The Sentinel=record., 1914-04-07
LONSDALE OFFERS
 COTTON REFORMS
FORMER HOT SPRINGS MAN IN. AUGURATES NEW METHOD FOR
 WALL STREET TRADES.
Resolution Offered by Lonsdale Meets With the Unanimous Approval of the Committee on This Subject.

The New York Journal of Com- merce has the following notice which will be read with much interest by the many friends of John c. Lonsdale in this city:
 That the New York cotton Ex- change will not wait until April of next year before adopting a new form of contract based upon the govern ment standard types, but will make the change on September 1 was indi- cated yesterday by the board of man. agers of the exchange. At meeting lasting two and a half hours the re- port of a special committee appointed to consider the resolution introduced by John G. Lonsdale of Logan X Bryan was received and accepted; and it was decided to transmit it to the standing committee on bylaws and rules for the purpose of framing such amendments as will be required in order to permit trading under the proposed new system. After the meeting Edward K. Cone, the presi-
 
 proved of the general plans outlined in the Lonsdale resolution, and that it was now up to the bylaws commit tee to work out the details.
 "The special committee consists of MT. Lonsdale, Clayton F. Rich, Jr, Henry H. Royce, Leopold s. Bache and Gardiner H. Miller.
 MT. Lonsdale's plan calls for trad ing i'll new and old contracts dur ing the transition period and until the new system is in working order
 "At a meeting of the board of man agers held on March 17 it was de cided to adopt the government stand ards with respect to trading in con- tracts maturing on and after April l, 1915. Since this action was taken the legislative situation in Washington has somewhat changed, and it seems now that leaders in congress frown upon the proposal of the New York exchange to defer changing it's con. tract until this late date, believing that the reforms ought to take effect immediately or as soon thereafter as practicable. The exchange is now dis posed to follow the suggestion and desist from it's former dilatory tactics that have been the subject of much criticism
 MT. Lonsdale's resolution follows:
 Resolved, That the bylaws and the rules committee be instructed to bring down an amendment to our by laws covering a new style of contract to be traded in at the same time as our present style of contract and in the same manner. and to be sepa- rated from our present style of con- tract by being designated new, the present style to be designated old
 This new contract shall cover the trading in all months on and after the first day of May, 1914, and ol this new contract deliveries shall be made under government standards only, and shall be based on commer cial differences to be determined by a new committee of five members to be called The Committee of Conner cial Differences and such committee shall be elected by the board of man. agers when this new contract be- comes effective, and shall serve for a period of one year.
 Should the government, through the department of agriculture, -r some other department in Washing ton. undertake to determine and es- tablish differences between grades, | this committee shall be instructed to | adopt and promulgate such govern ment differences between grades as shall be issued from Washington, and | make them the tenderable basis of i this new contract
 The committee of bylaws and | rules shall, in drafting this amend | ment to the bylaws, provide that all | trading in the present or old con