Atlanta semi-weekly journal. (Atlanta, Ga.) 1898-1920, 1909-12-10
A REPLY TO TWo CORRESPONDENTS.

A REPLY TO TWO CORRESPONDENTS
Elsewhere in this print from friend
long standing whose criticism respect and whose good
opinion we highly
One of these from old friend A j. Sneson Of
Bulochve The other is from Mr. Bernard Sutter who is
the managing publication known Men of Mark in
Georgia These letters written spirit of courteous and
friendly criticism editorial which appeared in The journal
the subject of gambling IN cotton futures IN
that editorial taking the action of the New Orleans Cotton E
change illustration undertook to show the difference
commended the New Orleans exchange highest for its
published attitude toward bucket shop gambling
Evidently correspondents have not clearly understood
the views which attempted express otherwise sure
they would find nothing TO condemn in the opinions which
perhaps not fully expressed in the ed
tora of December 8.
cotton contracts with thought of actual delivery
gambling to the science of setoh-
On this point there no difference between correspondents
and ourselves.
We stated that the
times . clearly @ Tn the Ghs ere ssiSn
s 9swse 's9s' PTy without the system known hedging
which is more properly form OF ns % n however strong
could a to sell thousand ses G te nS FAN Of oon the
gambling etc.
To these statements correspondents exception
We shall undertake show that the exceptions and the
criticisms not justified furthermore that there really not
the slightest difference between our correspondents ana our
selves in views entertain on this subject
other words convinced that the very views that we
expressed express will be recognized by
sponden business principles which the only way we
intended state them.
Now let us see exchange? Theoretically, it
place buy and sell cotton 1t is not
place to gamble futures men do meet at
exchange and gamble futures they using the cotton
exchange for egtmate They are making gam
bling which in itself is inherently legitimate and
sound This just as true OF horse and mule market or cae
market grain market as 1t is of cotton exchange Men
may of these markets and gamble speculate or sell
delivery without the thought Of actually delivering the
things sold Such contracts gambling transactions and ought
to be permitted.
exchange simply establishes the proposition that
by egtmate methods chat which in itself legitimate and
useful.
make Gotten exchange if they meet for the
purpose buying and selling cotton Their business perfectly
legitimate and sound long they buy and sell cotton IT,
they play poker gamble in futures they
using legitimate cotton exchange thus organized for lille
gmae purposes and therefore their practice deserving OF
universal condemnation.
This is precisely what being other
editorial of December condemned in unqualified
Cotton presents shining mark The opportunities for
bling great and the facilities for speculation make
easy that the cotton exchanges have been converted largely into
gambling Hence they condemned and justly
they the easiest and sure route of all
gambling financial and and material bank
rupy Therefore unequvocaly ndorse word that is
said correspondents in condemnation of the methods pur
sued in ordinary bucket shop and cotton exchange because
they corrupted and perverted from their legitimate functions
into dens of iniquity and vice
The New Exchange has placed itself record
strong condemnation of gambling apd egtmate cotton future
transactions The Journal editorial commended this exchange for
the attitude had publicly announced Whether this
change live not another question
bnt certainly IFS condemnation of all forms of cotton future
gambling the commenaon only of The Journal but
correspondents themselves We do not believe there is
for argument this p and therefore we pass to the
question of legitimate hedging"
The cotton business simplest form that which is
directly between the producer farmer and the
consumer. spinner.
On account of the gnue of the business however
mddeman has important place. and the usual
conducting this business by the farmer selling the
merchant and selling the spinner The spinner
requires of cotton each month supply his mills
into contract supply him with the amount
of cotton requires This supply may be distributed
period months longer each month calling for its
stipulated delivery
may if he likes make contract directly with
spinner and thus avoid the middle but general
produced by farmer sufficiently
Justify spinner dealing directly with him. hence the
necessity for the middle who buy in large quantities
be able supply the spnners in large quantities.
When a contract entered into with spinner by either
merchant farmer whereby the latter undertakes supply
the consumption extending period of
months. a contract is a sale for future delivery
is