New-York tribune., 1909-05-27
COTTON BROKERSREPLY
LOCAL CONTR4CT FAIR.
.Spinners 4re Not Justified IN F0cor-
ing NezC Orleans.

The action of the American Cotton Manufact-
urers' Association in adopting resolutions al d
meeting in Richmond. Va. on Tuesday, express
ing approval of the New Orleans Cotton tXcha"Se
as a market for spot cotton, and alleging that 'he
New York exchange had not met the suggestions
of the association and continued 10 operate III
the interests of the spectators and plungers ratHei
than Of the manufacturers and dealers IN cotton
was denounced yesterday as a gross mlsrepreSel'a-
tion Of facts by the leading officers of the Cotton
Exchange here. Members of several of the largest
Cotton Exchange houses in this city, with one eA-
ception also took exception to the statements con"
tanned in the resolutions referred to, which, theS
said were contrary TO the facts
George Brennecke. president of the Ne" 70 Ut,
Cotton Exchange said that the contract recently
sdonted by the New Orleans Cotton Exchange
which was referred TO in the association : Iesoi
tions as approaching very near 10 me 'dea' 'Oil
tract" was copy Of the one which hao peS"
existence on the New York Cotton Exchange lol
about twenty-five years. In regard 10 the 80
ment that the local exchange had nov nnel .- ~
suggestions of the association in regard 70 ondiS
in its contract Mr.. Brennecke said:
Through q committee appointed for that pur
nose our exchange has had various interviews W.
4 committee appointed by the Cotton SplhhsIs -
socfation and as result agreed 70 special con
tract. such as the committee Of the cotton 0tln
ners' Association desired Much +" my SUI iS7'
prominent members Of the Southern cotton SPIN
ners' Association committee. in conversation VII"
during the last winter gave their opinion ti'
they did not then care for any new form II r'l
tract. but that the New York contract ds ~ ~
{ existed suited them we'll enough As y c"iS7
ouence when the board Of managers 'i "u' -
change p-oposed certain contract as agreed upon
with the committee OF the Cotton Sptnners AsS'-
ciation It was thought best by the members OF our
exchange not TO take action on thls contract l''
the time being.
Arthur R. Marsh ce-president of the exchange
eaid that assuming the dispatch from Richmond
as to the resolutions adopted by the Cotton Manu-
facturers Association substantially correct, ne
was 'astounded their disingenuousness ana a.
the ir,pudent misrepresentation they contained
contrasting the New York Cotton EXchanEe W"
the New Orleans Cotton Exchange as markets l"'
the leGitmate hedging operations Of spnnerS
Mr. Marsh pointed that the New orleans con
tract which lauded by the association mas
twenty-four intermediary grades against ohly nv
in New York He added The recently adopieu
contract I'm New Orleans does not correspond III
a single particular except perhaps IN the iHellou
Of fixing the differences in the value OF graueS i'
delivery purposes) with what Captain SInyth anu
Mr. Parker stated to n committee Of the New YORK
Cotton Exchange was the form OF cont" "N' "
by their association"
Atwood Violet. Of Atwood Violet Il Co. look I"
contrary view He said he was entirely IN aec"Iu
with the sentiments expressed in the resolutions
of the Cotton Manufacturers Assoclatloh anu
added that for the last thirty months he had au-
dressed himself 10 the members Of the exchange
here along the lines recommended by the assoe'a-
ton
Sterrett Tate Of Carpenter. Baggott d Co. S"'u
thar the resolutions were an evident attempt on
the part of the association to throw business L"
the New Orleans exchange, and that ne regaFpe"
It's action as vicious sectonalisu He aoaeu. "o"
| ever that he did not expect 10 see tle eN'ii''e
here lose any business, notwithstanding ule ds'o
| ciations action and pointed out that IN the ias'
year the local exchange had handled the hedglhs
business of more cotton manufacturers North anu
South than ever before The reason lcr thiS' h9
said was that the present contract was iair' ana
that under It any miu could buy cotton for spin
! ming without any disadvantage
Theodore H Price. the well known cotton operator
when asked for his opinion OF the resolutions
adopted by the association, said; 4hey are Ho'
! worth talking about"