The Manning times. [volume] (Manning, Clarendon County, S.C.) 1884-current, 1910-02-16
SHIELD FARMER
The House Committee Hears Pleas for
Anti-0ption Bills.
GAMBLING IN FUTURES

uHMlDLllVU LIN EU1UNLO
President Brooks of the Farmers
Union. and Mr.. Lewis W. Parker,
Appear Before Committee on Agri-
culture in Behalf Of Bills Intended
to Prevent It
This question involves hundreds
OF millions OF dollars and the well
fare OF millions OF people, declared
T. J. Brooks. OF Atwood. Tenn. pres
Icent OF the Farmers. National Union
in opening the hearing on the anti
option bills before the House commit
| tee on agriculture ct Washington On
| Wednesday. The proposed Iesisla-
,;on IS designed to prohibit dealings
| in futures on boards OF trade and e1-
| changes. The committee room was
crowded with CongTessnen from the
States interested.
Mr. Brooks declared that dealings
! in futures OF cotton were no more
necessary shan in wheat and WOOL
and farm implement. Hedging oper-
atoms ''on change" he characterized
as no different from gamb bling on the
/ rise and fall Of prices.
''On what moral principles. he
asked, is one class OF citizens oblig-
ed to make up for the losses OF
another class. foT where one gains
another must lose? TIE original in-
:eation Of the cotton exchange to
bring tha buyer and seller together
has been eliminated in the develop
ment O. present exchange practices.
I'VE are willing to abide by the
results of abolished futures" he said
depicting the temptations held out to
the prospective victims who late!
come into the game" and get 'froz-
en- out
I He declared the exchanges aggra-
va,ed the natural situations and de-
MED tha. they tended to steady
) prices. He believed that suckers
} rae not all dead" and by way OF
corrohoration he read newspape!
reviews OF scalping markets. sudden
declines and things done in the
dark" to affect prices.
, Under the shadow OF the exchanges
! competition among local buyers had
been eliminated in the South. he
said. and he charged the existence ot
; tacit understanding in the cotton
: and tobacco belts for division o:
! territory. The farmers union which
Mr.. Brooks represents. has a mem.
: bership extending over % States.
. Mr.. Lewis ". Parker. one OF the
I biggest mill men IN the South. con.
5 ought to be represented In spot cot,
: ton and contract cotton at the same
: time. He said that as rule futures
! control spot cotton. He declared thai
the exchanges are not OF advantage
either to the consumer or the pro
ducer and that It seemed impossible
I ! 10 make the exchanges realize The
S fairness OF the complaints agains
them. He said the fight OF his in
,erests IS to have the farmers prop
erly warehouse their cotton and t
market 1t gradually during the sea
son. He described Englishme1 a!
chary Of speculation in futures. thai
the Liverpool cotton exchange is no.
used By the English for speculation
and that the American speculate or
Liverpool to aTec, prices.
Mr. Parker declared that in the
position the American spinners oc
cupsed toward the exchanges. the En-.
: glish spinners stood with the Ameri
can splnaers.
Don't you think that we would
have picnic IN buying cotton II ex.
changes were abolished" Mr.. Parke.
was asked.
I'VE would abide By the results
he answered. "The absence OF ex.
changes would revo!utionize the char
acser of the present business. We
would readjust our business. There
would be no difficulty in eHecting re-
adjustment. I recommend Teguia-
tion OF the exchanges. I wouia make
the exchanges responsive to spot con-
ditions.
Has the cotton producer this year
realized through speculation more
than he would have without specula-
tiono'
Yes" replied M. Parker. "but
this is an exceptional year: nothing
like It in the memory OF spianers.
II is the first time We have had Is
cent cotton since I have beea n
business
| George " Neville. an important
factor in the New York cotton ex-
change. arraned the report Of Com
missioner Of Corporations Herbert
Knox Smith as masterpiece OF
j theory." but lacking in practib!lity
in the working out Of his theories.
Declaring :hat he had been selling
spot cotton 20 the mills for twenty
years and that be had found 90 pc.
cent. Of the spinne-s were bears.
Charles S. Webb. a broker. coatended
| sor the necessity OF hedging
against future deliveries and predict
Cd that abolishme2t OF the cotton
exchanges would put the price OF cot
ton IN the hands OF sp!nners.
| NJ. Webb argued that abolition Of
! future dealings would dep1ess the
| price Of cotton.
Child Fatally Burned.