The sun., 1909-05-26
RAP N.Y. COTTON EXCHANGE
MANUFACTURERS AGREE TO DO
BUSINESS IN NEW ORLEANS.
Southern Exchange Declared to BE Ideal
for Both spot buying and Hedging
Dcals-Express Regret That New
York IL Given Up to Speculation.

| York IL Given Up 10 specui1uon'
RICHMOND, Va, May s5.- Resolutions
we're adopted by the American Cotton
Manufacturers Association. which met
the Jefferson Hotel to-day. declaring
approval of the New Orleans Cotton Ex-
change as a market for spot cotton and
deprecating the speculative element. de-
clared to be in control on the New York
cotton market.
| In the discussion which preceded this
action sharp attack was made on the
Western Union Telegraph Company by
members of the committee and members
! Of the New Orleans Cotton Exchange for
what was claimed to be unfairness to the
New Orleans market and discrimination
in favor Of the New York exchange.
The action taken followed the report OF
special committee on cotton exchanges
presented by Capt. Ellison A. Smith OF
Pelzer, S. C. This committee has had tho
subject under consideration for year
and has visited the exchanges IN New
York and New Orleans.
Recent changes in the management OF
the New Orleans market, made at the
instance of the manufacturers, make that
market, according to the report OF the
committee almost ideal. giving an OPP
portunty both for the purchase OF spot
cotton and the hedging necessary to pro-
tect future contracts.
The New York exchange, it was re-
ported, had not met the suggestions OF
the committee and continued to operate
in the interests Of the spectators and
plungers rather than of the manufacturers
and dealers in cotton.
Resolutions were adopted asking the
telegraph companies to furnish in all
cotton centres facilities for trading on
the New Orleans exchange and agreeing
to patronize that market both for the pur-
chase Of spot cotton and for hedging.
Capt. Ellison A. Smith OF Greenville
read the report of the committee on Cot
ton exchanges. In his Introductory re-
marks he compared the New York and
New Orleans cotton markets, saying that
the committee had found in the former
that the chances for manipulating were
very great. while the New Orleans market
had recently made decided change for
the betterment and was now very near
ideal.
| IL. W. faTheT Oh ohiu VIC
report should not be passed without
positive expression on the part OF the
association in approval OF the action OF
the New Orleans exchange as spot
market and in denunciation Of the New
York Cotton Exchange as a speculative
market. He offered ttas following series
of resolutions, which were adopted unani-
mously:
That the association express it's thanks
to the New Orleans Cotton Exchange
for its acceptance of the suggestions OF
the association and its provision for a
egitimate market for hedging
THAT the association express regre
that the New York Cotton Exchange hao
not thought it wise to respond to the re-
quest of this association.
That all members Of the American
Cotton Manufacturers Association express
their appreciation by using the New Or
leans markets for trading and hedging
purposes
That we ask the Postal and Western
Union telegraph companies to give equa
facilities to New Orleans as are now giver
to the New Y ork cotton market