Bryan daily eagle and pilot. [volume] (Bryan, Tex.) 1909-1918, 1914-11-19
SHALL WE CLOSE THE COTTON
ExcHANeEsi

"Close the cotton exchanges" stop
the gambling in cotton futures" Quit
recording chalk marks" Lets do
business In spots only"
That is the cry that went up from
the Houston cotton exchange on Wed.
nesday. The Eagle believes u would
be safe In saying that was the cry
that went up all over the South, and
is still going up. The opening OF the
big cotton exchanges on Monday had
precisely the opposite effect to wha;
many well posted cotton men thought
II would have. "a.
Whether future selling is advan-
tageous to the price OF spot cotton
OF against It has long been an open
question and has had its advocates
and Its opponents. The chief adyo-
Gates OF future dealing IN Texas have
been the Galveston News. the Hous.
ton Post and the Waco Times. Herald.
Through the arguments OF these ably
edited papers, The Eagle was led to
believe, and 30 expressed itself. that
with the future market removed the
last prop was knocked from under the
boosting side Of the market. The
actual results since the opening OF
the exchanges has put The Eagle in
the doubling Thomas list, and unless
something develops mighty quick tc
change us, we will favor the complete
abolition Of the future market and lei
the price Of cotton be regulated sole
ly upon supply and demand. Let the
cotton producers fight II out with the
spinners with all intervening obstruc
lions in the shape OF cotton exchanges
removed. There are many others who
now share this belief. The whole
country is agreed the cotton ex
changes are now on trial The fol
lowing expressions from leading cot
ton men, bankers and business men
OF Houston on the question are full
Of interest and are given space for
the benefit of our readers:
President Andrews Ready to Act.
NJ. z. Andrews, president OF the
Houston Cotton Exchange. has beer
opposed to future markets for sew
eral years They have all called me
an anarchist around here" said Mr.
Andrews, but now they are getting
into my class.
III II is anarchy | have lot OF
fellow conspirators at this moment
because ! believe we could today ge
resolution passed by the Houston
Cotton Exchange demanding that III,
future markets of New York and New
Orleans cease business Immediately
Spot Cotton Markets Hurt.
A. l.. helms Of the firm of Inman
helms G. Co.. said; 81 have hereto
fore thought that Mr.. Andrews wa,
rather extreme in his views when h,
so bitterly condemned trading in cot
ton futures, and wanted the ex
changes of New York and New Or
leans abolished. am now ready L
agree with all his anarchistic utter
ances, as We used to call them.
Il have discovered that the futur,
markets are of no value to the cottol
trade in periods OF stress and depres
sion, such as we have experienced
during the European war. The open
ing of the cotton exchanges has trans
formed good spot market into a poo
one No one now wants to sell actua
cotton, and no one wants to buy. J
man looks at the chalk marks an,
finds that cotton is offered in New
York for December delivery at price
that are absurdly low. and quite nat
urally he postpones buying. TIL
farmer who was offered S cents TO
cotton, middling basis, last Saturda,
certainly is not going to sell 1t toda,
at the cent a pound decline, for ht
knows that nothing has happened I
really cause that depression"
Farmers Refuse to Sell.
Joe Evans of Evans & Co. said
The spot cotton market was in fin
shape last week. Prices gradual.
advanced until cents was reached
Monday we had the opening of tn
big cotton exchanges, and we we're a
told that business would be stiml
lated and life put nto the marke
Instead of that the spectators bega
selling cotton for future delivery. an
as a result both futures and spot
have been badly depressed.
Spot cotton men can do no bus
ness whatever. No one wants to Sc
actual cotton. and no one wants