The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-19
MARSH Defends
new YORK MARKET
-(continued s'rom rhlra paxe.) !

WLEH gUNh NlHhnL /
Continued From rhre. Paxe)
that under the operation OF the by
laws and rules OF tho exchanges they
are compelled directly or Indirectly 10
assume some Of these Responsibilities.
Accordingly. they lift their voices w
In public, denouncing the regime OF
merchants and epdcavorins to force
such reinodelins of tho rules and
bY-laws as will free them from Tho
clogs that impede their speculative
operations, And. finally, cotton produc-
erS. not so much OF their own motor
as impelied by the general cutlery OF
spinners and spectators that thinys
are wrong, take the field with the con-
tention, that Il cotton exchanges are
10 exist at all. IT should lie for the
purpose OF Keeping MS high as possible
the price OF cotton. and that the by
laws and rules should he 80 amended
as 70 work always in favor Of those
persons, chiefly SPECTATORS. who are
cndeavorlnc 10 do this.
Pulling Them Away
Thus all these classes OF persons
whose interest in cotton is certainly
very direct and vital. but yet not the
interest OF cotton merchants, strive TO
pun or force the cotton exchanges
away from the primary principle OF
their being. /. e.. that they are asso-
Citations of cotton merchants, organ
lzed by cotton merchants for cotton
merchants: and TO compel them 10
ADOPT some other primary principle
which shall dominate ali their bv-
laws and rules according 10 the SUP
posed needs Of these other persons
And ms in these days criticism Of the
established order OF things easily
holds the public ear. and as the de-
mand Tor the tearing down and re-
constructing Of the most respectable
institutions is commonly regarded S
presump'ivelS Justified. il has been
comparatively simple matter for.-the
discontented spinners and SPECTATORS
and producers 10 impress the public
with the idea that there must be n
good deal in their contentious.
But in the long rum matters OF
sucn vast Importance to the body
polite must be determined according
TO right reason, and not according to
the Temporary or adven,itious inter
ests OF any set of individuals The
COTTON exchanges can be twisted away
from their original and traditional
function only on condition that those
striving for the change can prove tina {,
their assertion of right in the ease |
Is Fundamentally well grounded. But
this, i'll my opinion. they will have |
81
Contention of Spinncrs.
Let ms take fr4t the contentious Of |
the spinners with regard 10 the i'm
propriety Of the exist nS rules and |
methods o: the exchanges, and par |
ticularly of the New York Cotton EN-
change A. make out from the pub
iished differences Of various spinners !
and from communications from indiv
vifual spinners or associations If |
sp!nners addressed to tile New York
Cotton Exchange, there are three chief |.
grounds of complaint.
The FIRST is that the contract for
the future delivery OF cotton Is not
framed in such q way that the aver
age spinner can buy ii with the as /
surance that If he desires the actual |
delivery OF the cotton. he will receive |
eNactlr tina; character of cotton which |
ne finds II most advanta Eeous to use !
in MS mill The second complaint is |
mat the operation of. the bylaws and
rules governing deliveries on contracts
is such that. though the contract is
specifically called "A basis mitidling'
contract the price OF contracts all
times varies more or less widely from
the price of actual middlinr cotton.
mus introducing an element of tIn-
certainty into the business operations
~ the spinner. to whom and Ia whose
customers the current price OF mid
cling cotton is the market prlce of
cotton as commodity. The third com
piant is that uhreS,rained speculative
operations are permitted on the eX-
changes. and that violent and meal
cuiable nuctuations In he price Of
cotton resrl, therefrom. making It
diffcul, for the spinner to forecast
With certainty the mos, important
single element in his business he
price of his raw material
Takes Up Complaints.
Let us examine seriatim these com
plants OF the spinner in the liSh, Of
the definition OF a cotton exchange as
primarily an association Of cotton
merchants with bylaws and rules de-
signed 10 facilitate merchandising cot.
ton as nature p od,ices it. and nothing
else .rt begin with, The spinner de-
clares' that It is unjust TO him that
when he wishes TO use the cotton. ex-
changes directly, and not through the
mediation of the cotton merchant, he
should he compelled by the by-laws
and rules 10 take delivery Of all kinds
of cotton on his contracts instead OF
getting just the kind he finds ii most