The Guthrie daily leader. [volume] (Guthrie, Okla.) 1893-1996, 1909-03-01
COTTON
EXCHANGE
REV|SES
CONTRACTS
speeIal d Id pallY Leader.

NtN NfltaNN, MNN l.~~Altpf TWO
years 90 most thoIous;i research, IN.
sestigotlon ana consideration Of cot.
ton mnrkei conditions and trade re.
Qulyemonis By The United States gov.
| ernmenh acting on the request q the
| iarmcra and many months Of earn
esi endoagor by special committee
Of seventeen experts, together With
The cooperation of planters. apinnars
buyers and sellers Of the staple, the
members OF the New Orleans Cotton
esohangc have adopted resolution
| providing for changes ald lmprove-
mants Ia ibeir future contract and
| future rules an OF which are fully
euJorsci by ihe United States gov
lelunent and hy Tho legitimate In.
terrsis ~ The cotton irldo Tho gov.
efnmrntg recommendations as q
mfolc werc adopted "a were an rec.
enmgndsllons made by he special
committee which received the approx.
at Of lhc Federal government
Amcng he % re important changes
objected are'
The adoption Of system of corli
Hcliinn oi efs |cs CARRYING with g
ihe official gnafanlee of the New Or
leans Gotten exchange ana the per
Waaeni Identification OF eaeh and cy,
chs hee
/ casgliic tion by salaiicd board
Of oxpcr classsrs having no oiher IN.
iesesi m iho cotton business: such
board % grade cotton only
The creation d an improved board
q appaula
iuprtyed arbitration o. irregular
and staple cotton
fhe compulsory use of tbe official
glnlaris OF tlla Exchange (which
ultimately are 10 be ihe government
sianAamsl bS tar boaed oi claasera
'the denlileatn rf individual
halo3 ly gfsae on lhc face Of the
pelo certificate
The admiQn 81 sinei good or
lnafy clause, ar lis equivalent
Pcrpoipalion df tho eommercla or
mafkel graie difference system. as N
wusa enforced III New Orleans.
Tire exclusion of an low grade ling
ed and stained cation fr,m M lhe grades
len3crarle on eoRifact.
In no sense dees lhe adoption 81
ihe grade cefiilcaiion system con.
siluie or imply tflSed differences
IN a lengthy letter addressed io
President N. D Thompson. u, s..
commissioner Of Corporations. Her.
bert Knox Smith. who has had charge
of ihe exhaustive Investigation made
- l1c government apnroYei the pro
gEamma Of the New Orleans Cotton
asehngc, made somc additional sne.
/ gesllcns ami closed nls letter wlth
Eihi sentences
I would iHflher eXpRas nay nleas.
ura at tho manliestly sincere and
toalnasI en.rt on tae part oI The var
ioua members ol ycur committee de,
anle some differences Of opinion as
@ the matter Of policy t1 bring
about Improvement in the conduct of
/ tho future system On the New Or.
! leana Cotton exchange
There has ne4er been aHg differ
eaee cf pniDn among the members
81 our exchsnge as TO Inc hroai pol
/ ief 81 psifelHaing only such rules
AID contract conditions as viii ai,
+ Wgss give 10th iae buyer and the
seller ahaolnte fairness together With
{ naxlmum trading facilities sa.a
/ Presldm Thompson sThe only dlf
| iesences illat have ever esislal hay
! 1853 led l3 he methods ny which We
we're 10 fcaea lhe desired end. We
/ Invited hlr Herbert knax Smith. who
/ SIS Che oihcial Of ihe government aci>
IT nn Instructions Of Congress IN ihe
/ Interest of Ihp proiueef. tho con.
/ aamtr ana The trade III general rs
confer with ns IN order that We
/ mlshl harn0Hge our views to meet
/ lle views Of The gcyofnmhal This
| he ld We have also conferred with
[ many representative farmers and
/ splnncra. Hth buyers ami sellers
/ hsYc repeatedly been before The com.
| Imlilee ana the changes va have
/ made bear he unqualified approval
| oi all ciasses
"iutl ~ Aaon as Il is practicable
| tae chcnges and improvements win
50 into effect. in q little while We
| vii hive created modern warehouses;
/ aad hanEisas facilities which will
t protect all ghe cotton sent to Sew or
leaus from daniasc ana gerry mater
iall relucn slle cest of handling
fiogags sliiHplue Insurance. sle. With
saeh lcllslea logeiaer with med
enlzcl future contract available Tor
| ieagins puFpesea ana meeting the
needs ana feqAgemenls Of both buyer
aild seller. cotton wan efavllaip IA
Sa fi4ft<as 4.,..t, 5,l.