The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-03-27
FOR and AGAINST EXCHANGES
HA "a BLIClS CLIBS LAST DIS
; CT'~STON % rue SEASON.



. .,syS-sssrran Charles , Scott 81 Ran
AAA. chairman % tie Committee IN Sgri-
e.ihu~e. ~h'~n haa t~sn INV s~'tEnf'nS
avchauRa- al over tn q uuirv. >tid yes-
terAav % ihz BspU' bean tn''- last
NaaIhecn discu-,I"u ,Gs' ~ MAS M -
nemlars NJ the NuTio'Is exchanges against
whs~h a,--u-itiuns w~r. heinE brought
~ 81 theI ho'Is,.- ~ order The su'ilcos
under 4 -russirn vas How Can tho
Essonu',,i, Features vt 'he Speculative
Fxclaur"> 10 Preserved and the Ethical
Evils Eliminated. :" lNe New Orlsa n
Cotton FtuhangO. ths Chicago Roard OF
FRAT, and the New Wort; Cotton aud
tr-irr, sschangcs were represented
enroi.g We sYe1feTr
itrur. >St-,1n sScnt. operei the Ills
s'Iss,n, Nv Dres~nius nGures TO show
-ha' ~" maintenance of tho aNchanges
cat. the Iu.,lC annually lie Inquired
hs total ~~St ~ $50 UO0.Nn yearly, OF
shrh mi - small par would have to -
sspended arart from the speculative
Vhasc ~ their function
He aid that the sshical questions %
man'u,Ilaticn had changed David
Hs-un Rad gone OUT Of date aud the old
doctIiue ~ -oIveat emptoT- with him.
Pre- tIblic Rad q right Ia demand to-day.
Me- tho seller be houest.- rather than
thieie Nv Lee the buyer beware
The Oovct nInent snends large sums
a money o. zee . II ths: the huver Of
neat. -rrCcries ~ drugs IS not deceived.
= child can go .nto your department
sores an" ny any comnndity that ne
a--lre. foF exactly the sane proc thnt the
A A ~
.auine vrIr child vent into your e.
st7necs
Congressman Scott had his solution
eedy -Gsntlenien, he said. its up to
yon n were talking o all the members
1the speculative exchanges in this coun-
sryl would ssy - them, Set your house
b order yourselves You are the oncs
wbo csn do u best -
President " y Thompson ~ the New
crsrans cotton exchange declared that
'herc we-s economic reasons necessi-
sa;.ES spevulatIN. exchanges While
W. Thrmpson rrmg ri.s concerned cot
ton cNchI ages chiefly he thought that the
fund. mcrtS' Driuciples were the same
for az Tie aid that the Increase m the
cotton trade required p system, emoody-
spg upge than IA" sO-called spot trad
iRg- Dd led TO future contracts lie
dough that the hedging facility was
BE MOI, important isnsf' from the
1lturs uFr,et Hedging, he aid
1'>sf- the sane relation 10 the cotton
rrsd" Jh' genera insurance hears 20
rpu. 70 bus,nss- " future trading was
sfs''iSh~d 49,. ..o'sotten afforded Nv the
hsdg'ug orsrs.s -nU'd NH withdrawn.
snS h '"'- protect ~ vas dcnied the COZ
tcu trader he cotton trade and the prod-
- i'se'i would suffer the same IN es-
spce. differing only in extent and degree.
tas- tho General business man would
-fWr- 7" S'iNder'- al underwriters we've
psA,E.''sd from is-u,ng policies ~ 'nS'ir.
