Tulsa daily world. [volume] (Tulsa, Indian Territory [Okla.]) 1905-1919, 1911-11-01

lEe system mas Deen III instances Op-
Grated abuses have developed and I'M
der certain rules and regulations the
value of the contract has been manip-
Llated and deprecated to the deter
ment Of legitimate graders therein
and of the commodity itself. 1t is
urgently recommended that congress
shall pass such laws as will abate
abuses and regulate futures contract
trading in exchanges to the end that
it discharge it's function as a trade
utility fair alike to 10th buyer and
seller, and to the commodity which
is the subject of the future transac-
tions.
Facilities Are Necessary.
'Jn order that the producer of cot
ton may be enabled to market his
crop gradually and In such manner
as will release for him the intr,snic
value thereof, 1t is necessary that he
have secure. adequate and inexpensive
warehouse facilities for taking care
of his cotton, and fixed so they can
be regularly negotiated not only in
the locality of its issues, but the COM
mercial centers Of the world.
1T is, therefore, earnestly recon-
mended that the several state gov
ernors shall take appropriate action
to bring about such warehouslng sys-
tenn or systems as will best serve the
interests of the producer Of cotton.
In view of the apparent demand
for cotton during the next thirteen
months, we recommend that the un-
sold cotton of the present cotton crop
be withdrawn from the market and
marketing. We urge bankers and
business men to cooperate with the
farmers in this undertaking.
I'VE report to the cotton farmers
that tentative and attractive provis-
ions have been made by responsible
financial interests for purchasing some
two million bales of the present crop.
The negotiations is referred for de-
into pra cticable form to a
committee.
Reduction of acreage in 1912 is
urged AS a necessary part of any plan
of holding and financing the present
crop. We recommend, and for our
selves, agree that the governor of
each cotton growing state at once pro-
ceed to appoint a representative in
each county who in turn will appoint
Il representative in each school dis
trict or voting precinct, to secure from
every farmer binding, written
pledge to reduce his cotton acreage
in 1912. 25 per cent below his acre
age in 1911.
Without discussing the merits of
proposals for monetary re-
form, we recommend that in any leg
slation which Congress may enact for |
currency based upon com
mercial paper underwritten by banks
or an association of banks. provision |
be made for including in these acts
for such emergency currency, COM
paper, representing -transac-
lions in cotton as well as transactions !
IN cotton goods and other mixed pro-
ducts
1T is our firm opinion that by
prompt and aggressive action under
ierences in the futures on a call from
cooperation and organization the cot
on farmers and business men of the |
southern states can speedily rescue
.he present crop from impending
sacrifice and can restore the fair
price which demonstrated demand
and can insure stable values
rom year to year"
II was decided to hold similar con-
he chairman. The committee which
5 to consider the proposed financing
If two million bales of the present
'rop Is composed of Governor Col
luitt of Texas and Governors Sanders
II Louisiana, ONeil OF Alabama and
Noel of Mississippi, and four citizens
n business life to be appointed by
he governors named.