The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-05-19
ATTACK MADE ON
EXCHANGE:
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UUllUMlLkUnHW0L|
Continued From First Puge.)
tactnrers and producers. and ceased to
De legitimate body. Tho governors
OF the New Orleans exchange. he said.
had showed more Willingness TO con
form 10 tho requirements OF planters
and splnners.
The report brought forth prolonged
applause. In speaking on II, MIR. Park
er said he appreciated the frankness
OF President Marsh iIe had been told
that II was a part OF his business to
use The New York Cotton Exchange.
and had learned from MIR. Marsh for
the first time that manufacturers We're
not expected to use IL, ana were inter-
lopcrs when they did trade there Mr.
Parker said he had also thought that
The producer OF cotton had something
20 say as 10 the price of his product
and he had learned from MIR. Marsh
4 that he also was an interloper.
~ Fnte Locked Up III II.
The planters very life and exist
cnce is locked UP in the price of his
product" said Mr.. Parker. '.ftt SIR.
Marsh says he has nothing to do with
the rules of the exchange or with
cotton futures. II is 81 sound prin-
ctple OF law ana sense that man
must use his property SO as not TO in
terfere with others. II the exchnnge
Is only for merchants. those men are
bound in all morality so TO manage
II that they shall not destroy the value
10 the producer nor the business Of
the manufacturer we have an i'm
terest In The exchanges If they are de
stro?lnS our buEincss, and right 10
be heard as TO those rules SO that
the price OF cotton on exchange shall
properly reflect the price OF spot cot
ton glory that the Southern planter
has reached independence and can
hold his crop for fair prices and put
u on the market only as the spinners
demand H. II is not moral for the
e"chenge TO say to the producer that
MS cotton Is worth less than II would
be were IT not for the exchange"
Mr.. Parker went on to tell of in
stances in his knowkdge where price.
had been manipulated forced TO
hign pitch and then sold down, re.
CARELESS Of the ordinary laws Of sup
ply ana demand as regards the act
ual world supply. M mn
December Quotntions.
Whlte-faced and evidently suppress
Ing his feelings. MIR. Marsh rose 10 re-
ply. asserting positivelv that AR p.rL
er was absolutely wrone. ina, he y;n
f IN position to know pretty welI wha,
went on on the exchange. and he ala
iAink the manipulation described mad
happened: that Mir. Parker's statemnnt
was ineNactS Rising coatiesg ana
heaied Mt Parker dema nded 10 Know.
whether the price OF December cotton
mad not been as he had stated
Us a fact" admitted prcefdnn,
MARSH Mr Parker pressed hts advan-
.ske. making Mr. Marsh admit ina,
thtFe iind been a shortage Of act,inII
cotton in New York. and That mo pric,.
mao been raised in consequence. Thnre
"hs storm Of applause from all rar,s
81 ne mouse when Mr.. Marsh admitted
70 nave been a fact each statement
~ Parker had made as 10 prtce
changes on certain dates Mr.. parker
asserted vehemently that he had mad.
no statement Of fact but what w.x
admitted h% the president OF the ex
change, and had 8 right to draw infer
Nrntces from those facts as 10 the ma :
''! ~, gems on behind the scenes,
-li opieci % that statemen,.,' cried
NJ, Marsh. starting forward anrrily.
- u checked By President cooper and
SECRETARY Rryant with assnranceE that
would nave The right 10 reply
Controlled by New York
M. Parker continued his sreu,nen,
~ tho causes Leading 10 Tho ,lo,ant
fluctuations in prices. saying Ina, he
would leave II 10 any member 10 sa
whether ! was no; a fact tina when
there was no, enough cotton 10 60
around the exchange had said 10
southern producers that their produc,
vas worih only IL cents when II was
bringing l5l cents MIR Parker
later apoloeizcd for his heat. assertint,
tina any seeming Irritation on his mart
was but the enrnestness OF his ibclief
that the New York exchange as oper-
ated to-day Is most Injurious TO the
whole cotton industry. He went into
detaii, giving accounts OF his per-
sonai exneriences on the New York
cotton Exchange. asserting that small
as ne was in compn rson with the
great volume OF the trade, he could
have broken half-dozen merchants
had he demanded delivery or the cot
ton ne had bought In good faith, but
VINO had been caught by market ma
nipulation. Instead, he said. he had
bought from the producer at spo, price.
until the merchant who had sold for
future delivery could got opt on their
hedges and deliver
1t is just n case OF swing one way.
and then swing the other" he asserted.
we saved the merchants by our con
stderation. We knew the manipulators
would put the market down and lot rs
SINNERS sweat Futures went down.
but they said there was no relation
Whatever between spot and, futures,
and proceeded 10 underhd the pro-
Queer
MT for the Producer.
II Is evident the exchange is for
the merchant. and not for the producer
or the spinner. The New Orleans EN-
change has shown a disposition TO
meet up and alter rules so that spot
and future quotations Will have true
relation. What we demand from the
New York Exchange is that there be