The morning news. [volume] (Savannah, Ga.) 1887-1900, 1892-12-14
THE MORNING NEWS.
ESTABLISHED 1850. INCORPORATED 1888
]. H. ESTILL, President.
WAR ON COTTON FUTURES
SENATOR GEORGE SPEAKS IN
FAVOR OF THE BILL.

The Whole People of the South Af-
fected by the Bill-The Senator Rep
resents the Planters as Unani-
mously In Favor of the Passage of
the Measure.
WASHINGTON, Dec. 13.-The meeting Of
she republican senatorial caucus to-day was
she result of the conferences between Presi-
dent Harrison, the western republican SEN
ators and representatives and the republican
national committeeman on Saturday, at
which It was determined that the resolution
OF the republican-democratic senatorial eau
Gus TO defend the rights of the democrats in
the proclamation published that morning by
Senators German. Carlisle and Brice must
be met by positive action on the part of the
republicans. As has been said, there Is a
division of opinion among the republican
leaders as to what action they should take
in this matter, the eastern men being dis
posed to concede the Senate to the demo-
Gratis and the western men insist
ing upon making a fight, President
Harrison himself favoring the latter view.
The difference Of opinion came out very
plainly in the meeting to-day, but the west
ern men, who want to make the fight had
the better of the argum ent, urging that the
democrats had already by their proclama-
ton put the whole Republican party in the
attitude of trying Co steal the contested leg
islatures, thus making it necessary for them
to fight in self-defense.
Mr.. George said the bill affected the
whole people of the south. It was alleged
on the part of the cotton exchanges that the
passage of the bill suppressing speculation
In futures wonld be disastrous to the farmer.
but on the other hand, the farmers of Mis-
sissippi and Alabama, and other southern
states. as well as the farmers of the west,
were so ''benighted" that they, with
almost one voice, demanded the
enactment of a measure to prevent deal
iDgs in futures The cotton growers we're
every year becoming poorer, and were be-
coming the victims of the rapacious policy
which had taken their earnings and added
the amount to the overgrown wealth of men
who used their power for that purpose.
THE FIVE GREAT COTTON MARKETS.
There was, he said, but five great cotton
markets in the world: New York, New
Orleans, Liverpool. Havre and Bremen.
The New York Cotton Exchange, which
exercised such an influence on prices, had
less actual dealings in cotton than seven or
eight other seaports in the United States.
Last year only 165, 900 bales had been re-
ceived IN New York as against over 2,00O,-
900 bales in New Orleans, 1900, 900 at Gall
weston, 10000 600 in Savannah, 500. 600 in
Charleston and about the same III Norfolk
COTTON EXCHANGE RULES.
Mr.. George cited the regulations of the
New York Cotton Exchange 30 show that
quotations were not fixed according to the
actual trading on the market, but that the
price Of "niddling" being ascertained, the
relative prices of all the other grades, thirty
in number, were fixed by sliding scale es-
tablished by revision committee which
met only once month; that quotations for
''spotn sales were made where no sales were
made; and so also as to sales for future de-
livery; In other words that prices we're
fixed in the New York Cotton Exchange
without reference to transactions.
BUSINESS OF THE MEMBERS.
AS to the New Orleans and New York
cotton exchanges their members are com
posed OF factors, bankers, brokers aud
steamboat owners, but not of actual plant
ers except in cases where they carried on
other business, residing in New Orleans,
New York, Galveston and Memphis, and
owning cotton plantations, some Of them as
many as thirty.