Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1913-10-03
LOST 80
POINTS ON RUM0R
CLARKE AMENDMENT TALK RUIZ.
FLED FUTURES MARKET.
TARIFF BILL IS PROGRESSING
Four Months Delay Will Be Embraced
in a Resolution to Be Put Through
Both Houses-Conferees Are
Working Hard.

Washington.-The Senate and House
conferees on the Underwood-Simmons
tariff bill are working under a full head
OF steam to report it to the two houses
by next Thursday. President Wilson
said that he greatly desired joint action
on the bill not later than Thursday
next, as he was anxious to have it re.
moved from the legislative right of way.
At this juncture it was suggested to the
president that the Clarke cotton tax
amendment might delay the completion
of the conference report in time for ON
pliance with his request. Whereupon
the president remarked that the amend.
ment ought to be adopted or dropped.
This suggestion was responsible for a
report being wired to New York later in
the day to the effect that President Will
son favored the adoption of the Clarke
amendment.
AS a result of this report cotton took
a tumble of 80 points. The impression
of what the president said was that the
conferees should either take the amend
ment to the Clarke amendment or drop
the whole subject. His reason for ad.
vocating such a course was his desire to
have the conferes report the bill to the
two houses not later than Thursday.
His suggestion amo1ated to advice that
the Clarke amendment should not be
permitted to delay action on the tariff
bill.
The most direct information obtain.
able is that the Clarke amendment was
greatly modified by adding the Lever
amendment, which is based upon sugges-
tons made by former Commissioner of
Corporations Herbert Knox Smith in his
report on cotton exchanges. The advo.
Gates of the Lever amendment insist that
this should be the natural course for
Congress to pursue. In other words, it
is contended that the bill should pro
vide for the use of government standards
of classiications and the commercial diff.
ference system of settlement as between
grades. based upon middling as bought
and sold in the spot market. If the modi-
fications are adopted the Clarke amend
Ement will become a constructive piece
of legislation and will tend toward the
elimination of the abuses of the cotton
contract market. 1t will also do more
than anything else to give the wide cir.
c~ulation of government standards of clas-
sifcation, and through the elimination u
fixed differences and private standards
these fundamental abuses, which are al
ways productive of dissatisfaction and
Engagements will be destroyed.
The foregoing recommendations have
been embodied in the new rules and reg
u~lations Of the contract market of the
New Orleans Cotton Exchange, and have
stood the test of three years trial. They
have practically eliminated manipulation
and have shown that a contract based
upon the recommendations more nearly
represent actual conditions and follows
the ruling in the spot market upon
which such contract is based.
To prevent the possibility of trade
wars the state department. now is draft
ing a joint resolution which will provide
that existing relations shall continue for
four months. Th;s will not keep in eff
feet the tariff rates of the Payne-Aldrich
law, but will assure to foreign countries
that the new penalty provision of the
Underwood-Simmon bill will not be ap
piled to them until a reasonable time
has been allowed the president and the
state department to negotiate new trade
treaties.