The Birmingham age-herald., 1920-04-29
Going very thoroughly into every objection his pro- posed Amendment to the Cotton Futures Act, trying stabilize contract cotton with spot cotton making the contract more truly represent spot values.

AdclOI, WefnDer or the NeW Ofiedhs l- change
 The absurdity of eliminating tn grades above mentioned from delivery on contract is shown by the fact that mid ding tinged. which is at present un- tenderable, sells today at 475 points higher than low midding white, which is ten derable, or S23.75 per bale in excess.
 Notwithstanding the elimination in March, 1919. of the preceding grades and the narrowing thereby of free market for the producer, the Conner rider now proposes to eliminate 50 per cent of the grades below middling now tenderable which still further restrict the amount Of nerchantsble and spinable cotton avail able fo. deliveries on contract to the ao- solute and certain detriment of the pro dueer.
 'The Conner amendment would, if adopt ed make the contract entirely unsatis- factory to all interests except the spin ner. who would be privileged to demand the best of grades on contract, thereby deprNing the market of an outlet for the low grades. leaving the farmer the south- e1-n spot holder, southern banks and mer- chants to carry the bag. In word, the Conner amendment would place the south ern cotton industry at the mercy Of American and European spinners.
 Tn other words. it would outlaw and deprive of price insurance I5 per cent to 80 per cent of low grade merchantaDle and spinable cotton raised by the farmers and make it impossible for them to find a ready market for their product"
 In answer both to the statement of the Times-P -Picayune New Orleans, and Messrs H. x B. Beers Cotton Company New Orleans. will state that l am spinner, that our company has 2oo-Ooo spindles in active operations, and we consume 6o,000 bales cotton. and in the different mills we have eight we manu- facture all grades. from ordinary to strict good middling. Will further state that we have handled 25,00O bales cotton con- tracts within the past season as hedges; that we have never demanded Or received a bale through the exchange, but each and every time have bought the spot cot ton in the spot market and sold the hedges when cotton was so bought. ana that is the ultimate design of the ex- change
 Mark you we ourselves had bought 25,' 900 bales as hedges through the ex- changes, and in this business we have not received one single solitary bale of cot ton. It was not intended we should re- ceive a. bale. We bought the spot cotton and sold the hedges.
 Any proposition which makes the ex- changes the protector of the farmer as against the spinner is preposterous The spinner is the buyer and consumer Of cotton and not the exchanges, and any body can understand how the spinner had rather have a firm and advancing cotton market than a vacillating declin- ing market. The buyers of goods are possibly the smartest people in the world, and whoever knew or heard of one of them placing big contract on vacn- lating or declining market. A spinner s contract, meaning by that one in which the spinner has the advantage over the farmer and dealer is impossible. An ex- change contract protective alike to every legitimate handler of cotton, including the farmer, the dealer, the spinner, their interests are identical, and it is impos- sible to separate them. The Messrs. Beers state that the Conner amendment would place the southern cotton industry at the mercy of American and European spin ners." as 1t would give them all the choice cotton leaving the merchants far nlers, and bankers to hold the bag. which is supposed to be full of low grade. un- desirable cotton. Messrs. Beers should know that the spinners, both English and American go on the market and buy the spot cotton of such grades as they can use, making such goods as their cus- toners demand notwithstanding the higher grades have not been used in the exchanges for years.
 The exchanges have not sold bale of middling cotton in years. They do not