The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-03-27
FOR And AGAINST EXCHANGES
ne "a BLIGAN CLUBS LAST DIS
} CISSION o. THE SEASON.
eagr~ssmaa sesst says Ghs ENchaRSes
Are DasirustrIi. but should RsfSrm
ThrmselN cs--PrUf lark Agpees en-
49, latter Point - The Otlirr speakers.

sUshanRes al over tt' country. sa"l yes
teyday 70 ibs RepU' hcan tm''- last
An~hecn discussion ths' " Mas up -
nenllsr~ NJ The Nar'O'I, exchanges against
whe~h aC.~u-itiuns vv~Te b"Ing brought
So ef theu h0isr- u; urd"T The suhleot
under a. -c1is.irn vas How Can tho
Hoon0'ni, Features oi the Speculative
fSchaurcS 10 Preserved and the Ethical
4vflS f!urnnataA' :" Ihe New Orlsa NJ
coetnu FtchanEe. the CeirAgo BOARD Of
1rms!e and the New WORT Cotton and
er-i'rr .spchnngCs wsre represented
eu.cifg We sre7rers
it,n... ~s'uan sSnt. opRrei the dis
siIAsrrt ~ present az figures 20 show
that ~" rraintsnancs of the sSChangcs
Get. fhs tI.lC annually lie Inquired
he total C~st a. -lSoUOoON yeArly, OF
shCh ouls a small part would hAN tn lie
ssp~uded ararf from the speculative
Vhssc ~ th~lr function
We aid that the eshical questions q
ran'pulsticn had changed. David
Har,En had gone ouS 81 date aud the old
dcetrine II -olVeat emptor- with him.
Pre- uIbIic Rad e right 20 domand TODAY.
Me- the seller be hopest.- rather than
ffleSe NV -Ies The buyer hewars''
- money o. zee 20 It Jha; the h'iver of
~ea'. ,roveres - drugs - not deceived.
z child can go mt your department
sores and NV any comnodity that he
Ss.>lre- for exactly the same price that the
lbrewde-t tuver could procure. hut sup
sanine v,rr child went into your e.
Ssilng,..
Congressman Scott had his solution
-pedy -Gentlenien he said. its up TO
yop. " were talking % all the members
Tthe speculative exchanges in this com-
WI would Say ~ them. Set your house
d order yourselves You are the ones
who can do ~ besi
President " Thompson ~ the New
Orleans cotton Exchange declared that
herv we're economic reasons necessi-
tat.EE speculative exchanges. While
W.. Thompson rem? ri;s concerned cot
ton cNch! ages chiefly be thought that the
fund. mcrtE' priuci Dles were the same
for al lie aid that the increase N the
cotton trade required systerr emoody-
'wg moe than IN" so-called ~srot trad
ng- rpd led 10 future contracts. He
theuEbt that the hedging facility" was
be Mos! important tenst' from the
htur" mTrset Hedging. he aid.
9,csfs the sane relation 90 the cotton
ttsds ih.' general insurance hears TO
geDsrl hus.nes- " fut'rr trading was
sl's'i,shsd '.- u,o'scvien afforded hy the
sedg'ug process you'd 10 withdrawn.
md IL tN's protect ~ vas denied the COZ
tpp trader 'ha cotton 'rade and the nrod-
- itself would suEer the same in 80.
epce. differing only in extent and degree.
ina. to -eus-a' business man would
.STrr - srS'er'- al underwriters we-a
nrsA,-,'sd from is-u,ng pol,cics ~ ,ngir.
,Gct7
- sdyEitt~d tl,A' excessive trading Ia
h'sres ueprcesesi che actual value a. A
cemHBcgE,v tic believed that public
rptmaca Hrctxh no law could do much .
sod. bre 10 aid. the actual int erferpnce /,
lsr fna f;os-ruuieu' with the op.,ratiOn.
4 BNwertulir crganizrd interests which
~ NN'-~~fo Snioyed Immunity from
eo-'p'''~ion iuvUlr - consequences worth .
