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THE DISPATCH FOUNDED 1JM.
THE TIMES FOUNDED 18?. WHOLE NUMBER 18,624. RICHMOND, VA., FRIDAY, MAY 19, 1911. TUB WEATHER TO-DAY?Fnlr. PRICE TWO CENTS. Mercury Jumps to 95, While Highest Mark in 1910 Was 93. KIOSH SHOWED 105 at 3 O'CLOCK That Gave Exact Street Tem? perature in Sun?Heat Wave, Which Is General, Will Con? tinue?Cotton Spinners and Show Folks Swelter and Wilt. Ercaklng all records for May since ! the government bureau was establish? ed here In ISi'S, the temperature yes? terday registered a fraction of a de? gree below the '.'5 mark, this being two degrees higher than the hottest day | last year. On September IS1?, the mercury got to 93, the top figure for the year. The closest approach to yesterday's temperature for Muy In other years, was 91. This occurred on May IS, 1306, and on May 10, 1900. Street Record 100 Dekrcen. Coming tit a time when due warning 1 had not been Eent forth, the oppres? sive heat caused the greatest sutfer lng. although the fact that no heal prosertatlons were reported was re? garded an remarkable. For the tlr.-u time since it wis placed in the Capitol Square, the kiosk jumped to Us high- | est (Igure?105 degrees?at o'clock. Two hours later, however. It had dropped ten degrees, thi? being due to a. breeze which swept in from the West and cooled the atmosphere con? siderably. There were signs of trouble when the day broke, a temperature of 7 1 at & o'clock, giving every indication that ' other high marks would bo reached, although Director Evan;, was not counting on any new records. The mercury rose steadily |n the tube as the morning advanced. It halted at 91 exactly at noon, and then prepared for an afternoon sprint. At 3 o'clock It had touchfd 91, and some lime around Uiui hour it hit the record for the day. Hot AkiiIo To-Day. Director Evans said last night that Use heat wave was general over the i Southern Stales yesterday, that all temperatures wer? hlght, and that the. weather to-day would be decidedly warm. He explained that the Kiosk gave practically the street tempera? ture in the sun. all of his official re? cords on Chlmbprazo Park being taken ?n tHe shade. So while I* was 95 offi? cially It was 105 In the street. N For the ben part of the day it was cloudy, though hot sufficiently ?o to keep back the penetrating rays of the sun. Only the wind, which traveled nt an eight-mile velocity, kept the mercury from breaking through tne top ot the tub*. a big audience at the Academy or Music matlr.ee. made up for the most part of women, simply sweltered, while soirie of the performers looked as If they might collapse at any moment' from the heat, despite their flimsy [ attire. Cotton >|<.|, Dlnrnrd Conts. At the Jefferson Hotel auditorium, where tin- American Cotton Manufac? turers'' Association was holding Its Convention, conditions were almost un? bearable. A note from a New i-nu land member was sent to President Cooper, nsklng that the delegate hu I permitted to remove their coats. Thy j request was granted. While Lewis W. Parker, of South Carolina, was In j the midst of a heated discussion with President Marsh, of the New York j Cotton Exchange, that high tempera? ture began to bite, and off came his! coat, while the sweltering audience I ch'-ered. A moment later Mr. Par k?r discarded his waistcoat without losing; step with his speech, nnd his collar would have followed, only it wilted and saved his modesty. It was fierce in the street. Man anil .beaet sufferer! alike. Last night the whole city went out of doors, into the parks, aboard street cars and Into motor cars, which raced madly in the hope Of escaping the demons. Can't Co Ucliliul Figures. Most newspapers believe in preach- j ing the doctrine of cool weather, de- | daring that their town is a great and i good summer resort. But this cannot ? be done in Richmond In the face or , tho returns. But the Richmond lig ures will not be advertised over the world, for tho reason thnt the Weather Bureau does not send them out. A man in Philadelphia or Cleveland or I Chicago or Denver will see how hot; It. was in Palelgh or Hntteras or I Washington, but ho will get no line [ on the temperature here. Somehow, J Richmond Is not included in the gov- j eminent list. Washington was the hottest city on tho weather