The Anderson intelligencer. [volume] (Anderson, S.C.) 1914-1917, 1914-05-05
PARKER, AND THE EXCHANGE
Grievances Stated, by the Greenville
- n'h Manufacturer.
aFfom the New Yofls gourpal pf cOm.

fE T.,
The NewtYofR Cotton EvchanA tkas
Ecriticised yesterday for its $. ,dilitory
tactics IN bringing. about needed re-
forms in a report presented to the
American Cotton tManufaetuRef'jl ali:
sociation at the, closing session Of, It's
eighteenth annual convention Held at
the Woldorf-Astoria. Lewis w. Par
ker or Greenvfiie, s. C., chairman of
.he committee making the report, de-
claring that an exchange Which re-
fleets the true value of the commodity
1t deals in is an advantage 10 the
public, but that the exchange which
ARBITRARILY states the value OF the COM
modify without relation to the law
OF supply and demand, and whose QUO
tations are merely the result of ma
nipulative effect of large operators
upon 1t, Is curse TO beth spinner and
producer. He said that such an ex-
change should and must beEso regu-
lated as to campel its quotations. to
Lcorrectly state the price of the CON-
modify on which 1t quotes, or failing
in such effort, such an exchange
should be abolished. 1t was in this
light. Mr.. Parker said, that the com
mittee viewed the NetS York exchange,
| and unless its rules. were so regulated
by Congress as to compel the perform
ance OF Its proper functions it then
| ought to be abolished N. f5sh y.
t"The New, York Cotton ExehanRe,',
said Mr.. Parkers f'has either put into
| execution or, assured the execution
of some of the reforms previously
requested. It is to besFegrstted, how
ever that the Exchange ihassnot gone
further utan 1t has gone, In this diJ
ERECTION, and It is to be further regfetI
ted that Its progress I'm. reform, has
been so slow and the reforfi yielded
" * spread out through no CREST a,
length OF time as to Yics pe Of the full
result they should we. AS cften pre-
viousiy expressed by this association,
We believe that IL would have been
much better IL needed reforms could
have been accomplished by the yoiun-
tary action of the New York cotton ex-
change. After q delay of many years
however, appeal has been made for
Congressional action, and there Is snow
assurances that regulation win be
had through Congressional AcsEea.S
Eve recommend Efforts to provide
for minimum length OF staple which
can be delivered upon contract Snd Il
was With surprise &hat We learned az
hearing stns Washington the adnaisl
Sion bs representatives OF Sthe New
York cotton exchange as 20. che, extent
to which cotton OF 5-S inch length In
staple or even at times 3 1-2 Icincli
lengths In staple had been delivered
on contracts on the exchange thefeI
by depreciating TO q great degree the
whole, basis OF the contract and eaus-
ing pinjarys to both prod tieaf and sbff-
ner and aSbeneflt only tafhA mallnu4
iis5or. ziio -~=fsss t,ssES ssfs' a;sss:SusilSi
flor a personal gain at Ghe sacrifice or
the Legitimate Business Intefesta OF
the country.
I've beliave anch use OF the NeS.
months. There h1s been presented
York exchange hes hAes wishtsss.. recent
last ttiTS5Ss 7Ts55Ti Siii5 tii1 pu1=
tiseation on the part OF the New York
eoston exchange OF It's quotations, of
Its contracts for delivery indicating
the price OF the raw material e at
times aS much as two cents below the
price that the producer was ohtain-
ling therefor Ia the South and fsiIiy
| two cents byloNs the uff6e Nalile 2siE