Atlanta Georgian. [volume] (Atlanta, Ga.) 1912-1939, 1913-07-13
STEAMSHIP MEN
STANDING FIRM,
TAX APPROVED
News of Week Dismays Cotton
Trade, Which Is Assured on
Two Sides.
BY M. A. ROSE.

Conditions are sound. Everything
is all right. Be optimistic"
This admonition is repeated, with
small variation, by every banker and
business man who has occasion to
talk to the newspaper men.
But just how to develop optimism
in looking over the developments of
the past week as affecting the cotton
trade is hard to see.
All along it has been hoped that
somewhere. somehow, some sort OF
compromise would be effected be-
tween the foreign steamship lines on
ton exporters and railroads on the
other
The position OF the steamship lines
has been explained. They propose to
inspect all shipments of cotton for
export. If bales are not completely
covered, if the cotton is wet, stained.
or soiled in any degree, or if the
marks are not plain, they propose to
make notes of these facts on the
through bills Of lading. This puts
claims for damage up to the railroads.
since the railroads give a clean bill
at point of origin, and presumably the
cotton is in good condition when de-
livered to them. The railroads natu-
rally will not stand this, and propose
to make the same notations.
Bills Not Negotiable.
The banks announce that they can
not afford to buy exchange with bills
Of lading attached when such bills
of lading are plastered with excep-
lions. Such action would leave them
liable for damage claims, they say.
And without the banks aid. the ex-
pOrtaru can not Huapra tho g0ttap
crop.
Three meetings have been held, the
first in Atlanta, the second in Biz
mlngham and the third in Atlanta. on
Thursday.
At each of these meetings efforts
were made to get the steamship men
to recede from their position, which
attempts to revolutionize the entire
cotton trade on a few weeks notice.
1t was to no avail. The steamship
men stand pat As a result, IT will
be Every man for himself, and the
cell take the hindmost"
The day following the last con-
ference of the cotton trade represen-
tatives came news that the Senate
committee has declared in favor of
tn Clarke amendment, which i'm
poses a tax of $50 on every futures
NpllNA act ltleiAt Oh TIE llOOI OF unutT
the rules of any cotton exchange, the
money to be refunded in case Of ac-
tual delivery.
This tax is prohibitive. Also II is
so unwise that 1t will not take a year
of its operation 10 demonstrate what
silly blunder has been made
All Hurt, None Helped.
The spinner, the cotton buyer, the
planter will be hampered in their
operations, and their business will
be made more hazardous by the oper-
alton of this law. But more than all,
the farmer will suffer by being de-
prived of information as to current
prices.
One point which many seem to have
overlooked is the clause governing
trading across the ocean Many have
remarked that the Clarke bill will
transfer hedging operations and cot
ton trading generally TO Liverpool
Whoever framed the Clarke amend
ment to the tariff. with fiendish in
genuity so worded the law that firms
cannot escape the tax simply by ex-
eCuting their trades in Liverpool. 1t
is especially provided that such trans
Atlantic deals are considered subject
to taxation.
If now, Congress only will extend
this law to cover wheat, cotton seed
oil, sugar, dry goods, newspapers, and
all other things sold or bought on de-
ferred contracts, the job will be COM