map. Us high temperature was 96, while Louisville. Ky? held up under a pressure of 91. The ther? mometer In Raleigh. Chicngo and Knoxvllle registered the same?92 de? grees. Holiest on Weuther Map. WashliiRton, May IS.?All the way from the Rocky Mountains lo the At? lantic const stretched a hot wave to? day, with temperatuees almost break? ing records In varioud cllles and caus? ing prostrations galore. From out of the North Paci lie. however, relief Is comlnc in n storm with considerably cooler weather In Its wake. This storm moved east to-dny over .tho Northern plains States, bringing high winds and showers. It was schaednled by Weath? er Forecaster Bowie lo-nlght'to reach the Mississippi Valley to-morrow. It will be followed, snvs I'rofessor Bowie, "bv a general break in tho hot wave over the Mississippi and plains States within the nex't thirty-six or forty eight hours." The heal, wave is due to moderate in the Kastern States Sat? urday or Sunday. Washington nnd Ttlchmond were' to dav the hnttost places on tho weather mat), their olnclnt record running tin. trt 95. against Washington's, seasonal record hreaking 94 a week ago. Balti? more, Louisville and other cltlos, bow ever, wore close vompctltois. The htreet thermometers rn the shade here, recorded 103, while on in the sun ran (Continued on Second Page.) GENERAL MADERQ EAGER AND JOYOUS Elated by His Victory Over Mexican Gov? ernment. IS AMBITIOUS FOR THE FUTURE Believes His Achievements Will Lift Him to Presidential Zenith. Country Still Has to , Pass Through Political Travail Before Quiet Is Restored. Juarez, Mexico. May IS.?Provisional President Francisco (. Madcro's an? nouncement to-day that he would leave for Mexico City within two days to participate In a reconstruction of the Federal government, was the signal to? night for a general departure'of poli? tical chiefs, go-betweens and others who feel that the scene of peace nego? tiations is about to be shifted to the ea pita 1 Peace agreements. official concessions and the machinery of the provisional government have betn temporarily swept aside by the expectation that ?Senor Madero will tjuickly arrange with the Federal government a lusting peace with political emancipation Judge Carbajal, the Federal envoy, will leave here to-morrow. Judge Carbajal is elated, because he thinks that It will be unnecessary to sign any actual peace agreement, an artificial document between two par? ties, one of which will expire when the document Is signed. Mudrro Is 1 ".Intnl. Senor Madero also Is elated. Anti? cipation, cayer and joyous, beamed In hlB face, a* he walked up ,-.:_d dmvn the great '"east room" of tils "White House." "Peace, peace." he repeated slowly, ss he meditated on the fruits of his advisory powers, which he believes, when digested, wfll mean his rise to a presidential zenith. "Peace 1 Is bound to come. I am going to work very hard. Our de? mands are well known. We want merely what Is reasonable, but we must be guaranteed those things. I am glad that I shall be able to effect these guarantees by personal ac? tivity." I The members of the Provisional Cabinet met to-day to discuss the dls. patches of last night. They delved for reasons, but stopped shortly, unanimously declaring that the gov? ernment had quietly surrendered with the hope of making Mexico a modal country. Not a few of the leadeis began to wonder about the exact pro? cedure which is to effect peace. Dr. Vas'juez Gomez admitted that there was much thinking to De done before a modus operandi could be decided upon. He declared that peace was in effect now. but he thought some kind of an unofficial understand? ing by telegraph or otherwise should be established with the Mexican gov? ernment before the departure of the rebel leaders. He said thai such things as a Cabinet reorganization, the placing of the gov? ernors in power and other details con eerning the reconstruction of the f ederal government could not he writ? ten inio any agreement. This is the proposition he will submit to the Pro? visional Cabinet to-morrow, and about which Judge Carbajal expects to re? ceive some Instructions before to-mor? row night. Will Map Out t/iiurNp. As understood here, Provisional President Madero Is to go to Mexico City, where he probably will nrst be received by Senor do, la Harra, the j