The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-05-23

yates, by Prof d. H. Hill, of A. and NJ
College.
A COTTON GROWERS
CONVENTION CALLED
Gov. Russell to Appoint Delegates from
North Carolina-To Meet at Gal
weston August 2.
Gov. Russell yesterday received let
ter from Gov. CulbersOn, of Texas, an
nouncing that u Convention of Cotton
Growers will be held in the city of Gal
weston on August 2 and requesting the
appointment of eleven delegates from this
State-one from each of the nine Congress
sional districts and two from the State
at large. These, he suggests, shall be men
who are well acquainted with the ques-
tons that may come before this conven-
ton and such as will certainly attend and
take part in its deliberations.
This convention is called in compile
ance with instructions contained in the
following concurrent resolutions passed
by the Texas Legislature, March 20. and
for the purposes therein set forth =.
''Whereas, the. cotton industry of the
South is the most important agricultural
product o. the United States, and in vol
ume more than 65 per cent. of the world s
product of cotton; and the condition of
this great industry, being now depressed
by spectators who control and reduce
the price, in their own interest, by the
following methods among others: BY Of
fering for sale fictitious cotton called
futures" at prices uniformly less than
the current spot cotton market, which
sales of fictitious cotton or contracts to
deliver cotton at a future time at lower
prices than the actual spot cotton prices
aud nlswhieh tspeculators do not intend
and are not compelled to deliver actual
lotion, but uniformly pay or receive the
none tary difference in the price of fu-
Z lures and spot cotton at the expiration of
the contract Of delivery These contracts
being cheaper induce mill men and con-
sumers of the raw material, who hereto
fore competed jim the spot. cotton sales, to
withdraw from the market: thus foster
ing a condition which takes fl ON the cot
ton market the actual purchaser, destroys
legitimate market demands and competi
ton ,dfid leaves the cotton PROD Ict at
the mercy of dictated prices. By flooding
the market reports of actual sales Of
spot cotton with five to ten times the vol
Tine of fictitious sales at lower figures,
thus producing Il constant decrease in
the price of real cotton. By operating a
gambling enterprise known as the New
York Future Board" in which fictitious
cotton is offered for sale in the market
at prices sufficiently reduced below spot
cotton prices to invite investment, and
wherein the said investments are virtually
confiscated by arbitrary changes in said
quotations, whereby the country lis
drained of enormous sums of money and
the cotton market f1uctuated for gam
bling purposes, to the great detriment Of
legitimate trade; thus producing the de-
cline in the price of cotton as observed in
our markets since the organization of
the New York Cotton Exchange and it's
Futures Board;" and
Whereas, the price of labor necessary
to raise and market given quantity Of
cotton, in comparison with the price Of
labor necessary to manufacture and mar
ket the same quantity of cotton is in the
ratio OF two to three, and under legiti-
mate conditions of trade, and estimates
most favorable to manufactures, raw cot
Ton should sell for not less than 80 per
cent OF the manufactured article, vet the
situation ds such that the price of cotton
mas been so depressed by speculation and
market gambling until manufactured
goods sell for prices from 400 to ], 400 per
cent more than the material that COM
poses such goods, and a vast wealth that
should be distributed among it's pro-
ducers Is annually confiscated by the un-
orldled greed Of spectators; and
whereas, the history of cotton produc-
llon shows that the worlds demand has
increased at greater ratio than the
worlds supply. and as measured by the
urplls on hand at the end of each cotton
season the surplus has grown less for
hfore IMAM twenty years, proving the fal-
~! OF the cry of overproduction as pro-
ciaiihed by spectators, nad revealing
acts That under proper conditions would
nave made prices steady. and improved
curing that time; and
whereas, these and other conditions
make 1t necessary that legislation be con
i'eo ana enacted to relieve cotton pro
uueers from these oppressive, unjust and
ruIlous conditions; therefore, be it
hesoived. by the House of Representa-
'.'.S 'lne senate cOncurring, That Gov
a. =. Culberson be, and he is hereby EN-
powered to call a legislative convention
vi the cotton growing States, to meet al
"alVeston on the I'd day of August, 1897
ior the purpose of devising and recon
ehding concurrent legislation in the cot
ION growing States, to the end that thi:
Important industry may be relieved from
the speculative and gambling influence
that Expresses it. and that unlawful inter
ference with the cotton trade be sup
pressed. Be it further
resolved, That the Governor o
texas appoint from each Congressional
district IN Texas a representative to salt
convention, who is versed in the indus
rlal conditions of our State, two from tn
STATE at large, and that His Excellenc
forward copies of this resolution to tn
respective Governors of our cotton grow
ing states, with the request that sue
Governor appoint delegates from the Cor
fesslonal districts Of their States TO sal
convention.
ASK for Bailey Brothers GOLD BOB