Keowee courier. [volume] (Pickens Court House, S.C.) 1849-current, 1910-02-16

fare OF millions OF people" declared
T. j. BROOKS. of Atwood, Tenn, pres-
ident OF the Farmers National Tn
lon. in opening the hearing on the
anti-ortion Diii:: before the House
Committee on Agriculture to-day.
Air Brooks declared that dealings
III futures OF cotton We're no more
necessary than I'm wheat and wool
and farm implements. Hedging OBJ
era;icns "on change he character
ized lis no different from gambling
on the rice and fall OF prices.
The original intention OF the cot
ton exchange to bring the buyer and
seller together has been eliminated
in the development of the present ex-
change practices"
Temptations for Victims.
I'VE ere willing to abide by the
results OF abolishing futures" he
said, depicting the temp tations held
out to the prospective victims who
later come into the game" and get
"froZe out"
He declared the exchanges aggra-
waited the natural fluctuations and
denied that they tended to steady
prices. He believed that suckers
are not all dead" and by way Of cor
roboration lie read newspaper re-
views Of scalping markets, sudden
declines and things dane n the
dark" to affect prices.
Under the shawodw Of the ex-
changes, competition among local
buyers had been eliminated in the
South, he said, and he charged the
existence OF tacit understanding
In the cotton and tobacco belts for a
division OF territory.
The Farmers Union, which Mr..
Brooks represents. has Il member
ship extending over twenty-nine
States.
characterized by Mr.. Lever, Of
South Carolina. as the largest con-
sumer o! cotton in the South, Lewis
w. Parker. a Greenville IS. c. man
ufacturer, contended that abnorma,
conditions ought to be represented
In spot cotton and contract cotton at
the same time. He declared that the
exchanges are not of advantage,
either to the consumer or the pro-
ducer. and that 1t seemed impossible
to make the exchange realize the
fairness Of the complaints against
them.
Let Farmers Warehouse Cotton.
He said the fight OF his interests
Is to have the farmers properly ware
house their cotton and to market It
gradually during the season. He de-
scribed Englishmen as chary Of
speculation in futures; that the Liv-
erpool Cotton Exchange Is not used
by the English for speculation, and
that the Americans speculate in Liv-
erpool TO affect prices
Don't YOU think we would have a
picnic in buying cotton If exchanges
were abolished?" Mr.. Parker was
asked.
I'VE would abide by the results" "
he answered. "rhe absence Of en-
changes would revolutionize the
character of the present business. We
would readjust our business. There
would be no difficulty IN effecting re-
adjustment. | recommend regula..
tion OF the exchanges. would
make the exchanges responsive to
spot conditions"
Has the cotton producer this year
realized through speculation more
than he would have without specu-
lation?"
Yes" replied Mr.. Parker, but
this is an exceptional year--nothing g
like 1t in the memory of spinners. 1t
is the first time we have had To-
cent cotton since have been in busi-
ness"
South's Report Attacked.
George w. Neville, an important
factor in the New York Cotton Ex-
change. arraigDed the report Of Com
missioner OF Corporations Herbert