Minister of Foreign Relations. These two men will map out the course to be pursued. Dr. Gomez will arrive In Mexico City a few days later. The first subject to be taken up. U Is thought, will be to effect an amicable abdication by the present governors nnd the Introduction of men popular enough to restore quiet throughout the states. Later, a new Federal govern? ment will be considered. The prevailing opinion to-night Is that the armistice will be prolonged] while. President Diaz remains In office and probably until amicable relations I tire established beyond doubt. On the provisional governers will devolve the task of keeping Insurrectos from continuing hostilities, but tho com? bined Influence of the fnsurrocto po? litical chieftain and of Federals alike will be exerted In keeping the soldiery quiet while Mexico passes through its political travail. War Far From Over. Paris, May IS.?"'1 do noi believe that the resignation of President Dl.iz will really stop the revolution." This emphatic declaration was made this' afternoon by Vice-Presldent Corral, of Mexico, whose resignation, along with that of President Diaz, has been prof? fered by the Mexican administration as a concession to the revolutionists. Senor Corral has been 111 for severs' days, and although he has received only his Intimate friends, he conscntei this evening to give n statement on the situation in Iiis country. He said lie had received no official advices or personal messages from President Diaz covering the latest developments In Mexico. Until he heard directly from the. President he would make no deci? sion about resigning. Nevertbless, lie i minis ted that he foresaw a possibility that the condition of his health might necessitate ills retirement from office. The Vice-Presldent showed Intense interest In press dispatches bearing on the peace arrangements. After their perusal, he exclaimed: "Let me say this ngaln. the retire? ment of President Diaz will not end the revolution, because Madero's au? thority exists only in the State of Chihuahua. ] "In the other disturbed provlnctv he has no real influence. 1 believe it almost certain that the revolt will con? tinue throughout the at'feet*d areas, at least In guerilla, form." Asked as to how an end could be. put CContlnued on Second Prrse.) Elected Bishop Coadju? tor of Diocese of Virginia. RECTOR OB" CHURCH IN NEW ORLEANS Motion to Postpone Action Until Next Council Lost After Earn? est Discussion?Several Min? isters Placed in Nomina? tion?Reports of Com? mittees Received. REV. IIOIIEHT S. COI I'I.A.VI). (Special to The Times-Dispatch.] Winchester. Va.. May IS.?Uev. Rob. ert S. Coupland. who recently resigned as rector of tho Church of the Ascen? sion Iii Baltimore to become rector of Trinity Church, of New Orleans, late this afternoon was elected bishop coad? jutor ot the Protestant Episcopal Dio? cese of Virginia to succeed Rev. Ber? ry man Green. D. D.. of Alexandria. \vh declined to accept the office on account of I!! health. Whether he will accept remains to be seen. Some of the ministers and laymen expressed doubt In that regard to? night. In view of the fact that ho left the Baltimore church only a few weeks ago, and that he has just taken up his work in l-oulsiana. Mr. Coupland was elected on the fourth ballot, receiving 31 clerical and 31 lay votes. He was nominated by Rev. Robert K. Massle. D. D., of Rich? mond, and Rev. Thomas Semmes. D. D., of Richmond, seconded the nomination. Others placed In nomination were Rev. jc. Braxton Bryan. D. D.. of Pe? tersburg, by Rev. William Meade Clark, D. D., of Richmond: Rev. William .1. Morton, of Alexandria, nominated by Gardiner Booth: Rev. -William D Smith, of Winchester, nominated by Rev. .lohn McGill. and Rev. TV. A. R Goodwin. rector of St. Paul's Church, Rochester. N. Y., nominated by Rev. ' Angus Crawford. P. D. A large number of seconding speeches were made in behalf of each candidate, the speeches being limited to five min? utes, and In several instances Bishop Gibson rose and informed the speak? ers to s'top. that they were exceeding the time limit Lends on All Ilnllots. On all four ballots Mr. Coupland led the rest of the candidates, but no", until the fourth did he receive a suffi? cient number to elect him. The fourth resulted as follows: Clerical vote?Whole number of voters. r>r,; necessary to a choice'' Coupland. .",,'f; Bryan. 