowance OF freight to the exchange
point.
/ With the last two provisions. in
connection with the other recommen-
dations OF the committee, your COM
mittee believes that contracts would
be on parity with spots, as they
lshould be.
Congratulate Producers.
| s1n conclusion, your committee
would heartily congratulate the plnnt-
ers of the South upon the re markable
manner In which, notwithatnndinE nd
| verse conditions of the times and the
adverse conditions ON the exchanges,
they have been able by the exercise
of good bushes. Judgment to dis
pose of their crop mt fairly remuncrn-
tive prices. Your committee feels that
4 were 1t not for the strength of the
farmers In the South, under those con-
dltions very low prices would have
been obtained during the past senson,
and therefore most heartily conEratu-
late our farmer friends upon the r-
ceIlent manner in which they have
managed the disposal of their crop
during the pnst senaon.
Want Only Fair Value.
at may be said In this connection
| that low prices of cotton, ms nlso Erent
variance In prices, In amy scnson are
altogether MS much to the detriment OF
the spinner ms they 1rc to the plant
er himself. What is desired by both
\ nnrtie. /. n fair value to the COM
modity. allowing TO the producer a
fair profit in the. raising and liking
in some measure stable price upon
(which the spinner can calculate In
l making his sales. These two results
\. cnnnot he secured under prcsent con-
4 ditions ON the exchanges. and particu-
|lurly >on the New York Exchange, and
| your committee does not feel thnt IL
cnn conclude it's report without e1 -
pressing its disapprovul OF the con-
i rnct 81 the New York Exchange, and
, sincere hope that the leaders on the
i Naw YORK Exchange Will realize the
i dcYect. OF their contract, and sincere
liz attempt to remedy the same. IN
4 der present conditions, the CONTRACT on
4 the New York Exchange can DC o. o.
value only to the SPECTATOR. ~.
ro,n,,facturer. It should be clearly
borne In mind that the great mass o.
l hnvers OF goods, particularly ouys.s
go export. base their ideas OF tne
value OF goods upon contract quota,
tions on the New York Exchange. an,
4 that these buyers are Wholly mlsieu
i therefore as to the cost OF the r NV
4 ma terial to the manufacturer. BENG
{. thus misled. It makes Constant q.
4 fort on their part to secure prices W ~
i the manufactured article whlch A.'
below what the manufacturer can pos pos.
4 sibly sell at Under such circumstance
p erroneous market quotations become
& curse to the manufacturer as to the
4 nroducer. and we feel that the New
s York Exchange must rectify Its con
4 tract so as to make the contract re-
i sponsive to the spot condit ton
"Your committee further recon
mends that they be authorized durine
4 the interim OF the meetings OF the as.
\ ISOLATION to hold conferences Win the
representatives Of the exchanges. =
aIso With representatives of leadlnt
farmers organizations. in the hops
a that notifications of exchange cor.
\ tracts may be made responsive to tns
suggestions as made above, and Z
this end your committee recommend
n further that they be allowed to make
a such reasonable expenditures for e%
penses. and otherwise a may %
a found necessary in these meetings. q, I. az.
a that thew be continued until further
n meetings of this association"
/, sLAYAIEN TO MEET.
a missionary Movement Will BIO Inauguratet
Y N'''''s- in Ric. Rally Sunday. Slta55 fa