The news scimitar. (Memphis, Tenn.) 1907-1926, 1919-04-15
COFFEE.
BANK CLEARIN GS.
RECOMMEND SYSTEM OF
MAKING QUOTATIONS
IA ne Associated Press

Satisfactory results We're reached
Monday by the conference OF repre-
sentatiyes from the designated spot
cotton markets as to the best method
Of making quotations and II the rec
concentrations made to the several eX-
changes are adopted the new system
will become effective at the beginning
of the new season,
Tie conference was composed Of dele
gates from each OF the markets, from
the department at Washington and the
New York cotton exchange, The morn
ing session was given over to discus
sion OF the present system and methods,
which are thought to have led to the
existing disparities, and a committee
was named to formulate a report em-
hodying the best ideas presented as 90
how the objections might be avoided,
The report was presented In the after
noon and adopted, 1t being a recon =
mendation to be acted on by the sew
eral exchanges, after which reports
Butler, in time for its adoption or non
adoption for the new season,
Following Is the recommendation;
I'D Resolved that the responsibility
for quoting different grades to Wash
ington rests with the quotation com =
mittee,
ICY Its Observation-Disclosures OF
' NpiAiINNNN VI wv WY - RhtN wv
sellers, appointed by the president for
two months, one buyer and one seller
to be replaced every 30 days; also a
chairman, appointed by the president,
who shall serve for 30 days and be al
ternately a buyer and a seller.
''(3) Method of Obtaining Facts
Buyers and sellers report daily to super
intendent of exchange all purchases and
sales, With prices OF each grade. II
purchase or sale Ia Of average grade
buyer and seller must report to the
best OF his knowledge and belief the
value OF each grade This information
furnished the superintendent Is strictly
confidential and his duty shall be tc
report to the quotation committee an
average price OF various grades bought
and sold, also the total number oil
bales traded in, The committee shall
have the discretion to decide whether
tho total transactions are too small &c
base quotations on ana they shall also
have the power, IL the quotations seem
TO he at variance with the actual trans
actions, to demand from the superin-
tendent that he furnish them with q
list Of the transaction from which his
figures were derived. IL the trRnsaC-
| lions are so small as TO make, in the
opinion OF the committee, Il purely
nominal market, the committee shat
request the superintendent to securC
I ptl anu Assn IiANt vi NhNh Gi0AS lAhil
the various buyers ana sellers, and the
superintendent shall figure the aver.
age price Of each grade from the aver.
age hid aud ask price IN so bales oil
more, il is understood that when any
sales OF spot cotton are made and
which, in the opinion Of the spot com
mittee, are made for the purpose OF in
fluencing tf p%ossiblel the spot quo
\ %tations; or any sales which do not rep
resent true market anu then sucl
sales are not to be considered by tht
committee in making spot quotations
When n basis trade Is made tn,
buyer and seller must agree, for th'
purpose Of getting the average quota
tons only, the approximate mount O
each grade contained IN the same,
"Nl Uniform Method OF Arriving n
the Quotation for Middling Cotton-Ai
| quotations shall be based M bona fid
transactions IN spot cotton, l inch
The price OF middlhg cotton shall b'
quoted on the value OF middliug cotton
government standard Il inch,
DAILY quotations shall be mace a
the closing time OF the New York ah'
New oeleans contract markets, bases
on average sales reported 20 the super
tntendent since the previous close Q
the central market,