30: Smith. I and Morton, l. Lay vote?Whole number cast. 56; necessary to choice, 20. Coup land. Zi; Bryan, 20; Smith. 2. Both morning and afternoon sessions were devoted to the matter of electing a bishop coadjutor. It was started by .lames Caskie. of Richmond. who moved that the election be postponed until the next diocesan council, nnd made a lengthy address in advocacy of his motion. Roswell Page spoke in favor of the election of n coadjutor at this session, setting forth v.it.i much earnestness various reasons why such an officer should be elected at once. In order that the work of the church In the diocese may be- carried on more ef? fectively, and the church strength; cned. Ilev. H. B. Lee, of Charlottes ville. look the floor and made a vigorous argument in favor of post? poning the election. He offered an amendment to Mr. Cnskie's motion pro? viding for postponement for the pres? ent. This was amended by Rev. E. L. Goodwin. Rev. Angus Crawford, D. D., Roswell Page. Rev. K. L. Robinson. ; Robert Mack reib. Rev. J. n. 101 Us. j .ludge A. W. Wallace and Rev. .1. W. W'aro. The motion was lost by a vote of i 16 for nnd 71 against. On motion of j Rev. R. A. Goodwin, the bishop called | council lo silent prayer. A motion to take a silent trial ballot was adopted. | resulting in -nineteen clergymen be In?, voted for. but the matter wos only 1 tentative. j Nominating speeches were then made and continued throughout lh" day. except during the lunch recess. Itcport? of Committees. ] The committee on canons to-day j reported adversely on amendments to Canon 15. The committee o nchurch I ttnltey was continued. Rev. 13. E, bs good rend the report of committee on the $5,000.000 fund, stating that $P.,221.- ! ?19 had been contributed this year. He I was appointed held agent for (he fund and his work indorsed. Dr. Wllklns. general ngent, was also indorsed. On motion of Rosewell Page, It was decided to merge the funds of St. An? drew's Brotherhood .with those of the widows' and orphans' fund. On mo? tion of Rev. H. B. Lee. consideration of Cat.oh 8 In reference to raising con? tingent fund, was deferred until the next meeting. Rev. R. C. Cralghill road the report (Continued on Second Page.) Presbyterians Elect Richmond Man on Third Ballot. [ASSEMBLY MEETS IN LOUISVILLE First Day Given Over to Naming of Successor to Dr. Bachman, Hearing of Committee Re? ports and Sermon Celebrat? ing Semi-Centennial of Church. t.Special to The Times;-Dispatch. 1 Louisville. Ky., May is.?itey. Hus? sen Cecil, U. D-. oi the. Second Pres? byterian Church of. Richmond, was elected moderator of the General As? sembly of the Southern Presbyterian Churcii. now in session in this city. The opening . sermon was prtaeheu by the retiring moderator. Rev. .1. VY. j Bachman, U. D.. of Chattanooga. Tcnn. Rarely ever have there been as many nominations for moderator as there ! were to-day. Rev. \\ . it. Henderson, nominated Or. Cecil. W. V. Gilliam. of Richmond, was among ihos? who seconded this nomination. liev. A. A. Little. I). D, nominated Rev. T K. Converse, L>. D.. of Atlanta. Ga. Rev. It. 10. Douglas nominated Rev. J. W. \\ alOeh. L?, l>., ol Lutaw, Ala. Rev. Arthur G. .lonei nominated Rev. Junlun Ii. French, of Fort. Worth, Tt.\us. Rev. B. W. Mebane. D. !->., nominated ex-Governor H?ge Tyler, of Radford, Va. Rev. J. P. McNeill nominated Rev. A. D. McClurc, of Wilmington, N. C. Rev. W. Moore Scott nominated Rev. C. C- Carson. W. U., of Bristol; Tetin. Governor Tyler asked thai tils name be withdrawn, and asked any who might intend to vote for hjm should give their support to Or. Cecil. L?r. Mebane declined to withdraw the nom? ination On the firs: ballot Dr. Cecil led. with S3 votes out of 195. his nearest worn Petitor being Dr. KrenCli, with IS voles. On the second ballot Dr. Cecil re? ceived !tl votes and Dr. French 50. On the third vote Dr. Cecil received 115 votes to Dr. French's SI, ull no other names having been dropped Rev. E. B. Sanford. D. i>., of New York, addressed the assembly as the representative of the Federal Council of all the Protestant churches of Amor lea. Among other things, he told of the work done by the Federal Council la inducing the government to tak? the stand which resulted In securing freedom and