The Montgomery advertiser., 1907-02-05
 FLUCTUATIONS Congress to Probe Cotton
 Exchanges. TIE RESOLUTION IS PASSED All Growers Want is Fair Price for
 Product. Iaauiry wIi Be Direetss rs Ascertain Just Hsw Mush Future Gamslias
 Affects the Price of
 staple.

Washington, February 4sIhe House today passed resoiution calling upon the Secretary of Commerce and Labor, through the Bureau of Cor- porations, to investigate the causes oI the fluctuations in the price of cotton and the difference in the marker priee of the various classes of cotton.
 The investigation is to be conducted with the particular object of ascartaan- ing whether or not the fluctuations III the prices have resulted In whole or n part from the character of contracts and deliveries thereon, made on tho cotton exchanges dealing in futures. or is the result of any combination or son- spiracy which interferes with or hin- ders commerce among the several States and Territories. or with foreisn countries.
 Mir. Burleson of Texas, In explanation of the resolution said 1t was to ascer~ tain whether the contract sold on the New York and New Orleans Cotton Exchanges brings about a violent huc- tnation in the price of cotton and whether or not the contract sold en-. abIes the members of the exchanges by combinations among themselves to bring about q depression by reason of the fact that under the terms of the contract they would be authorised to deliver any one of the thirty grades Of cotton. II Is claimed that the diner- ences between the price of spots and futures at New York at this time is; more than $7.50 per bale and that this difference exerts an injurious inftu~' encs on the price paid for cotton.
 Mir. Lowering Of Massachusetts ex- plained that the resolution was one of. simple inquiry. He said that 1t had been broadly drawn and was not in- tended to be specific in any way.
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 s.The cotton producers for thirty years have been struggling for square deal in the marketing of cot ton and cotton fabrics and have been handicapped in their efforts by the obstruction, interference and manipu- lation Of tho cotton sxchanGes said Mir. Livingston of Georgia We nave bexKAd for rrellef but uaF appeals were troated with silent contempt We have been threatened andlaughed af re- cently when we appealed to one Of the great departments for relief. We have been threatened with suit for H. bel and Imprisonment. A square deal IS all that is sought or intended by this investigation. It Is in the interest or every cotton producer and spinner and relates to the marketing of the most valuable crop produced in this coun-
 He said 1t cost three times as much to raise bale of cotton today as 1t did twelve years ago and he wanted prices in proportion.
 Mir. Meyer (La.), speaking in favor of the resolution, explained that while he did not altogether understand the reasons which prompted the investi- gation he felt that, as far as the in- terests of the New Orleans cotton ex- change were concerned and it's con- stituent patrons, both agricultural and commercial. there was no objection to the resolution. He read a telegram from William Mason Smith, president of the New orleans Cotton Exchange, as follows:
 Exchange has nothing to fear from any investigation In fact rather wei. comes such investigation"
 Mir. Meyer urged that the growers of cotton had benefited to the extent of millions of dollars by maintaining their interests in the operations of the ex- change whose business methods were governed by the highest principles of integrity.