The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1908-03-05
COTTON FUTURES
DECLARED AN EVIL
Mr.. Sims Asserts That Prac-
tees of New York Exchange
Are Intolerable.
FOR THE BuRLEsoN BILL
Would Close the Mails, Telegraph
and Telephone Service
Against Delivery.
FOR THE BuRLEsoN BILL


WASHINGTON, D. c.. March 4.-rhe
post-o office appropriation bill was tech
lnically under consideration in the
House to-day, put the discussion under
license OF general debate took wide
range. Speculation In cotton. finance,
the tariff, and a number of miscel-
laneous matters. in turn. occupied the
whole time of the session.
Mr.. Sims, of Tennessee spoke in
favor of the Burleson bill. to abolish
dealings in cotton futures; Messrs.
Clancy of Indiana. and Lindeburg. of
Minnesota. talked on the financial ques.
| ton; Mr.. Hitchcock, of Nebraska,
pleaded for the placing on the free list
of wood pulp and print paper, and sew
eral others secured the floor for brief
periods
General debate on the post-office APP
preparation bill will conclude to-mor-
row at 3 o'clock, when 1t will be read
| for amendment.
Exchange Practices Intolernblc.
Declaring that the practices of the
| New York Cotton Exchange were in
| tolerable. and that the cotton growers
of the South had determined to use
all lawful means to end them Mr. Sims,
the Burleson bill, prohibiting the use
of the mails, the telegraph and tele-
Iphone service in dealing in cotton flu
lures, where the delivery and accept
ance of actual cotton Is not intended"
He said that IL there was any good
left in the New York Cotton Exchange,
ut was SO overshadowed by the bad as
to make 1t desirable to wipe out the
good rather than to longer tolerate the
bad effects of its reprehensibe prac-
tees"
Mr.. Sims asserted that there was no
legitimate benefit to the cotton in
dustry of the United States in any
form. growing out of transactions on
the cotton exchanges of this country.
as now conducted. Dealing in cot
ton futures was denounced as IAN un-
!, mitigated evil" with no compensating
4 advantages. He said the largest crop
States was, in round numbers, 13,500,-
900 bales. and yet in the same year
this crop was grown the sales for fu-
ture delivery of cotton on the New
York Exchange was between 9o,OO0O00
and II 0,000.000 bales;-that not exceed
| ing per cent. of these sales were in
any way connected with actual cot
!; ton transactions; that fully 90 per
: cent of all the sales of futures on
]. purely speculative and would fall under
the ban of the law If the Burleson bill
: were passed. He charged that by
. the successful manipulation of the fu-
ture market the nearer or spot price
, of cotton was controlled.
There was lively coiloquy between
Senator'S Aldrich and Tillman when
the South Carolina Senator attempted
!, to have the Senate pass his resolu-
, ton calling ON the Comptroller OF the
!. Currency TO furnish a detailed state
ment of all loans made by national
. banks in New York upon collateral
June 10 to December /. 1907.
. Mr.. Aldrich suggested that as drawn
e the measure had many objectionable
: features, but he thought resolution
would be framed to give the informa-
ton desired if 1t should be referred
: to the Committee on Finance.
Mr.. Tillman demanded to know the
objections to the resolution. Mr..
Aldrich replying that the chief objec-
ton was the proposition calling for
the names Of people making loans.
II think that would be the very
: worst thing we could do in the present
condition" said Mr.. Aldrich
.1r. Tillman disavowed any special
purpose in having the names, and Mr..
! Hale asked that the matter be allow
ed to go over until tomorrow so
that the chairman of the Finance Com
mittee and Mr.. Tillman might agree on
form of resolution.
Mr.. Tillman did not want to go into
e the private affairs of banks, but mere
{ ly wanted to get at the facts concern
i ing stock gambling and the loaning
: of funds of deposltors for stock gam
e bling purposes.
j. Mr. Depew said what was done in
: New York was done elsewhere, and
t tie inquiry might be extended to other
t places.
But" shouted Mr.. Tillman. most
r States have closed their bucket shops
S and New York has not shut up it's big
E bucket shop or gambling holl that is
/, swallowing up the little fellows
South Carolina would be the first
r to suffer If the New York Exchange
t were closed" said Mr.. Depew. and
Q her industrial institutions would feel
1 the effect OF loss of credit If New
e York is hampered."
II have never discovered that New
G ork Is supplying money from disin-
g terested motives,' retorted Mr., Till
t man I've pay for everything we get"
Mr.. Depew said it was safe to say
that majority of demand loans are
made for legitimate purposes He
!. added that lie was ready to cooperate
! in the suppression OF gambling in New
$ York
). The resolution was then referred to
the Committee on Finance.
t Discuss Aldricl, Bill.
+ WASHINGTON. d. c., March 4.--Cur-
rency legislation was tho subject of
: consideration in the Senate to-day.
Senator Hepburn opposed the pending
. bill, and declared that 1t was useless
! and he would nor vote for 1t. Senator
| Hopkins spoke at length in support of
the bill. Senator Bailey stated that
he would speak on the currency bill
Monday and Senator Depew will speak
| on Friday.
Senator Aldrich announced that he
! hoped to have Il vote on the measure
| next Wednesday, After addresses had
been made on the bill to increase the