The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-29
certificating cotton as distnguislie ed
from Its "fixed-difference system as

certiflcating cotton as distinguish ed
from Its "fixed-difference system as
tona al gsnern nrlhfgle the Now
YORK business 1t Is n proper Develop
ment. Capable Of proper applications.
| me principal difficulties on both e .ss..
oranses ave been WIN ths ear tbei
rules. In repard to certain details.
| however a number OF changes. most
q which have already been widely
dlscussed. seem desirable.
hG New York rules as well as New
I orleans, should expressly provide come
method by which extremely weak or
persisted staple should be definitely
Not from tie cstifieated s.Geki
l,icatlon should identity eacn ndivi-
dual bale by grade. II is objected that
increased expense OF handling and or
storage would result. but 1t seerns
would be no greater than the expense.
now thrown on the receiver OF cotton
In attempting to identify or reclassify
2 9, mixed lot Of bales, and such identt-
ffication would also greatly facilitate
tho handling OF ccrtlfIcated cotton and
Its aggregation into cyen-runring lots
fo ne, Gaonnsumption.
Of Uniform grades. throughout the cot
" ! q, simplify tho business and stop I.
fe Gpes q abuses The prastJisnl dif
'~Ait'Ss III tIlg WY III .dTTlViUE aL
such SUI, q system are considerable, and
probably the best that can be done al
present Is to make persistent effort
70 approach gradually such an IDEAL.
some Suggestions.
AS distinct from the Limitation Of
the present range Of tcnderable grades,
a, ~ number OF suggestions have been
gle contracts within that range so as
to make tho contract more certain
and advantageous one.
These suggestions may be commented
rirstAi specific" contract: II is
Wholly out of the question to make
the contract an absolutely specific ono
particular grade shall be delivered In
view of the fact that future contracts
are largely made before the quality
or or Their the crop Is known, very few sellers
10 deliver any particular grade Of cot
ton on an exchange contract. owing to
con; danger OF International manip-
s u1at,en ressnltng II, corners and
practically destroy the future market
by making It very narrow.
Second, That not more than three
on any single contract. The bureau
regards This not only as imprnctlcable,
but as having little advantage over
the r,pfr present ,rl system $,
tAittu ~ 10 IluSe Ivy COnLTdCtS, ono
Tor tho delivery Of middling cotton and
bove and tho other for the delivery
OF middling cotton and below Such
an arrangement would be wholly ex-
detrimental and Its results are not
easy to calculate.
Fourth. That all deliveries should
be substantially even running"-that
Is, that on any single contract only a
range Of half-grade either way from
the. medium grade rendered should he
deliverable. the seller having still the
option. however, of selecting such me-
this is entirely practical. or even that
1t would accomplish the results de-
sired. inasmuch as the buyer would
still be left in great uncertainty as to
what grades would ultimately be de-
livered. This system also would great
ly add to the difficulties of classih-.
cation and the controversies arising
therefrom.
Fifth. Possibly a more practical sus-
gestion is that of a premium for even
running deliveries, to be inserted In
the contract itself.
A further and q practical .sugges-
ton is that the seller, on the day that
he issues notice of delivery. which In
New York is three days and In New
Orleans five days before the delivery
shall specify the grade or grades OF
cotton which he intends to deliver. This
would give to the buyer an opportu-
nifty to make provision for disposing
OF 1t In accordance with its quality.