Daniels v. Cannon

The Methodist Episcopal Church, South last week concluded the first fortnight of its quadrennial conference at Dallas. Some important church work was accomplished --decision to increase the number of bishops from 13 to 16; decision to abolish "serve him'' and "obey him." from the marriage service; invention of a new sin for ministers ("gross impudence and high unministerial conduct"). But of more immediate interest to the conference was the tussle between Bishop James Cannon Jr. of Virginia and Layman Josephus Daniels.

When this conference opened Mr. Daniels took three firm grips upon Bishop Cannon: 1) his mixing in politics unduly; 2) his administration of the Methodist, South's Board of Temperance and Social Service; 3) his "gambling" on the New York stock exchange.

Bishop Cannon easily broke the politics charge last week. The conference "passed his character."

Mr. Daniels is chairman of the church committee who pass on Bishop Cannon's report of his board of temperance and social service administration. The Bishop praised himself in that report. Mr. Daniels made him wait into this week to learn whether or not that praise was confirmed. The delay was cruel. For Mr. Daniels' Committee, over his objections, had approved Bishop Cannon's report, praise and policy last week.

Into this week he was also obliged to wait to learn whether or not the committee on Episcopy accepted his explanation that he had not "gambled" in stocks, that he had been buying his securities on the instalment plan while he seemed to have been buying them on margin,* that he did not know that his "stock broker" was a bucket shop operator (since jailed). Here, too, the Bishop seemed fixed to "out smart" Mr. Daniels, by boldly demanding a full and complete investigation of the charges.

* To buy on margin an investor, speculator, or gambler in stocks puts up a fraction of the amount needed to purchase the stock he has bought. The broker puts up the rest of the money, charging the investor, etc., interest on : this balance. The money put up by the investor represents the broker's margin of safety, and if the stock declines in value the investor must put up more money, thus keeping the broker's margin as wide as before. . ,

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