The sun., 1910-02-18
THEEXCHANGE MONTECARLO
BURLESON or TEXAS ON GAM
BLING IN COTTON.

Average Bucket shop Preferable. Hs
says. 60 the Cotton Exchange-PrO.
duoers Expect Congress 20 Ilft From
Their shoulders the Great Burden
WASHINGTON. Feb. 17.-Both sides on
the question OF the proposed legislation
to abolish the speculative operations
on the New York Cotton Exchange closed
to-day. Tomorrow delegates from the
grain markets OF Chicago. Philadelphia
Duluth and Minneapolis will oppose
the pending bills to prohibit dealing
in futures.
At this afternoons hearing before the
House Committee on Agriculture Rep
resentative Burleson Of Texas. a producer
Of cotton Rs well rs a representative OF
the cotton producing interests. expressed
the opinion that the average bucket shop
was infinitely preferable TO the Cotton
Exchange with it's manipulation OF prices.
and that by comparison the exchange
was q Monte Carlo. with it's roulette and
its monthsy record OF suicides. es opposed
to the littl4 game OF crap that the picka-
ninnies in the back alley shoot.
Speaking in favor OF the Scott bill
for the prohibition OF dealings In cotton
futures. which is now before the COM
mittee. he referred to various species
of these transactions on the exchange
in connection with pest houses" and
the Louisiana State lottery, which he
suggested have never resulted in Suicides.
defaloations, bankruptcies and betrayal
OF trusts" New York has ceased to be
q spot market. he declared.
where on Gods earth is there spot
market thenG' asked Representative
Cocks OF New York.
In the South declared Mr.. Burleson,
who went on to say that the producers
and spinners were united in the demand
that the power Of the exchange be limited.
The Cotton Exchange, he declared, had
not performed its function Of bringing
the producers and the spinners together.
The consumption OF cotton he said,
will continue even II the New York and
New Orleans cotton exchanges are abol-
ished. and bread riots win follow in Man
chester il the spindles there are stopped
MIR. Burfeson sarcastically replied to
\ question Gs to whether he would hold
the New York Cotton Exchange respon-
sible for such riots. that 1T ID the only
c. mmerclal body in the world. except
two. that can arbitrarily. by committee.
repeal the law Of supply and demand.
The producers and spinners have a right
10 expect Congress to lift from their
shoulders the great burden OF the Cotton
Exchange. whose representatives in
the branch exchanges in Texas have
been dragged from their confines and
k~nwN II ~. NaA-
creeping. flying, boring insects preying
on cotton than on any other plant in the
world. Is IL possible that you are going
10 leave this tender plant to the mercies
of the bulls and bears. the worst pests
of sll?'
q member of the New
York Cotton Exchange. were heard to-dAy
oy the II use Committee on Agriculture
n opposition to the iesisiasioss by which
{ is proposed to prohibit dealings in cot
on futures.
why" said Mr.. Mandelbaum during
he course Of his testimony, you have all |
leard the reports of q cotton duck trust |
Do you know that during the lest five |
ears three attempts have been made TO |
,ombine ell the Southerl cotton mills, |
nd to-day this very thing is going ON.
which, IL successful. would leave the pro-
lucer az the mercy Of the sp nnerl'
o hedging on the exchange. Mr. Mandel-
aum said, suggested that he either did
ot understand the question or did not
rant to understand it,
The witness declared that the exchange
was legal one that had stood the
Ire OF the Supreme Court OF the United
tates, said the Burltson bill before the
ommi tee contemplates no difference
4 how much man buys 90 lon- as he
ellis nothing. and the Scott bill he de-
cribed ss merely little better and
rcade-.
Chairman Scott tried to bring out
rom Mr.. Mandelbsum and Mr.. Hub
ard why November, February, April
nd June are the least speculative months,
uggesting that it was very strange that
should be accidental and vet continue
Or years, but neither was able to offer
ny reason. Mr.. Hubbard described the
of Cotton Exchange methods.
1ggested that the United States and ee-
ecially the South are sellers, not buyers.
nd declared that the ordinary business
fe OF a cotton exporter does not exceed
We years. Members Of the Cotton EK-
1ange. he pointed out, could be found in
very part OF the world.