The United Cotton Association.
In 1877 there was some friction between the various cotton interests, brokers, and merchants, and an association—entitled "The United Cotton Association"—was formed to endeavour to bring all the branches of the trade together and to remodel the rules, and I was elected chairman. Up to this time the Brokers' Association ruled the market, and as many brokers had become also merchants it was felt that some re-arrangement of the relative positions of brokers and merchants was necessary. The position of chairman was one of considerable delicacy, as a very unpleasant feeling had grown up between merchants and brokers, and there existed considerable friction; however, in the end we managed to compose these difficulties and to lay the foundation of the Cotton Association which now rules the trade.