The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-05-19
COTTON men IN FINAL
SESSION OF BUSINESS


end in the afternoon when Chairman
Lewis w. Parker of the committee on
relations with cotton exchanges read
his annual report. severely arraing-
Ing methods in vogue on the New
York Cotton Exchange and arousing
the wrath of President Arthur r.
Marsh of that body WHO refuted Mr..
Parker's charges and defended the or
ganization of which he is executive
head.
Members of the manufacturers asso-
citation and the New York Cotton Ex-
change have been at odds for several
years and the debate between Chair
man Parker and President Marsh
formed the climax of the long fight
between the two organizations. At the
end of the discussion the comxlittee
on relations with cotton exchanges
with Mr.. Parker as chairman was re-
appointed. The committee was tn
structed to endeavor to remedy the
evils existing on the exchange by con-
ferring with its board OF directors.
II the committee Is unable to bring
about reform of the exchange meth
DDS then the manufacturers associa-
ton Will change their tactics and seek
legislation looking to the control OF the
exchange. This tarsa. will be held
above the heads Of the members of the
exchange board by the manufacturers
committee and 1t In probable that a
satisfactory agreement will be reached
without recourse TO law for eradicat-
ing the undesirable conditions.
Debate is Extended.
The debate between Chairman Par
ker. and President Marsh occupied a
large part Of the afternoon session
and the time limit for discussion OF
reports was not heedeo as President
cooper OF the manufacturers associa-
ton as well as other officers and its
members realize that the reform Of
the New York Cotton Exchange is the
most important question confronting
the association.
In his report. Chairman Parker
charged that the exchange caters to
spectators rather than TO legitimate
business and that prices OF cotton have
been manipulated by members of the
exchange to the detriment Of both pro-
ducers and spinners. He said that IL
properly managed. cotton exchange
Is decided advantage and declared
that IL the prices quoted represent only
speculation the exchange Is a disad-
vantage to both manufa cturers and
producers and ceased 10 be a legitimate
body. Mr.. Parker pointed out that the
governors of the New Orleans ex-
change have showed more Willingness
to conform to the requirements OF
painters ana Sp1nners than the New
York exchange directors.
Report Adopted.
The report read by Mr.. Parker was
unanimously adopted after loud and
prolonged cheering. Then the debate
between President Marsh and Mr.. Par
ker began. the latter receiving the sup
port of the audience and bes,fng his
opponent. Both speakers exhibited
much feeling and harsh words were
passed but apologies later were made
President Marsh defended the New
YORK Exchange by declaring that il
was designed to meet the needs of cot
ton merchants only and he said SOW
eral other interests have made futile
enorts>to have the rules governing the
exchange amended for their benefit
Spectators have denounced the pres
snt regime, asserted Mr.. Marsh, as a
proof OF his contention that the ex-
change Is not conducted along lines
best suited to spectators.
He charged Mr., Parker with being
inexsct" In quotations in the report.