CO... - cor sIderat on
Ni-e Preside ! { , Merrill ~ ,he 7
th.,ggr R,sld - Trade defended h,s
ss ''rInr 10 ssli 'hai tho roo, ~ the
gp~''Iia 60" ".l lay hack 81 the CIchanRe q
IT, prosper a. - m" farmers IN racsr- 7
v~ai-, hs1 ."d them ~ eytravaRaH,a
az -SNsEan~o msulfssts it-eif ~ increased
sre"u!s'iyu AMI ~" exchange had unIv 7
easvted this -pa"'ilstion. 'hsy rad No,
He~n the authors - o. He said thai
p~''ulB'"'~ were hold prophets who an
sc patsd human "-PT's and that tho
business %: pr"rhe>ving vas one ~ tho
Hneei nanue~ta, on~ - .h.s human in
elect -W rours. manipulation l. dir
6crc"i 10 ~aId "N'u On tho Chicago
Hrard &c Trade - - impossible to MAGE
= H'nSi" rad" '0t"' - not actually per O
formed with mo e rrn,udltIss" He laid
tha Nis Iuf' |rItIou bad -pent SIOn on
. yrs-n~'!'ing r'Icketshons aud generally +
eieautng hinge up
Prof l"hn 4 r1arL uf Columbia a /
1smhsr Z ',"' Hughes commission, |
re!Dt~d "t she dihrlIlty II dIsrriruinat
Dg h@t Won ~" ? po@i and evil IN .n.rtI- 7
iasi0D. "" 'huugn' rhat 'he 100, result 4
sfisined by the Government WAS iD th.,
TRiuTe - ihrss' which scared The er-
ehsnges into dong a little docsorinG On
rhstr own lultIa1r.e rather than b. tam
peTVd Nth nv outsiders
Prof tlars thought that he evils could .
teSt - remedies and the Advantages
e9fatned from within Tho exchanges. Hp ,
tbough; that CORPORATIONS perhaps we're /
eyils existing FL said that most OF rh.,
nan, oulaisow Of The ulsri:st was started
q d're-tors meetings
se-pr~sid~nt \. " Marsh SPOKE for
'As N~S foIA Cotton EScbAngs 1T 70
%ie 30 >ay he declared that "a p-r
~ent ~ all the trading done N O'Ir ~
change has ~ DO ~i'r the distribution
" scTual cotton TIC -ales are 81 actual
ezisting goods
u was declared ~ Washington before
Ccngre~~man SCot's comm t1-ioo What
toS, dn0 40 hale~ - cotton ssrs traded
a on oUr s'ChanHr = y ear when tb.
nofRI crcD az the country for that yea
stas oihy lJ.S0e.Oo0 bales How could
skis be- they asked. TEp statement, !, .
rue. i'De they ~t~nndprstard y IN az
7pun' ~ their " chan o. c~a u the
-iafst'ou. II - nc~~~ssrv aud legitimate
Tor merchants - hariSe rsf,"a'r,Fv ~, a /
gwen future purchase ~ - >afs To saw I,
NfNf for sverv 7 80 'rsle> -. '-auSa,.i on. I
auposr' ~ 20 0Fn ta's~ b..~a'i-r 'kosc cams.
bales are rsres'c.i,. -Uid ard vrsoId 3
nhen ons u1ds-S'and- ms fat .hs
dbsess iOp hsssd or ART : n MOTTO tiiHappsar- 7
A dsngs~ 8rises IN therr r1sttcr- from tho /
fac. that The first impulse 81 politicians !
and sta rsenlcn ~ 20 make q moral Issue ont
81 everything with which The. have 20
deal I for one do not object 20 this; !,
y che OF the finest beritSses Of 'he English I
speaking p@onlP; bit something must
bs kno~n sbOut 'he facts before moral /
accslsaticns can be brought
Mr. Narsh pointed out the supreme I
dffic1lty which obs'Tucted me board OF \
aDN ernors ~ the Cotton Exchange IN i