protection for the mis? sionaries In the Congo Free State. At the night session Rev. R. It. A. White, of the Theological Seminary of Columbia, ?. C, made the first ad? dress In connection with the celebra? tion of tlie 3omi-centennlal of the or? ganization of the Southern Presby? terian Church. His subject was the history of the beginnings of the church. Yrnr of Progress. A year of continued progress in home mission work wns reported to the General Assembly by the execu? tive committee on home missions. The report covers the twelve months end? ing March 31 last. "The rising tide of interest in the cause has lifted it beyond - .e highest water mark of the past," says the re? port. "The total receipts for the year amounted to $129,435, being S23.390 In excess of the previous year." In the past year there has been a nel gain In the membership of the whole church, according to the report, of 24 .'1-1 per cent. The largest gain was In the (Synod of Oklahoma, where the Increase amounted to '-'37 L-2 per cent. "The special feature of our evan? gelistic work," says the committee, "is the effort to reach foreigners, who are pouring into our midst at the rate of more than 1.000.000 a year." Discussing evangelistic work among the negroes, the committee reports that there are sixty-nine colored Pres? byterian churches In the South, main? taining services regularly. Murk of Hvnngellnm. In the church at large two general evangelists are maintained. Rev. J. Fi nest Thacker. D. D., and Rev. R. A. Walton, t). l>. "As the result of tho labors of these two brethren nior-. than 10,000 church menibera have been led to rededlcate themselves to God In the determination to live more for Odd's glory and the good of the church. More than 2,000 have accepted Christ as a personal .Saviour and promised to unite with the church, while more than r>70 have promised to secure church letters nnd unite with the church where they reside."' The committee reports that for the first time during this decade It has been .seriously, though temporarily, embarrassed by debt, owing- to the falling off In legacies and the enlarge? ment of the work. There was no In? terruption to the work, however, and no delay In meeting obligations. This was avoided only by carrying a loan ranging from ,<l?,enn to 31S.00O. The committee closed the year with a clean balance sheet. Ilrniirb Depository, Formal announcement of the estab? lishment at Texarkona, Ark.-Tex..- of a branch depository for the distribu? tion of literature pertaining to Sab? bath school work anil other matters In the territory west of Hie Mis? sissippi River wan made. This an? nouncement was included in the re? port of the executive committee of publication and Sabbath school work.: which was presented to-day. The j headquarters for the distribution of j this literature will remain nt Rich? mond, where the publication depart? ment was established In 1S61. The branch at Texarkona Is designed to serve those sections which are in? cluded In tho synods of Texas, Okla? homa. Louisiana and Missouri. The depositories 01 Richmond and Tex nrknna combined reported snles dur? ing the lasi year of books and periodicals amounting to $1S.'i,1>61.70. Unprecedented success attended the (Continued on Second Pa'ge.) ATTACKS COTTON EXCHANGE FOR CATERING TO GAMBLERS LEWIS \V. l>AIIKEIt. OFFERS HIGH PRICE TO GET COTTON TO NEW YORK, THEN USES IT AS CLUB ON SOUTH Members of the American Cotton Manufacturers' Association assort thai the most Important committee report presented before this convention Is that on the relation of the manufac? turers with the various cotton ex? changes, which was read at yesterday's session by the. chairman. Dew is \V: Parker, of Greenville, S. C. It precipi? tated the most Interesting debute of the session, said to be the most In? tense and acrimonious ever held on the floor of tlie association, between the chairman and President Marsh, ot the New York Cotton Exchange, the operations of which exo.hnnge are sharply criticized. The report follows in full: Richmond. Vo., May 19. 