The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1910-02-16
Sounds Warning Note

business having such worldwide ranli-
fications as the cotton industry might
precipitate financial and commercial
conditions not now foreseen was given
today by Vice President Arthur R.
| Marsh of the New York cotton ex-
change at the anticipation hearing be-
fore the house committee on agricui-
ture.
Marsh, in concluding his testimony
suggested that the committee may not
realize the full extent of the conse
qUences of the proposed legislation TO
do away with future transactions in
the market, pointed to last year as an
! instance and drew picture of the
great stock of additional gold that
might have been sent across the ocean
from America if the cotton industry
had been disturbed by legislation.
He also suggested that contracts
made on the New York cotton exchange
were all entered into within the state
of New York and were not interstate
commerce. He told the committee that
the exchanges building in New York
was worth approximately 100000. but
| he had no way Of estimating the VOL.
ume of its transactions.
DIsPRovEs PRESENT SYSTEM
While he did not himself approve
the present exchange system of fixing
values, his ideas being that different
their worth to the spinner, Marsh said
there were great diversities Of views
in the exchange. Representative Burle-
son of Texas. in vigorously cross ex-
/ aiming Marsh read a letter from H.
G. Scales of Dallas Tex arraigning
the present methods of the exchange a
getting the countrymen in and then
skinning EN-
why is it necessary that there be
a 70
wool?' asked Burleson.
The wool trade would have an ex-
change in minute if it could replied
Marsh. But the wool market is one
of the most dangerous forms Of modern
| merchandising. 1t is more largely
the world. The uncertainty of values
of certain piles of wool introduces
problems that so far are insuperable.'
THAT also is fish story and I'M
true he said when Burleson quoted
from President Thompson of the New
| Orleans exchange in reference to the
ability Of combination to drive prices
up and down Cotton goes anywhere
that gives the highest prices"
DISCREPANCY INVESTIGATED
Whether the United States govern
ment is losing s1.5oo,000 a year or any
part Of that sum in the collection of
into the country is question that
members Of the house migration
committee are studying
Representative Hayes of California
called attention TO the fact that figures
on the total number of aliens arriving
| in this country and the statement of
receipts from the same source did not
! correspond. as there appeared to be
100000 immigrants last year who en-
he pd M
Representative Bennett. a member of
| the immigration committee. endeavored
| TO account for the discrepancy By
showing that many aliens were not
subject to the tax.
REFLECT BOARD OF MANAGERS
The house committee on military af-
fairs today reported a resolution re-
| electing the following members of the
board of managers of the Home for
Wadsworth, New York: Henry Z.
Palmer, Nebraska; John NJ. HALEY.
| Wisconsin, and Henry II. Markham,
| California.
| HAVING BILL PASSED
Without a word spoken in opposition
| the senate today passed a bill designed
to deal with the vexed question of
hazing at West Point
The author Of the measure is Senator
Dupont Of Delaware. Its provides that
the superintendent of the acadamy
| shall make appropriate regulations for
putting a stop to haZing.
a cadet charged with offenses that
would involve his dismissal from the
academy is to be granted a general
court martial.
Bill for Subtreasury
Especial Dispatch 10 The CALI
WASHINGTON, d. c.. Feb. 15.-The
committee on public buildings will in
all probability report a small bill to
| the house late in the session. There
is bill before this committee intro
dtced nv Representative Kahn If Cali