The Montgomery advertiser., 1907-02-17
HESTER HAS HOWL
IGNORANT LEGISLATORS WILL
 RUIN THE SOUTH.
Secretary of New Orleans Cotton Exc change Says Alabama and Other states Are Making Most
 Untusf Discrimination.

New Orleans, Feb. 16.--Henry G. Hester, Secretary and Statistician of the New Orleans Cotton Exchange, and Consulting Statistician of the Census Bureau at Washington, said today there is far more danger to the legitimate cotton interests Of the South in the current tendency of legislative thought In the Southern States that there is in bumper crops and market manipu- lation, because laws such as those now pending in Alabama. Arkansas. Texas and Tennessee. which do not discrim- mate between necessary trade facfli- ties and unnecessary bucket shops cannot fail. if enatced. to adversely affect both the farmer and spot cotton merchant by permanently placing both at a disadvantage in marketing the crop.
 we of the South. as a people are too much given to the following of false councils and all too frequently fnjure our own best interests in a mis- guided effort to accomplish the impos- sible." said Mr. Hester. "rhe Boykin law of Georgia, while well-meant has thus far driven out legitimate hedge trading and the circulation of helpful market news bulletins. but has not eliminated the bucket shop. The May Held bill. in Texas. if enacted, will in- Jure the cotton interests in that State in every way, because under 1t the cotton producer will be completely at the mercy of the buyer, the latter Knowing market conditions and the former being denied that all-important assistance. The same conditions win exist in all States where such legisla. tion is enacted.
 Tt is easily possible to frame. pass and enforce law which will drive out the bucket shops and so restrict the operations of legitimate exchange brokers as to eliminate the objectfon- able gambler. But such a law cannot be drawn up by men who have not made comprehensive study of the technical requirements of the cotton trade at large
 Tn my opinion, many of the law. makers of the South do not reaiise the huge importance to the cotton growing States of the New Orleans Cotton Exchange; if they did. such measures as tho Boykin and Mayfleld bills would never be seriously consid cred for a moment.
 Texas legislators have now to make choice between the Watson bill in the Senate and the aicGregor bill in the House, on the one hand, and the Jen- kins House bill and May1eId Senate Dill on the other. The two first. in my Judgment, will accomplish all that Is desired in the interest of the cotton grower, capitalist and cotton spinn9'.
 "Safeguards can be enacted to ef. fectually prevent indiscriminate gam bling by irresponsible parties who idle their time, day after day, watching for telegraphic dope in n bucket shop: and that will prevent others who have no cotton and never expect to have any Tor an immensely valuable trade ad- junct as medium for simon pure gambling.
 [ ITO accomplish these ends, however. It is neither necessary nor desirable that there should be swept away ID tneir entirety trade regulations which nave reduced the cost of handling tho cotton crop from anywhere Between S and $10 per bale In years gone by to one-tenth of these sums.
 Broad minded men, like Harvie Jor. dan and his able iieutenants at the head of the State divisions of the southern Cotton Association, do not. i am quite sure, favor extreme meas ures; they do not, l am certain, desire to destroy all that Is good in an en. deavor to correct evils that every fair minded man agrees th,& should be abolished. They recognize that there are brains and intelligence enough among our legislators to meet the is- sues that confront them in such man. ner as will not relegate us to ante. bellum customs which placed the cot ton growers practically at the mercy of those with whom they were forced to deal"