Omaha daily bee., 1910-02-18
Men from Chicago, Duluth and Min
neapolis Will Be Heard.
BURLESON CLOSES FOR COTTON
He Says New York Confesses It is No
Longer Spot Market.
EXCHANGE LOSES IT'S FUNCTION
Institution Does Not Serve as Medium
for bringing Growers and Pro-
ducers TOEether-OnIy BiE
Gambling Concern.

WASHINGTON, Feb. 17.--The investiga-
tion of transactions in futures ON ex-
changes and on boards OF trades, which
has been proceeding before the hoouse
committee on agriculture, swung tonight
from the cotton exchanges to the grain
marts Both sides on the uestion of pro-
posed legislation to abolish the specula-
tive operations I'm the New York Cotton
exchange closed today and tomorrow dele
gates from the grain forums of Chicago.
Philadelphia, Duluth and Minneapolis will
voice their opposition to the pending bills.
Both the New York Stock exchange and
the white slave traffic evil were drawn
on by l.. Mandelbaum member OF the
New York Cotton exchange as instances
where the interference of the law could
overstep it's bounds in certain particu-
lars. He portrayed the exchange was gem
orally without blemish. Former President
Hubbard traced the exchanges evolution.
BurlesOn Prefers BucINctshops.
Representative Burleson Of Texas,
producer of cotton and as a representative
of cotton producing interests, declared
the bucket shops were infinitely prefer
able to the exchange, with it's manipua-
tions of prices, and that the exchange by
comparison with bucket shops was as
Monte Carlo and it's roulette and monthly
record of suicide to the game of craps
the pickaninnies play in the back alleys.
He arraigned what he stamped as con-
fessions of the exchange itself He said
New York had ceased to be spot market,
and when Representative Cocks of New
York asked, Where is there spot mar
ket them" replied that they were in the
south. The producers and spinners. he in
sisted. were united in the demand that
the incubus of the exchange be removed.
that its revision committee was vested
with power that no committee should
have and that the fixed differences sys-
tenn might easily become the vehicle of
disaster.
He declared that the low grades and the
overs the -refuse grades mostly were
sent 70 the New York warehouses that the
cotton exchange had not performed its
function of bringing the producers and the
spinners together and referred facetiously
to the members of the exchange as "mer
chants, 1 will not say gamblers"
Not Responsible for Anything.
The consumption of cotton would con-
tinue even of the New York and New
Orleans exhanges were abolished and he
declared that bread riots would follow in
Manchester IL the spndles there were
stopped. Asked II he would hold the New
York cotton exchange responsible Tor such
possible riots he sarcastlcally suggested
that he did not hold it responsible for any
thing.
ITS the only commercial body in the
world. save two," he claimed, that can
arbitrarily by committee repeal the law of
supply and demand"
The producers and spinners, he urged.
have a right to expect congress to lift from
the shoulders the burden Of the exchange,
whose representatives in the branch ex-
changes" in Texas had been dragged
from their confines" and shut out Of the
state.
There are more creeping, flying, boring
insects preying on cotton than on any
other plant in the world and is 1t possible"
he asked that you are going to leave
this tender plant TO the mercies of the
worst pests of all. the bulls and the bears?"