The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-19
OFFERS HIGH PRICE TO GET
COTTON TO NEW YORK. THEN
USES 1T AS CLUB ON SOUTH

Members OF the American Cotton
Manufacturers Association assert that
the most important committee report
presented before this convention is
that on the relation OF the manufac-
turers with the various cotton eN-
changes. which was read at yesterdays
session BY the chairman. Lewis W.
Parker. of Greenvllle, S. c.. IT precipi-
tated the most interesting debate of
the session. said TO be the most In
tense and acrimonious ever held on
the floor OF the associa ton, between
the chairman and President Marsh. OF
the New York Cotton Exchange. the
operations OF which exchange are
sharply criticized. The report follows
in full
Richmond, Va. May 10 ial1
To the American Cotton Manufacture
ers' Association: ln
At a recent meeting of the hoard of
governors of this association COM
mittee was appointed TO act in har-
mony with similar committees from
other associations OF cotton manufac
turers. with view of bringing to the
attention OF the cotton exchanges the
absolute necessity In the Interest Of
legitimate business of the regulation
of the rules governing the purchases
and sales OH these exchanges IN order
TO make Il proper relation between
spot cotton and the price as quoted on
The committees so appointed have
not yet presented to the cotton en-
changes this question under their re-
cent appointment. but similar commit
tees have done SO on previous occa-
sions. The committees so appointed
however will follow the Instructions
urge upon the cotton exchanges the
Importance Of this subject
Puts Itself on Record
The subject is not new one to this
association. During series OF years
the association has put itself on record
TO the following effect:
That the association does not feel
thar II has any fight TO make in be-
haif OF cotton manufacturers against
Such price for the raw material as
aHords n legitimate profit to the pro-
Queer On the contrary. even though
hih prices of the commodity tempoi-
arly embarrass the manufacturer an
til there can he brought about il prom
er relation between the price OF ill.,.
manufactured article and the price of,
the raw material. nevertheless the
manufacturer rs chcerfully as he can
has endured this embarra ssment In the
knowledge that 1t is 10 the interest
OF the. community al large that the
producing element should receive fun
should receive such a value therefor as
Is brought about by the natural law
OF supply and demand
lotion manufacturers MANI must; how
which the price of the raw material
Is moi properly reflected In the quota
lions OF cotton exchanges The effect
of this disparity in price IS to give
10 the buyer of cotton goods an i'm
preston either that The price OF the
commodity Is an illeEitimate one.
based on manipulation. or. as has heen
constantly the case, that the price TO
me manufacturer is less than it really
is on account of the misleading quo
tations on the exchanges 7
yfvt,
Committees from this association
nave earnestly presented previously
10 the cotton exchanges such changes
~ i. ruieS as thay believe would have the
effect Of preventing manipulation and
o. preventing a misleading quotation
~ Is equally unfortunate TO tho man
ufacturer for prices 10 he ,Ind,,lv lou.
upon the exchange as 1t Is for them
70 be unduly high for in either case
the price so rejected is the result of