The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-05-22
Operations Of Unscrupulous
Spectators Roundly De-
nounced by Cotton Men.
RENNIE NEW PRESIDENT;
MAY MEET HERE AGAIN.
Many Important Matters Consid
cred on Final Day Of Conven-
tion-Danger of Increasing
Production Beyond De-
mand Of Country Is
Pointed Out.

Pointed Out.
rHoUGH disclaiming hostility to-
ward the New York Cotton Ex.
chanse In such measure as
might threaten its destruction
the American Cotton Manufact-
urers' Association, at Its session yes
terday, seyerly condemned the prac-
tice OF quoting ruture contracts on an
average OF 200 points below the actual
selling price OF spots. Admission OF
the value OF the exchange to spinner
and producer was freely made. but
there was a general demand for
changed conditions in the manage
ment, with plea for the elimination OF
the Spectator and gambler, who shoots
prices up and down when the fluctua-
tion Is not Justified by the trade.
The one feature of the day was the
presentation OF a report by the com
mittee, which had been in conference
with representatives of the New Or
leans and the New York Exchanges
When the document was read by Cap
tain Ellison A. smyth. OF South Caro-
Ina. the chairman. there was lively
discussion. Mr. r. r. Dancy, OF Texas.
vigorously denouncing the gamblin.
1 e S'''9 Ou tiie tTaulnS llOOT.
Rsnnie Elected Prcsidcnt.
AS indicated heretofore in The
Times-Dispatch. Mr. T. III. Rennie OF
Pell City. Ala, was elected president.
the nomination being received with
great applause. Mr.. Lewis ". Parker
OF Greenville. S. c., whom President
Rennte introduced as the man con-
trolling probably the largest number
OF spindies IN the country. was elected
vsce-pres!dent, and Mr.. T.. Ashby
Blythe. of Philadelphia. was chosen
Tor second term as chairman of the
board OF governors. New members OF
the board elected are Aiessrs. Charles
4. Oliver. OF Baltimore; August w.
smith of spartanburg. S. c.; John C.
Rankin. of Lowell. N. c., and c. B.
Amory. of Boston. Mr.. D. A. Tompkins
OF Charlotte. n. c.. was elected his
torian. a new Office created at this ses-
sion. Mr.. Charles B. Bryant, OF Char
lotte. was reelected secretary and
treasurer.
The determination of the manufac-
turers to refrain from connection with
organizations which are emi-political
In their nature was again emr.,a sized
when the committee on cooperation
with other bodies recommended the re-
lection of overtures from the Citizens
Industrial Union and the National Joint
Commission. with headquarters in
Washington.
Not to Increase Production.
BY unanimous consent Mr.. Parker.
OF South Carolina, introduced the fol-
lowing resolution. which was adopted:
"Thnt the American Cotton Manu-
facturers' Association congratulate.
itself upon the apparently improved
condition of the cotton goods trade,
and urges its members not to be mIsled
thereby to increase production beyond
the consumptive demand OF the coun-
try.o
In recommending the adoption of the
resolution, Mr.. A. II. Lowe Of Massa-
chusetts, said that the indication OF
returning prosperity, with the conse-
quent possibility of increased produce
ton, is the greatest danger ahead OF
the association. declaring that any
movement to start all the machinery
Will Kill all the good that has come
about OF late
With Richmond, Baltimore. Atlanta
Charlotte and Old Point urging the as
ISOLATION to meet there next year, the
decision was left with the board of
governors. which will make the selec-
ton at some subsequent date. The
: cordial invitation extended by Mr.. w.
Chamber of Commerce, was received
with an evidence of approval, which
far exceeded the presentation of claims
from the other communities.
Cotton Exchange Evils.
The report Of the committee on cotton
i exchanges, the most important document
brought forth during the day, read by
Chairman Smyth. contained recon-
mendations to- the exchange for a
notifications of contracts so that they
will be Of real value and responsive
earnestly desired is rule by, which
contracts will not be quoted far he
low the price Of the raw staple, the
effect of which on export goods is
understood by sp1nners. AS an evi-
dence of the relations between spin
ner and producer, the report congrat-
ulated the planters of the South upon
the remarkable manner in which they
had heen able by the exercise OF good
business judgment to dispose Of their
crop at fairly numerative prices, not
withstanding adverse conditions Of the
time and adverse conditions on the
exchanges.
Explaining the report, which is
published in full in this issue, Chair
man Smyth admitted that manufac-
turers were placed in a rather pecu-
liar condition when quotations We're
sent out from New York 200 or 225
points below spot cotton, and charged
that 1t was done to depress the SELL
Ing rate, There is no reason" he
continued. "why the exchanges should
not give quotations relatively as near
the value Of spots as is done on the
wheat and coffee exchanges. The ef-
feet of this on the export trade Is far
4 reaching. In Shanghai, for instance,
/ New York exchange prices are. quoted
every hour. Buyers there conclude
that we can get the cotton at cents
less than the actual cost and as they
are not familiar with the difference,
c hey inaagine that spinners are an
lqoptlnps1 on Fourth Pa age,l