re
- sSraitted thai excessive -radin. IN
es'sires uepreasey the actual value q A
crDlmcyE,v Vic believed that public
cptRatsN Trcixn no law could do much
.srod. bB, hc aid. the actual nteyfPrpnce
W tBa Eo7--ruucu' With the OPERATIONS
4 DNw-rttliiy crgsnizrd r-ft,rests which
- 1NN'ur-fo ~ loved Immunity frDm
ep-'p' '-'osu ipyol' - consequences worth
~ - cor>ldsrst on
Ni-e presji"C' E = Merrill ~ rhe
Cb,'lg" R'slt ~ Trade defended his
o. ''U ~ 10 ssIt Ia, the root ~ tho
ep~''uia .iv" ".lf av hack 81 the . r,hanep
u prpsp~r o. - IN" farmer. m recef'
vssG-, har cod them ~ eytrayaKar,e
Sv, nv game" mRuJfssts ~ -elT ~ increased
srs"u' 'iyu ard thN sV-hanRs~ had unIv
eAS,ted thI- speculation 'hOv had no,
He~r ~" aU'hor- 4 o. He said thai
-cN.1Ila'"TS vCT" bod prophets who an
ticpat6d human cents and that the
business q. y-orAe~vinE wa ons. ~ tho
Rn~-t mans -ri a. .uus - che human i'll
.ell~vt on roursc manipulation j. dif-
tcrr- hc ~aI1 "E't IN tho Chicago
Hsard ,f Irsdo ~ - impossible 60 mage
= snSl" 'rs1s Nui~l - not actually nor
formed with no cHrunuirtIss He aid
tha HI- institution had -pent stOD on
= Tr"~'o'.'inE ol"ketsh"n- and generally
eisa1tuG rlfnRs up
= Pr"' TOM t1ark " Columbia a
, Rernl@' Z 'ro' Hughes commission
pr.Nged rui the o. firiIlty - dls-rirrirai
&C hstws~r ~ p ~ and ey IN -ras.,I.
aii"n. "" 'hrlg1' frs me p~s, result
dssinDd hv rhe Government Was ip rho
aRiure II rr~es' which scared The sv-
e-hsnKss M" dong a LITTLE doctnring On
rh~,r own initiative rather than b. tam
neTyd WITH nv OUTSIDER,
IfUr lara thought that he evils could
bPpt - rem sdI~i and M. advantages
e4fatned from Ni'r'a TtP exchanges, Hs
Woughi HAT corporations perhaps were
- blame wore slsn the exchanges for che
eyils existing. "" said that most Of th.
wsnipulatf"n Of the vDsrf"t vas started
. d'r"-torE meetings
Nse-Pr~sident A. " Marsh SPOKE for
he N~~ Work. Cotton ESchanRs 1T "
-efe 20 Ssy.' he declared. that rs ner
rent ~ all the trading done VA Oair ~
chsn@s has - DO Nth 'he distribution
Il sc'Ial cotton. TIC -alcs are 81 actual
eqisting goods
u vas declared N Washington before
Ccngreasnan Scot''s ror1yrl' <-inn that
teg. 30 90 hale~ ~ cotton sore traded
a on o'r - chsngr ~ear whom tb.
ORAL crop Of the cnGntry for that wear
siae orIy iJ.sOc.0oO bales How co,iid
sAis ee' thev asked. IT, abatement ,,
true. ts,s thsv rH'~undsr~iaud y IN az
Toun' ~ their urC hau.gsi idea q the
ft,ist'oo. " "a nc~~Sssrv amt legitimate
Tor merchants ?" he,ise 'sr"a'r,Tv ~, "A
gwen future purchase - = safe To say
Shut for every 90 'rPles 'Ea Transact leyn-
a1sr.ir' 20 ~ n0o bale b.~ayso 'ho.c s.rn.
hales aTs rsTpss',''ih. -rid AMI -e@oIsi
phen nus Understands 'hi1 Sar- -ba
nb4eseiou bsssd or sri'r not ic ,iiSappsar~
a DANCE 3rises h th~~r Trsttor- from rho
fact that the fret impulse ~ politicians
and stst~prprn u 20 make e moral issiIs ont
q everything with which tho have 20
deal I FOR one do not Object 20 this I,
b che OF the finest hevi'sses Of ne knElish