New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-02-10
COTTON MEN HEARD
4TT4Ck EXCHANGES.
House Leader Predicts No
.4tfempt at Regulation.
from TIE Tribune Bureau


-,.se,7s-7crcn. Fer. 9-one Of the most IN
9 ..r,-al and well informed leaders Of the
7ro7,sa PREDICTED to-day that no action VIII
:, raken by Congress at this session pro
,ss.,- for federal regulation Of produce
,-.ra--cs. lie declared that the suh5ecO
= ~ so much importance, 50 intricate
- che evil OF produce exchanges 50 inter
-, with good that more time VII oe
-....-o= for thorough consideration Of The
subject. 20 .no
ss-,,,er 7 Hubbard, president OF 'Hc
-, work Cotton Exchange. and Arthur l..
49,. q member Of that crgaliiSai oii'
.,-,-es.es n THE President to-day against
= --arosed legislation. and 1ill he near
,, nc committee tomorrow fhoSe l'''
,c-oe-c6 I'm tic plan 10 stop the eFhs a'ls
m from INSCRIPTIONS conduct CT pTo1
- exchanges point out that iIle ptii0
8. .-5 dctrir,euts Of these concerns d
- .-,--,l,-e5 that Il viii be difficult TO cheCA
mere gambling and assure Only ieei--iiiS
,--s-- II is realized that exchange q
,.--,--ls, Instruments in modern ecoIloillio
yfe sYd that they are great cera'ld3 -,
,,..s .rfoh arc absolutely necesSaAt'
~ agreed that bucket shops shonlu ue
,.-essa5 h,- il is realized thai ID q .,
- the bucket shop extreme 60
lave 10 Re taken 70 avoid hsii'l'e ii-s .;eI.-,+
-.sre ,,siness. There Is also seilll--'e-.
a. ,-on--ss that The federal soFeI -,
.r,,r6 mass = IsT for the bls'i4,
,.--.,.-Lfs mich might serve as ncutl-
- committee On Agriculture held -
-. ,-,s-i-7- on the subject to-caE- l. d
-s-. ~ Tennessee. representing IL
----.--, T--ior. made 4 strong pea IT,
,-.----f,, IN ne ground that the SpI'V-l
---..-.-- IF the country as 4 result
.--..r,.io-- of the cotton inaFhet -
---i,g+,-- we're invariably conapelleo -
-, 60 ..-ars on 4 bear ma hel' So
--.--,z-e throughout the "eI!o
,---e- "a nav exceptionally hlsA u
.l.s. --lerl the market was puShe1
rigb level. IN discussing the New
-, ,-o,ron Exchange, he characlsl 'HS1
=. 5.s,e-s as '1hedSeTs' ano specuIdto-S'
- -eo1s-ed that while the exchange . =
,--,o-a+io,,. II IS not required 10 puollsh :
,.s-e--e-t Of its affairs, as other corPoI6 g
f.ons are. .o-
..57- v-l7ar moral principle" he asked, Is
ore class OF citizens obliged 70 make up loF
she losses % another class, Tor "heFe o"e
rains another must lose? The origlnal HI
-.r-fo, ~ ire cotton exchange TO BRING
--e bi.xer and seller together has oesI
,-.--i-,sta5 In the development Of the pres
e-r exchange practices.
We ara willing 10 abide hy the results
70 e,o1isl,inS futures lie said, depicting
.r.e -e-nrtstto1s held cut 10 the prospective
..--s-,- 7.r-o later come into the game
s-- -s- frozen out Iie declared that
.--r-ar-7= aggravated the natural fuctua-
-o.s and denied that they tended TO
s-ss5- prices. He believed that suckers
go --a+ ali dead" and read newspaper re
,te-.- q sea ping markets. sudden declines
s-5 ..-7-f-7-s. done IN the dark" 10 affect
prices
r--5r- the shadow Of the exchanges, com
-,-5.fo7 among local buyers had been
eliminated in the South, he said and ne
-r-e--a5 the existence .. z tacit under
--sa.5.-- II the cotton and tobacco belts
for division Of territory-
-rzracterlzed by Nr. Lsr CT, Of South
Ce-olina. as the largest consumer OF cot
-or III the South, Lewis " Parker, or
6-eer-iue. : -. declared that the eZ-
changes are not al advantage, either TO
The consumer OF the producer. and that It
-ea-1ed impossible 10 make them realize
the fairness -of 5lle complaints against them
-T---- Vol think that We would have :
r. chic IN buying cotton Il exchanges we're !
= .1,.srso.' NJ. Parker vas asked.
We would abide bv the results" he al
sr.era5. The absence Of exchanges would
.s,-o--c5o-iza the character Of the present I
business We would rcadjust our business /
There rould q TO difficulty in effecting re
adjustment recommend regulation Of
tie exchanges 7 vould make the eA-
changes responsive 70 spot conditions
Ess the cotton producer this year real (
'7e5 through speculation more than he .
-o.r5 have without specu'aron.' Ms /
asked.
IVES replied M Parker but this IS /
IN exceptional -ca-: nothing like - IN the +
--e-r1-~ % the spinnerS. Il ts tic first .
tine ne have had 15-ccnt cotton since /
! have been 90 business
fgeo-zr X Neville, CT tho Kew York (
Gotten Exchange. denounced the report Of /
- Comm 81 .c-er Of Corporations, Herbert +
E-cz Smith - masterpiece o. theory 4
bit lacking lu ura cticality-
Declaring that he had been selling spot F.,
cotton % The mills for twenty Years and 1
Rad found p per cent Of the spinners bears,
Charles 3 Webb Z broker, contended for
20 uecgzz,tv OF hedging against future
osi~e-lez end PREDICTED that abolition ot
rha exchanges would put the price OF cot
to- in t7-~ binds Of the. EDinrers.