G.: Impossible! No German law would permit a buyer to demand his goods, without paying a price at all, and be justified in claiming money in addition from the seller. A.: What decision would the Bremen Cotton Exchange give? Two possibilities are to be taken into account. If the seller has taken a "future" contract as cover, he has no loss, even if he gives the cotton for nothing, and pays 1.50 cents in addition, because the difference in the "futures" indemnifies him. But if he has no "futures", what then? to part with valuable cotton for nothing, and pay good money as well, would exceed the demands of Shylock. G.: The "Bremen Cotton Exchange" would probably decline to adjudicate, it has the right to refer it to the ordinary law courts. A.: A hard nut to crack for the law! German and American agree on the following: It is a peculiar thing that cotton has always new riddles in store for us. The fluctuations in prices are enough to drive a man mad. Woe to him, who is drawn into that maelstrom. The hedges are a safe guard against price fluctuations. The careful merchant thinks he is on solid ground, when, all of a sudden, the premium for the quality begins to rock and he wonders what is worse? the fluctuation of the "future" market, or those of the premiums. Hundreds of thousands of bales have been sold, at a premium of 10 to 15 cents for goodmiddling, to-day, the premium is 3 cents, that spells hard times for the cotton market. It is a consolation, that bad times are quickly followed by good ones, and that the darkest hour is before dawn. Cotton typifies life and death, joy and sorrow. It is like an untamed animal, it deals serious wounds, it indulges in "buck jumps", that none can foretell, nobody has ever driven it in harness. And yet, he, who deals with it quietly, carefully and pluckily, will always remain fresh and full of life. Cotton is king! THE EXCHANGE BUILDING.