Year: 1876

sources than usual, and while we
have not entirely escaped from


the disasters attending almost


every branch of business dur


Ing the extreme depression OF the past


year, we can certainly congratulate our


selves that we have taken no step back


ward, but, on the contrary, our growth


as a cotton market, although slow, has


been healthy and steady, and we may
certainly look forward with confident
expectation to the time when, with the
completion of our great Southern Road,
ours shall be one OF Lhe largest interior
cotton markets In the country.


What we need most to bring about
this result is cheaper transportation
from the cotton growing districts to Cin-
cinnati. This we hope to have in some
measure when the Southern Road is


completed, but we think something ad-
ditional might also be done by an eur


nest and united effort on the part of the


Exchange, and we trust our new Com.
mite on Transportation will endeavor


to distinguish itself during the coming


season by its efforts in this direction.


Another thing much needed is change


in the classification OF the Eastern-bound
railroads, which will give cotton its
proper position. No other great staple
| is so Disseminated against; tor while
grain, pork, sugar, coffee, tobacco and
all other great staples are classed at the
very lowest rates, the railroad officials,
| with unaccountable shorts lghtedness,
retain the old war classification upon
the greatest staple of all-cotton-
| thereby not only iDjuring US, but them
selves, as the bulk OF the cotton, which
| they might easily carry, is forced TO
seek the cheaper Southern routes. Ii
| the railroads can compete successfully
| for the grain. carrying trade against the
great Northern lakes and canals, why
can not they more easily and successful
ly compete with the river, gulf and ocean
routes for the cotton-carrying trade?
Let US hope that their eyes Will be
opened, and that next year. Instead Oh
carrying one-tenth Of the crop, as they


have formerly done, they may carry at
least One-iourth OF it.


Another great necessity in our market
is a large cotton warehouse and COM
press combined, connected by tracks
with all the railroads. Our warehouse
system is now, perhaps, as near perfect
as can be, as far as it goes. SILL, II we
could establish system by which dray-
age 70 and from the depoLs and compress
could be saved, it would be a move i'll the
right direction. This matter vas brought
up before the Exchange last winter, but
owing TO tne AeaVy expense attending
the erection of such warehouse, ana
the extreme depression OF the trade, it


was dropped temporarily. We hope,


however, that with a more favorable
seasons business the project may be re-
ViYed and carried into successful opera
ton.


In conclusion, let me congratulate the


Exchange on the favorable prospects for


a large and profitable trade during the
season we are now entering on. The


crop poets in the section from which


we draw our largest supplies are ex-
tremely f: Yorable, and with late frost
we may hope for large yield and much


larger receipts at Cincinnati than ever
| before, and l sincerely hope that we will


unite our efforts i'll Lhe heartlest manner
| to make Cincinnati what she ought to
be-the largest inland cotton market in
the country. L thank you for the honor


conferred on me by electing me as your


presiding officer during the coming year.


THOs. l.. MACDONALD, President.