Gainesville daily sun. (Gainesville, Fla.) 190?-1938, 1907-02-19
COTTON INTERESTS
BADLY DAMAGED
BY Legislation In the Differ.
emit States.
so DECLARES HENRY hester
Secretary 81 the New Orleans Cotton
Exchange Severely critieizes the
eoykin Bill, Now q Law In State Of
Georgia.

WYNN e"s WV law I" SNssS W
Georgia.
New Orleans, Feb. is.-ilenTy G.
Hester. secretary and sIatistician Of
the New Orleans cotton exchange and
consulting statlstician Of the census
bureau at Washington, ID. c.. said
that there Is far more danger 10 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
manipulation because laws such as
those now pending In Alabama. Ark
snsas, Texas and Tennessee which
do not discriminate between neces-
sary trade facilities and unnecessary
bucket shops. cannot fail. II enacted,
10 adversely affect the farmer and
spot cotton merchant by permanently
placing both at q disadvantage in
marketing the crop.
I'VE Of the South. as a people, are
too much given to the following Of
false counsels and all too frequently
injure our own best interests in
misguided effort 10 accomplish the
impossible" said MIR. Hester. The
Boykin law OF Georgia although we'll
meant. has thus far driven ont le
Ultimate hedge trading and the cir
culation OF helpful market news bul-
letins. but has not eliminated
the bucket shop. The Mayfeld bill,
In Texas. n enacted. will injure the /
cotton interests In that state IN every |
way, because under II the cotton |
producer will be completely NJ the |
mercy OF the buyer. the latter know |
Ing market conditions and the former
being denied that alI-important as /
sistance. The same conditions will |
exist I nall states where such legis-
latIon Is enacted. I
us Is easily possible 10 frame. pass
and enforce a law which will drive
out the bucket shops and to so re-
strict the operations Of legitimate ex-
change brokers as to eliminate the
Objectionable gambler. But such
law cannot he drawn up by men who
have not made a comprehensive study
" the technical requirements OF the
cotton trade at large.
I'm my opinion. many OF the law
makers OF the south do not realize
he huge importance 10 the cotton
growing states OF the New Orleans
Cotton Exchange. II they did. such
measures as the Boykin and Mayfeld
bills would never he seriously. con-
'idered for a moment.
Texas legislators have now 70
make a choice between the Watson
'ill in the senate and the McGregor
,ill and Mayfeld senate bin on the
'ther, The two first. In my judg-
nent, will accomplish az that IL de-
tired 10 the interest OF cotton grow
rs, capitalist. and cotton spinner.
Safeguards can be enacted TO ef-
actually prevent indiscriminate. gam
ling by irresponsible parties who idle
heir time day after day watching for
elegraph dope IN a bucket shop. and
nat Will prevent others who have no
ottop and never expect 10 have anv
rom using an Immensely valuable
diunct as medium for simon
urp rambling.
ITO accomplish these ends. rDv-
Yer. II = neither necessary nor de-
irable that there should DO sven,
way In their entirely trade repuIa-
Ions which have redrced tho cos, n,
andlins tho cotton crop from auv
There between 81 and 81 per bale
\ wears gone ~ 20 one-tenth OF these
ums.
Broad minded men Ike Harvle
ordan and his able 'ieutersnfs A.
he head ~ the state divisions W thp Z
outhern Cotton association. do not ;
am quite sure. favor extreme meas {
res. They do nor. 7 am certain II
esire 10 DESTROY al that y good ~ b
n endeavOr 20 correct evils ga.
very fair-mlnied man agrees ,horld
. abolished They recornlze Nat 9
here are brains and intelligence A..
nough among our legislators 10 NEE,
aa tssuss thar confront them IN sush ,
q. y. \. -. 49,.