With a distinguished record in all vital departments of his church labors, Bishop Candler’s early elevation to the bishopric when barely past forty years of age was a merited and logical testimonial to his eminent capacity for religious leadership and organization. This exalted promotion came to him at the hands of the Baltimore Conference of 1898.

Besides being a pulpit orator of vigor and lucidity, Bishop Candler is a luminous expositor of secular themes and has rounded out a very busy career by producing several well-known religious and general publications, including a “History of Sunday Schools,” “Georgia’s Educational Work,” “Christus Auctor,” “High Living and High Lives,” and “Great Revivals and the Great Republic.”

Bishop Candler’s official residence is Atlanta.

RICHMOND PEARSON HOBSON.

Richmond Pearson Hobson, who contributes the following thoughtful paper to the Magazine, is so well known to our readers that it is hardly necessary to say anything here by way of comment upon his eventful history. Since his retirement from the navy, Captain Hobson has devoted much attention to political affairs, and it is safe to predict that his services to the public will be marked by the earnestness and devotion to duty which brought him his well-merited fame as an officer in the United States navy.—Ed.

COTTON AND WAR.

[Part of an address delivered by Mr. Hobson before the Cotton Growers’ Association last January.]

By Richmond Pearson Hobson.

The price of cotton, like other prices, is settled by the relation of supply and demand. In face of the sudden depression, due to the increased volume of supply in the large crop, we are liable to overlook and underestimate the importance of the factors influencing the demand. Sojourning about the world has convinced me that the factors of demand are more pliable and more accessible than those of supply. In truth, a single factor reducing demand, the war in the Orient, is responsible for depression amounting to from 7 to 8 cents a pound, while the total depression due to the big crop is scarcely more than 3 cents a pound.