The Lafayette gazette. [volume] (Lafayette, La.) 1893-1921, 1894-11-24
1PTYOMS IND FUTURES.

10 pass IN anti-option law. Some
q the brainiest men Of South were
Dresent and delivered speeches ia
voring the enactment, of law that
uill pat . stop to the present prac-
Gee Of future dealing, which is said
20 bea main cause of the existing low
prices of cotton. Hon. ID. w.
Pipes, of Louisiana, was elected
ehairaain Of the meeting which was
addressed by Senator McI-aurin,
Congressmen Hooker, Cathings
and other distinguished statesmen
Of the South, snd letters encouraging
the movement from Senator George
and Gov. Stone were read. The
resolutions printed below show the
she sense of the meeting and the
consequence and demoTalizing eff
fects of the evil which seems to Grip
pie the chief industry of the South
ern States:
s.Resolved, That it is the judgment
of this convention, composed of
planters. merchants, cotton buyers,
bankers and representatives. of all
business. professions and vocations,
that the species of gambling known
rs dealing in futures exercises the
most hurtful and baneful effects
upon the prices of cotton, grain
and other commodies embraced in
the socalled contracts, through
which such dealing is conducted.
The law of supply and demand
which We fully recognize, has long
since ceased to be the chief factor
in fixing and regulating prices. A
large part of the business of the ex-
changes in such cities as New York,
New Orleans and Chicago comes as
4 result of the rapid growth of this
form of gambling. BY the making
of future contracts, which are not
intended to be executed by the de-
livery of the commodities named
IN them, the commodities them
selves often remain without pur-
ehasers, Cutting and depressing the
market while at the same time
through these Fictitious contracts
they are nominally bought and sold
In unlimited and impossible quanti-
ties.
ga reference to the Fictitious
dealings in single exchange will
suffice to indicate their extent.
For many years the New York Cot
ton Exchange has done little except
10 bet on the price of cotton; at
This exchange, in q single month,
the sales (bets) of Fictitious cotton
have reached the total of the average
crop of the United Sta:es-S, ooo,-
boo bales-and in one year over
SO, 600, 900 bales, while the sale of
actual cotton during the same year
It New York was only $4,000
bales, and the net receipts of actual
cotton at that port were only 1917
boo bales. The operation is SIM
ply gambling as to the prices of
these commodities, and those en-
gagged in it, finding it easier and,
more profitable to them
selves to depress prices systemati-
cally labor, by means of fictitious
sales, exaggerated estimates and
hostile predictions, assiduously dis
.e minating through circulars and
other publications, to create a gen.
eral opinion that will demoralize
the market and lower prices.
ssThe following extract from a
received, issued by Lath-
am, Alexander & Co., of New York,
who are large dealers in futures,
shows clearly that prices can be
by such gambling trans
actions: If any market for con-
tracts Cotton futures) smaller than
Durs should attempt to sell down
prices against quotations in New
York dealers here could within
twenty four hours offer to sell more !
cotton than they could buy
We indignantly rePudiate the in
'olent contention of these schemers
and gamblers that the producer OBJ
!ains through such transactions a |
'teadier and more wholesome mark
It, and on the contrary, assert the |
belief that great good would result
f the whole brood should be pre-
;ented from pursuing their .ncfa-
lious occupation and compelled to
earn their livelihood by honest and
legitimate methods.
1.-The nature and magnitude of
these gambling transactions that so
Effect and distress our people are
such as to make them national
.vil. and in the judgment of this
all the lawful powers of
he Federal government should be
exerted to cxtirpate it, root and
branch. We venture to express the
belief that the Congress of the