The Paducah evening sun., 1910-03-04

that, used as an adjunct to the cot
ton business, II was not speculation,
that Il enabled the trader In actual
cotton 10 avoid speculation and made
HIS business stable aud safe. lie de-
cried The bucket shop. excessive spec
ulatlen and the uncommerclal CON
tract as the evils assooiated with fu-
tnre lrading that have brought the
system igbo disreimte, All OF these
evils, be Declared, ooN,li be remcdied
hy congress
fiN'ng the differences.
Asked What he thought of s,s-
tenn OF arbitrary nNing tho dinor-
ences twice year hy a committee,
the question being directed by infer.
ence az the New York Cotton Ex.
change system the witness said he
thought contracts on that basis were
on a wrong foundation"
Is Il possible for coterie OF
New York traders TO be- on the ex-
change and by systematic effort sell
down the market?" asked Represent.
ative Burleson. OF Texas. sharply.
Yes. II is." Mr.. Thompson admit
ted, and he explained that such
things happened occasionally
Vice President Glenny made a
short statement pointing out that the
future operation on the New Orleans
exchange did not lend Itself TO gamb
ling In any way.
This finished the hearings and the
committee will proceed next 10 con
slderation OF the proposed legisla-
ton In executive session.
Har,lwick Has Amendment
Representative Handw ick. of Geo.
ga. had prepared an amendment TO
the Scott bin to include within .ts
scope cable lines as well as tclc-
graph and telephone lines
The Scott bill thus amended. ac.
cordlng TO members OF the ccmnsit-
tee. Is likely to be reported favcrar,y
with the Hardwick aud possib.y scme
other amendment The 5ill wot Ia
prohibit the transmlssiol among the
states and territories aud between
the United States aud foreign ma
tions Of telegraph and telephone ines
sagess relating to CONTRACTS for future
delivery OF grain. cotton or other
farm products where there i no IN
tentlon OF actual delivery or receipt.
or relating % contracts whereby the
right Is acquired TO demand la the
future the acceptance or delivery af
these farm products without obllga-
ton TO 20 deliver or accept.
Mr. Hardwkks amcndmcn. Is
aimed at the Liverpool cotton mark et
particularly. Some members of he
committee believe that the exchange
viii largely readjust methods under
the spur OF the proposed legislation.
New York Change Attacked.
There Is a disposition IN the com
mittee to dinereutiate between the
grain and cotton exchanges. the fos-
mer being regarded as having nsal ,
much better showing The Scot
blll applies 70 both. ard the lndica
lions are that at least twelve of the
eighteen vOtcs OF the committee WI
be for that measure.
Attacking the management of the
New York Cotton Exchange. and Dc.
c'arlng that It's revision committee
had no right or power 10 justify me
action taken ~ u. Atwood Violet. ~
New York. appeared today In oppo-
sltiOu to the Scott b'lL lie cialmel
that he represented a majority OF the
members Of the New York exchange
which Mr.. Maidelbaum. OF that organ
Izatlon. heatediy disputed.
Mr. Violet contended that the ma.
iority had no voice In the appoint
meut OF the revision committee
which was In the hands of the board
of managers. but the majority could
not get votes sufficient to show their
ngth.
Thompson ON stand
Mr.. Maidelbaum points out that
majority OF the exchange elected the
president. the vice president and man
ayers. and 80 could overturn the man
agement at any time. aud that a two
thirds vote was necessary TO change
the rules.
President Thompson. OF the New
Orleans Cotton Exchange. testified
this afternoon.
roU DON'T HAVE To WAIT.
Every dose makes you feel better. Lar
fos Keeps your whole insides right
-lI1 Tho AIDn...aL- n....l MI