1911. To the American Cotton Manufactur? ers' Association: At a recent meeting of the hoard of governors of this association a com? mittee was appointed to act in har? mony with similar committees from other associations of cotton manufac? turers, with a 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 on these exchanges, hi order to make a proper relation between spot cotton and the price as quoted on the exchanges. The committees so appointed have not yet presented to the cotton ex? changes this question under their re rent appointment, but similar commit? tees have done so on previous occa? sions. The commit tees so appointed, however, will follow the Instructions of their associations and earnestly urge upon the cotton exchanges the irpportnnee of this subject. Puts It'.elf ou Record. The subject is not a new one to this association. During a series of years the association has put itself on record to the following effect: That the association does not feel that it has any light to make In be? half of cotton manufacturers against such a price for the raw material as affords a legitimate profit to the pro? ducer. On the contrary, even though bib prices of the commodity tempor? arily embarrass the manufacturer un? til there can be brought about a prop? er relation between the price of the! manufactured article and the price of the raw material, nevertheless the manufacturer as cheerfully as he can has endured this embarrassment In the knowledge that It Is to the Interest of the community at large that the producing element should receive full compensation for their product nnd should receive such a value therefor as is brought about by the natural law of supply and demand. Cotton manufacturers must, how? ever, he restive under any condition In which the price of the raw material is not properly reflected In the quota? tions of cotton exchanges. The effect of this disparity in pi-ice Is to give to the buyer of cotton goods an Im- I pression either that the price of the! commodity Is an illegitimate one. based on manipulation, or, as has been I constantly the case, that Che price to the manufacturer Is less than it really Is on account of the misleading quo? tations on the exchanges. High nnd I.imv Hurt. Committees from this association have earnestly presented previously lo the cotton exchanges such changes In rules as they believe would have the effect of preventing manipulation and 1 of preventing a misleading quotation of price. It Is equally unfortunate to the man? ufacturer for prices to he undlllv ]ow npon the exchange as It Is for theni in he unduly high, for In either case the price so reflected Is the result of Fine Literary Features Among Die especially fine literary fcntiirch In the Illustrated MngnHnr of The Tlmes-Dlspiitch next Sunday j will be ".Mrs. Prim's Mat etiles.? | Match,'* by Hugh Pnidrxteri ".lohn j Yeug nnd ills llnhlln," by llenrne | Allan England: The l'"lr.h? Mnn Cre? mated," iij I. I". t->rrl?t "The Gront est Play I liver Sun," by Juke Sfulil, o\-flr?( hnii-mnt< of the tlimton Aiuertrnns, mm fold i? tin McLean: "Robbing 1'ira.h In Peed Mice," by | Hin Crnndiilli "righting .lot-Ilia Erlend," hv .smith n. Fry. manipulation. What the mariutacturar demands, and what he has a right to ib-man.I Is that the price on the ex? changes shall he truly reflective of the price of spot cotton. By no means has this price been so reflective on at least some of the exchanges during recent past seasons. Manufacturers' associations should have no tight against ration exchanges It those exchanges truly reflect t-ondt i Hons of spot cotton. On the contrary. Ian eA-change. If legitimately managed land regulated, and If Hie prices ruling ; thereon are truly representative oi spot values, is and should he of de ! elded advantage to eotton manufnetur i ers. as also to producers: but If. on the j contrary, the prices reflected on the exchanges are merely the result of 1 speculation for or against thp value of ihe commodity,'of If those prices are. only reflective of the speculative ac? tions of one element as against another element, then the exchange becomes a serious disadvantage to the manufac i tttrers and to producers, and ceases to .be a legitimate body. Two Principal r.xebnngcs. Of course, the two principal ex? changes in the United Slates are the New Orleans und New York Cotton Ex i changes, Under the rules of the New Orleans Exchange, the prices ruling thereon are In much e|o<er relation to the prices of spot cotton than as a rule are the prices of contracts on the N'pw York Cotton F.j.