The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-02-20
H. & 3. Beers Cotton Letter to C n.
Cothran, Manager.

New Orleans, February 19-Of late
Liverpool has gotten wind of several anti
option bills pending in the different south
ern states, and advices from that quar-
ter are to effect that the south Is making
a mistake in It's efforts to put the ban on
speculation in cotton. Private letters and
cables have been received expressing
such an opinion, brokers in the English
market realizing the influence that the
buying power of public has upon all
speculative values, much less cotton To-
day the New Orleans Times-Democrat
quotes from no less authority than the
Liverpool Post of February 2, the arti-
Gle reading in part as follows:
1.-THE south, led by a few gentlemen
who are posing as the friends of the
planter and factor, has suddenly taken
on a highly moral tone and is agitating
with heat and vigor worthy of bet
ter cause for the suppression of trading
in futures and as a first step In that di-
rection it demands the abolition of the
bucketshops and the wire houses system
generally SO largely in vogue on the
other side.
THAT the bucketshop could well be
spared few will deny, but this crazy away
with everything cry and absurd demand
for the total suppression of trading In
futures by the gentlemen who, of course,
disinterestedly, run various southern cot
ton associations, is ridiculous and would
II carried, hamper trade in the staple
commodity of the south to an enormous ex-
tent and in the end almost certainly de-
preciate and not appreciate the prime
value of the raw material to the grower
in whose interests the present agitation
is supposed to be made.
Commenting upon the same subject
leading spot cotton house of Alabama has
this to say in public print:
"The agitation in Alabama and other
southern states against wire houses is
watched with some interest. Few OF the
legislators know really what they are
doing.
THE southern spot dealers are not talk
inc any stand openly; many believe the
farmer, when it is intended to beneht,
will in reality be injured"
Almost without exception every southern
journal of Importance has written edi-
torially against the adoption of anticipation
measures Continuing in its arguments
against the proposition the New Orleans
Picayune of even date has this to say
as part of a lengthy editorial: 1.-THE at
tempt to change methods by legislation
is no new thing, but experience has shown
that whenever it has been attempted 1t
has proven disastrous. The German empire
at one time legislated future trading in
securities and commodities out OF exist
ence with the result that trade control
passed to foreign markets, and after
few wears of bitter experience Germany
was glad enough TO resume the old con-
dition of things. The enactment of Ill
advised laws restricting trading in cot
ton can have no other effect than to
transfer the control of prices to foreign
markets, whose interests are with the
consumers and not with the producer OF
the staple"
Judging from the smaller spot sales at
Liverpool of late, spinners appear to have
already withdrawn from the market since
such agitation has discouraged specula-
tive support to the market which as a
result is ruling easier.