Bryan morning eagle. [volume] (Bryan, Tex.) 1898-1909, 1907-02-17
MAYFIELD'S MEASURE
Pending Bill Before the Lone Star
Lawmakers Is
OPPOSED BY HESTER
Such q statute, says the Prominent
Cotton Statistician. Place the
Producer at the Mercy
of the iIuyer.

New Orleans, Feb. 1c. - Henry q.
Hester. secretary and stntistician Of
the New Orleans Cotton. Exchange and
consulting statistician OF the census
bureau at Washington. says that there
is far more danger TO the legitimate
cotton interests OF the south in the
current tendency OF legislative thought
In the southern states than there Is
In bumper crops and market manipu-
lation. because bills such as those now
pending In the Alabama. Arkansas.
Texas and Tennessee leg glslatures.
which do not discriminate between nee.
essary trade facilities and unneces.
sary bucket shops cannot fail. II en-.
acted into laws. 20 adversely affect
both the farmer and spot cotton mer-
chant by permanently placing both at
disadvantage in marketing the crop.
I'VE OF the south. as people. are too
much given 20 following false counsel
and all too frequently injure our own
best interests In a misguided effort to
accomplish the impossible" said Mr..
Hester.
THE Boykin law OF Georgia. while
well meant. has thus far driven out le-
gitimate hedge trading and the circu-
lation helpful 10 market news bulle-
tins. but has not eliminated the buck
; Of shops.
The Mayfeld bin In Texas. II en-
arf.A Int Il. tal1 In IA
ton interests OF that state In every
way. because under II the cotton pro
ducer will he completely at the mercy
OF the buyer. the latter knowing con-
ditions and the former being denied
that important assistance.
The same conditions exist In all
states whcre such legislation is enact.
ed. IL is ,a lily possible 10 frame. pass
and enforce a law which will drive out
bucket shops and so restrict the opera
tions of legitimate exchange brokers
as 20 eliminate the Objectionable gam
bier: but such g Law cannot be drawn
up by men who have not made a com
prchensive study OF the technical re
quirements OF the cotton trade al
large p.
In my opinion. many lawmakers Of
the south do not realize the huge Inn
portance to the cotton growing states
Of the New Orleans Cotton Exchange.
II they did. such measures as the Boy
kin and Mayheld bills would never be
seriously considered for moment
The Texas Legislators have now TO
make a choice between the Watson
bill In the senate and the McGregor
bill IN the house on the one hand and
the Jenkins house bill and the May.
field senate bill on the other. The
first. In my judgment. will accomplish
all that Is desired in the interest oil
the cotton grower. capitalist and cotton
spinner.
Safeguards can be enacted TO ef.
fectually prevent indiscriminate gam
bling by irresponsible parties who idle
day after day watching for telegraphic
dope In bucket shops and improve
ment of others who have no cotton
and never expect 20 have any from
using this immensely valuable trade
adjunct as a medium for simon pure
gambling.
ITO accomplish these ends. however.
Il Is neither necessary nor desirable
that there should be swept away In
their entirety trade regulations which
have reduced the cost OF handling the
cotton crop from anywhere between
s. and SO per bale in years gone by
10 one-tenth OF these sums.
'Broad-minded men like Haryie Jor.
dan and his able lieutenants at the
head of the state divisions OF the
Southern Cotton association do not.
am quite sure. favor extreme meas
ures. They do not. am certain, de
sire to destroy all that Is good In an
endeavor to correct the evils that
every fair-minded man agrees should
be abolished. They recognize there Is
brains and intelligence enough among
our Legislators TO meet tho issues that
confront them in such manner as not
20 relegate us % a-tn.t Nu customs.
which placed the c ',or lowers prac'
sically at the mercy ot those with
whom they were forced TO deal"