-cnunge The mem? bers of the New Orleans Cotton Ex? change have- shown a much greater willingness to conform to the sugges? tions of manufacturers and producers. In order to make their quotations re? flective of soot conditions. Ihttli have the members' of the New York Cotton Exchange, of course,' the operations on the New York Exchange are many times greater than they are upon I ho New Orleans Exchange, and therefore the unfortunate effects of misquota? tions on the New York Cotton Ex? change are many times what the would be upon the New Orleans Ex? change. Apparently members of the New York Cotton Exchange have been more Impressed with tho necessity of so preserving their rules as to make them advantageous to speculators and to manipulators than they have been to make them of such character as to be advantageous to the operations of the manufacturers and producers. By reason of Ihe rules of the New York Cotton Exchange It Is seldom that the prices of contracts on that exchange are on a parity with spot cot? ton, or truly represent the prices of spol cotton in the community of pro? duction, plus the carrying charge 10 market. Contract Price Vnrle*. At tunes the prices of contracts are much nhove tho prices of spot cotton. At other tlrr.es they are much below. For Instance, during last November ami December, the prices ruling lipon the New York Cotton Exchange were considerably In excess of the prices of spot cotton In the South. In portions i of January and February, the prices' on the New York Cotton Exchange) were much below those existing in the! South, and practically from that date I to the present this disparity has con-I tinned to exist. The result' Is that In I November and December an undue quantity of cotton was attracted by th?| high prices on tho New York Cotton exchange to that market, and this cot-J ton when so received w:i"s simply used as a club with which to depress un- ' duly the prices during subsequent months. The experience of the present season Is not different from what It was the season before, and. In fact, In every year for the last five <?r six yonrs there has been on the Now York Cotton Ex? change a constant disparity between prices of spot cotton and contract quo? tations. We were told in the season of 1906-7 t'oar this was an unusual con? dition, brought about by the unusiia! quantity of low grades; "yet this same disparity existed in the succeeding | year, which was not a low-grade crop. J and it bus continued 10 exist nt one lime or another of lhe season .luring! each year. " j enter to Speculators. Your committee Is forced lo conclude that a majority of the members of the New York Cotton Exchange are more i Impressed with the View that It Is to their Interest |o cater to speculators i than to make of their body a legiti? mate exchange, reflective of the true valitp of the commodity In which they deal. It Is .just as Illegitimate for the contract prices upon the New York Cot- ' ton Exchange to be one to one an,] aj half coins below the true price of the j raw material, as these prices were In January and February, us It is for the prices on the exchanges to ho one-half (Continued on Third~I\iseO I Parker's Bitter Denun? ciation Wildly Cheered by Spinpers. MAY SEEK RELIEF BY LEGISLATION President Marsh, of New York Exchange, Gamely Defends System Which Manufacturers Condemn?Convention De? bate Takes Wide Range on Vital Topic. Relations between the American Cotton Manufacturers' Association and the New York Cotton Exchange, which, have been strained fur several years, came to an open rupture yesterday af? ternoon, when a heated debate of sev? eral hours' duration took place on the tloor of the convention between Ar? thur R. Marsh, president of the New York Cotton Exchange, and Lewis W. Parket, of Greenville, S. C chairman of the committee on relations with cotton exchanges. Air. Parker's assertion that the New Vork Cotton Exchange caters to specu? lators tather than to the needs of legi? timate business, and that prices of cot ion had been munipulutea by members ot the exchange to the great detri? ment, both of producers and spinners, was cheered and applauded. President Marsh as warmly defended the exchange, pointing uul that It was an association of merchants, trading in cotton, with rules in the interests of the merchants, rather than for the producer or manufacturer. The convention sided with Mr. Parker, ac? cepting the report of the committee unanimously, and continuing it for further conference with the repre? sentatives of the exchanges, and with instructions, if, relief is not given, to seek a remedy through lesislallve channels. 