The Raymer enterprise., 1913-08-28
COTTON FUTURES GAMBLING
Proposition to Place Tax Of Fifty
Cents Per Bale Would Be Of Big ~
Benefit to South.

Il have wondered that some one has
not taken up the cudgel in support Of
the tax on cotton futures, as incorpoN
ated in the Underwood-Simmons bills
now before the senate" said a formed
cotton merchant to a Birmingham
Age-Herald representative the other
day, land the more so, since the press
dispatches stated that merchants and
business men Of Alabama are protest
ing against 1t to the Alabama senar
tors.
1T would be highly interesting to
many to know the names Of those op.
posing this much needed curbing Of
the distinctly gambling feature Of the
cotton business. Time was. perhaps.
when the demands of the cotton trade
required future market to protect
itself In, but the cotton gamblers
themselves have long since eliminated
the legitimate features Of buying cot
ton futures to get spinnable cotton
To prove this, there has been wide
difference in the price Of say. May or
June contracts, on the boards of the
New York cotton exchange, and spot
cotton. To the uninformed this may
seem well nigh a contradiction. but
nevertheless 1t is fact It is the re-
suit Of a system. now well established,
Of discouraging the taking Of actual
cotton by spinners and exporters ON
contract. by the custom Of rendering
undesirable cotton when the buyer
has the nerve to accept tender on
the last days Of the month he has pur-
chased-say June cotton. Then, too.
the average cotton gambler doesn't
wish cotton; he is betting which way
the market will 60. II he is bull
(most southern cotton gamblers are
bulls), he CANDLES his margin that cot
ton will 90 higher than the price at
which he brings, and mark you. he
may be buying June contracts in jan
uary; and 1t may be that he will real
ize the next day on an advance Of
say 20 points, or one dollar per bale
profit. He is like the gambler on the
candy wheels, who doesn't want
candy, but cashes in his winnings. A
cotton gambler in Selma doesn't want
cotton In New York, he wants money
only. Now 1t only requires co-opera-
ton. as in wire tapping. to make a
market that will sweep thousands of
little, and even big gamblers, OF the
boards-that is. close them out and
take their margins, just as in shell
game, when the easy mark don't
guess right.
When see the statement that mer-
chants and business men are opposing
taxing the cotton gambling game. Ire
call that the voice Of the express and
railroad companies was heard against
the parcel post in quite the same
way. Well. We have the parcel post
notwithstanding, and who will say 1t
is not the greatest innovation Of prac-
tical benefit since rural free delivery
was instituted as part Of our mail
system?
The proposition to tax cotton fu.
ture gambling so cents per bale, with
a rebate where there is q legitimate
delivery at the time Of the maturing
Of the contract, will be Of lasting bene-
fit to the south: 1t will keep millions
Of dollars in the country that has
produced it; 1t will also put out OF
business the fiim.aamming Of wash
sales'-sales made by two New York
manipulators to make fake market.
thereby getting the margins Of big
and little cotton future gamblers"