The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-02-12
New York Broker Rescnts Dues
ton Intimating Existence
Of Fraud.
HOLD METHODS FAIR
Lively Session OF House Com
mittee at Hearing on Anti
Option Bill.

Washington. D. c.. February Ill
regard that question as an insult &c
me and to every member OF the Cotton
Exchange" declared Nice-Presiden,
Arthur r. Marsh. of the New York
Cotton Exchange, at to-day's hearing
before the House Committee on Agri-
culture on the anticipation bill.
Representative Sims, OF Tennessee
had asked Mr.. Marsh If there was any
way of eliminating transactions which
did not contemplate actual delivery
causing. in effect, business in con-
prevention of the regular rules OF the
exchange.
Mr.. Marsh. with livid face. emphati-
cally resented any imputation that the
members of the exchange countenance
fraud or cheating. Mr.. Sims explained
that what he meant was whether the
business could not be so conducted
as to eliminate gambling, mot that
Mr.. Marsh or other members are con-
sciously guilty OF such practices"
II am against all iniquity,' declared
Mr. Marsh. Il denounce all undertake
ings entered into by any human be-
ings with the intent of not fulfilling
that which he undertakes to do as
iniqultous."
MI NldTSn aulllllteu liluL llleIe were
some speculative transactions on the
exchange. lie insisted that tho pres
ent system of ansactions amounted
to actual delivery.
Not Enough for Needs.
'"rhe world is not producing enough
cotton for its needs" he declared.
'"rhis year 1t Is producing 100000 to
100000 bales less than it consumed
last year. There has never been a
time in the history Of the cotton In
dustry when there has been more un-
easiness regarding the price of cotton
than there is now. This Will continue
until the world normally produces
enough for its needs or the needs are
brought down to the productions"
chairman scott asked IL there was
much speculation in cotton on change
or by its members by entering into
contracts for purchase or sale OF cot
ton with the hope of profit.
"There is no member OF the OK
change" was Mr.. Marsh's reply, whose
entire fortune is not responsible for
his contracts with his fellow members"
MT. scott read letter from II. l..
Scales, or a New Gorl, firm. charac-
terlzlng the Cotton Exchange contract
as a menace. Mr.. Marsh agreed that
spnners could not afford to buy future
contracts on the New York Cotton EN-
change unless they exercise mercantile
functions.
Then how can the New York n,er-
chants furnish the spinncrs with cot
TONI asked Mr.. Scott.
"Tho spinner" replied Mr.. Marsh.
gets it from the merchant. The New
York stock is all the cotton in the
world against Which contracts have,
been sold to BUYERS in New York.
Every contract on tho New York Cot
ton Exchange he insisted, "ls en-
forcible and legal"
Says Eill liz Futile,
Mr., Marsh characterized the Scott
bill to regulate cotton exchange trans
actions as futile and unconstitutional.
A clash between Senator Smith, or
South Carolina, and L. Mandelbaum. a
member OF the New York Cotton EX-
change, enlivened to-day's proceedings.
y, T. Latham, of Greensboro, N. c., a
cotton manufacturers. who was the
only Witness daring the forenoon SEES
sion, declined 10 assent Ia chairman
SCOTT $ spsgeston thar the elimination
OF eSchnnges' IL they depressed prices
70 'he producers, might also have the
erect Or causing decline III the prico
OF goods to the consumer.
senator Smith slught to show that.