New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1907-02-05
TOTES COTTON INQUIRY.
Resolution Directing Investigation
adopted By the House.

Washington. Feb 4-The House to-day passed a
resolution calling upon the Secretary Of Commerce
and Labor, through the bureau Of corporations, to
investigate the causes of the fluctuations IN the
price OF cotton and the digerence in the market
price Of cotton and the difference In the market
cation to conducted with the particular object
OF asCertainiug whether not the fluctuations In
the prices nave resulted In whole in part from
the character of contracts and deliveries thereon
made the cUotton exchanges dealing IN futures.
or IS the result Of any combination or conspiracy
which interferes with or binders commerce among
the several states and territories with foreign
countries
Mr.. Burleson. OF Texas In explaining the purpose
of the resolution. said It ascertain whether
the contracts sold the New York and New Or
leans exchanges bring about violent huctuation IN
the price of cotton. and whether or not the
tracts sold enable the members Of the exchanges.
by combination among themselves. to bring about
a depression by reason of the fact that under the
terms of the contract they would be authorized to
deliver OF thirty grades OF cotton. 1t IS al
legged that the difference between the price OF spots
and futures at New York at this time is than
3 80 bale. and that this difference exerts IN
furious influence on the price paid for cotton.
Mr.. lowering. Of Massachusetts. explained that
the resolution was one OF simple inquiry he said
II nad been broadly drawn ana was NOT intended
to DO specific in any way
The cotton producers for thirty years have been
struggling for square deal in the marketing OF
cotton and cotton fabrics. ard have been handl-
capped IN their efforts by the obstruction, inter-
ference and manipulation OF the cotton exchanges,
for relief but our appeals treated with silent
contempt We have been threatened and laughed
at recently when we appealed to one OF the great
departments for relief. We were threatened with
suit for libel and imprisonment A square deal is
all that is sought intended by this investi8a-
ton 1t Is In the interest of every cotton producer
and spinner and relates to the marketing of the
most valuable crop produced in this country" He
said II cost three times much TO raise bale
of cotton to-day 1t did twelve years ago. and
he wanted prices in proportion.
Mr. Fitzgerald. of New York, thought the resOlu-
ton not broad enough, and urged that II
should be directed 70 those. cotton producers who
order that prices might be advanced. Il want
those who desire to Increase prices to be the sub
tect of investigation. 1 would treat alike all en-
gagged I'm improper effort to enhance prices.
he said
Mr. Meyer. Of Louisiana. speaking in favor OF
the resolution. explained that while he did not
altogether understand the reasons which prompted
the investgation he felt that so far as the in
terests of the New Orleans Cotton Exchange and
its constituent patrons. both agricultural and com
mercial concerned. there was no objection to
the resolution He read telegram from William
Mason Smith president Of the New Orleans Cotton
Exchange. follows:
Exchange has nothing TO fear from any inves-
tlgation. In fact rather welcomes such investiga-
ton
Nj, Meyer urged that the growers Of cotton had
benefited to the extent Of millions of dollars by
maintaining their interests IT. the operations Of the
exchange. whose business methods were governed
by the highest principles OF integrity.