Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-03
COTTON GOSSIP

NEW YORK. July 81 NJ Anderson
says; "A great deal of interest is man
fested here IN the tariff amenG>lent to
place tax on contracts for future de-
livery, and it is to be hoped that every
one who Is Interested as a producer or
a consumer win realize the seriousness
o. such a measure, as there is nothing
lhat could be more detrimental to the
cotton trade OF this country"
Should the Government report show
conditions around so, a further advance
Is looked for, as it would be considered
as bullish.
The acreage report is expected to show
l to ? points increase, being around 80.
$4,000 acres in 1912 and SO 63f 600 acres
IN 1911. The condition report is ex-
pected between so and 81, compared with
~ last month, June condition last
year average Of 500.
Dallas wires: "Texas-Panhandl
clear; balance cloudy; numerous local
rains Ohahoma-Generally cloudy"
The Cotton Exchange is refused a
hearing in the proposed tax of one tenth
ings.
NEW NlNLsEH4Not july o.--f1dS WdTu ~
Clark: The weather map shows very
favorable conditions, fair in Alabama
and the Auantics; no rain; cloudy in
the rest Of the belt; with fine general
nessee; also Arkansas. Little rain to-
day. Indications are for partly cloudy
weather, with a tendency to clear, al
though some scattered showers in cen
trail States likely.
The New Orleans Democrat
says: "A bullish condition report, on
the eve Of the Governments condition
and the acreage, figures, which will be
&, but the Senate's threat of prohibit
tive legislation stood as a barrier TO en-
terprIse, and the cotton market was
dull affair. Thus far the news from
Washington has all tended to show a
tors to make the Clarke amendment
taxing future trading out of existence a
part of the tariff law, though some
economists assume that, since such leg
islation Is destructive and would very
seriously inture the great industry on
which the nation depends for the keen
ing of its international trade balance on
the right side of the ledger, the Wash
lngton Government will not permit it to
become part Of the law With the eX-
ceptiOn of the larger concerns, spot
buyers, merchants and exporters see
practical humiliation to their business
ment and the consequent concentration
of the spot business of the South into
a very few hands.
This would mean restricted competi-
ton among buyers, increased risk, and,
consequently, greater middlemaus
profit than is now realized. The pro-
ducer would, of course, pay this in
creased charge. The trade as a whole
says that under the workings of the
Clarke amendment spot cotton would
cease to be tiTSt-ClaSS bank collateral
in that lack Of hedging facilities would
cause the speculative risk to revert to
the bale ITSELF which would uecessitate
a margin of many dollars a bale be
tween spot value and bank value, and
this would eliminate all merchants who
could not command large cash re-
sources. Another effect of the Clarke
amendment would be the declaration by
Congressional act that tho very thing a
series of Federal Grand Juries has la
bored hard 70 declare illegal is, in fact
the only legal prOcedure-tha of
forcing the man who has sold cotton he
does not possess TO deliver cotton on
the contracts he has sold