31 oruh Defends Exchange, Because of the Immense importance ot the subject Involved. President Cooper set aside all other business on the afternoon program, allowing the widest latitude to the debate, in which Vice-Presidenl Ellison A. Smyth, of Greenville, an associate of Mr. Parker on the committee, occasionally joined. President Marsh took the ground that a cotton exchange was if rat an association of cotton merchants, whose I economic function was the distribu? tion of raw cotton from producer to user?to give an instant market for the entire crop and to supply the uset as demanded, at any time and In any place, with the particular kind of cot? ton he required. The exchange, he as? serted, was designed to meet ih.) com? mercial needs of cotton merchants, and of no other class. Several other Interests, he said, had demanded that the rules of the New Vork Exchange be amended to suit their views, on tlie ground that the present by-laws were unjust and iniquitous. Spinners had claimed that their rights were para? mount. Speculators, whose sole ob? ject was to make mone\ through the advance and decline of prices, and who would avoid all responsibility as merchants, had denounced the present regime, und demanded that the rules be freed of all clogs to speculation. Trying to Keep Price. High. The cotton planter had taken the held and as the original producer had demanded rules that would keep at th? highest possible notch the price of cot Ion. All of these interests In tho cot? ton business, Mr. Marsh said, were immediate and vital, but they were not the Interests of the merchants who compose the membership of the ex? change. He took up In detail the spinner's grounds for complaint: that the contracts for future delivery, were not so drawn that If he demand's actual delivery, he can get that sort of cotton he wants at his particular mill; that the. price of contract or fu? ture cotton varies from the price of ordinary middling cotton?the spot or market price of 'cotton as a com? modity: and that unrestrained specu? lation is allowed, making it impossi? ble tor the spinner to forecast with certainty the cosi of his raw material. It was economically impossible, "ha contended, for the merchant to trade with the producer, taking his whole product or none, 'and then with the spinner, who would buy but one class, giving him advantages he dnes noi himself enjoy when he buys. Not Hurt by I'liicfitaHons. Fluctuations by speculators, he con? tended, could work no real injustice, as real changes in price were founded on sound underlying conditions. A speculation based on a wrong Interpre? tation of these conditions falls, and produces no permanent effect on the market. Mr. Marsh admitted that there had been obnoxious forms of speculation, the taking violent advant? age of technical procedure, and the forcing of violent settlements of hedga contracts, at prices which could only be called extortionate. No right-thinking man. he asserted, could apply to such practices other terms than uncommercial and immoral. They were probably a?alii3t statutes nnd were regarded with abhorrence by every reputable merchant 0:1 the ex? change New laws In the Mate ot New Vork. he believed, would put an end to "corners'' nnd similar illegitimate operations. ISnp for (rambler*. Mr. Parker offered the thanks of the convention to President Marsh, and then read the report of his committee on cotton exchanges, which set forth the negotiations between the commit? tee and the officers of the New Vork exchange, concluding that the commit? tee had reached the opinion that many members of the New York exchange were more interested In catering to speculators than In conducting a legiti? mate exchange, reflective of the true value of the commodity in which they deal. Ah exchange, properly managed, Mr. Parker considered .1 decided *d vnntngc. but if Hie prices quoted rc_ fleeted only speculation, the. evch.ingo became 11 disadvantage nllka to manu? (Cor-1in ucd~~on ? Thfr'd"PageT)