The Birmingham age-herald., 1920-04-29

1 Every contract that you buy should fair ! ly represent or reflect the commercial spot market value. That is all that is in i tended to be accomplished by this amend | ment.
 MT. Smith of South Carolina-I wish to ask the senator another question, and | then I will not interrupt him further. | do not know just in what condition the | amendment now is in conference, but | studying the senator's amendment close | ly, I wondered If It would not have been | ir. proved. as they now admit, upon grades | on delivery if the amendment had read | that the buyer should have the option to | demand 50 per cent of the contract that he purchased at his option out of the ten grades that are admissible. | The reason l suggest that is that arbi- | trarily fixing middling and above as his optional ground the buyer being the | bull ordinarily and the seller the bear, | it has a tendency in the minds of the | public to take the grades that the buyers may not have an option and put them | in that category where it will have the effect of still further widening the differ | snces between the grades; whereas, if ! the amendment had read that the buyer | should have the option to select 50 per | cent of the ten admissible grades at his | option, perhaps it would not have had | that effect. and yet would have served | the very purpose that the senator has In view.
 | Mir Comer-I understand thoroughly | what the senator states; but the law is not just that way The government passes on all the grades that are offered to be l delivered contracts. Contract cotton ] has to be certificated by the government. l They certificate it in lots of 100 bales: | and if the amendment is passed, it will l be certificated, one-half of it middling | l~<~ kI l half at the sellers option from any one |, Or combination of the ten standard | grades. If the law had been made as 1 the senator suggests, they could not have | the certificated stock. They have to be {, ready to deliver Under the law the seller l has the option of rendering the cotton | any time between the 24th of the pre- l ceding month and the 24th of the month itself.
 l The amendment is intended to accom- 1 plish the purposes of the senator's very 1 wise bill. If the amendment goes through and half of the delivery Is limited to middling, one can easily understand that l the basis price then will be middling: l Il at it will not be a composite price. that it will be the basis middling, the cotton | middling price.
 l The telegram l am about to read was received at Scottsboro. Ala, and I ask | senators to listen to it: 1 New Orleans, La. | Have all your merchants, farmers, and l bankers to address your senators and ] representatives, that such important leg islation as the Conner amendment to the | cotton-futures act as a rider to the ag- l ricultural appropriation bill l. vicin" l legislation and is inimical to the pro- drcers. bankers. merchants, and entire cotton trade and should be killed
 "J w. BARKDJLL .%f+ |, & B. Beers. New Orleans"
 l The telegram from J. w. Barkdull l manager for H. & B, Beers, commission cotton brokers on the New Orleans Ex- change, to Mr. Stubbs cotton dealer at l Scottsboro, Ala, does not say that the l amendment is inimical to the exchanges at all, yet this is an exchange man who 1 is telegraIhing to various people to wire their senators objections to this bill be cause it hurts the farmer That is the cue, it helps the spinner and hurts the farmer. You know they always say il hurts the farmer.
 Here is another telegram from Georgia "Cuthbert, Ga ! "Fon. E. B. Conner
 Heres hoping that your amendment will be made a law; also that our Geor- gia representatives up there will stick to you. In our opinion there has never been any bill introduced that is of as much vital importance to the south, and especially the cotton farmers. Af- KING LUMBER CO.,
 The statement of the King Lumber Company is true; there has not been a more important measure introduced al this session.
 Here is telegram from Mir J. s. Wan amaker:
 St Matthews, s. C., April 5, 1920
 Hon. R. B. Conner.
 | J.
 your amendment. Receiving telegrams assuring support. If-you can prevent mis. understanding concerning meaning, think it will pass Report sent out that vou use the word cotton has option where ii should read buyer. That amendment SC poorly worded will be subject to various | interpretations if passed. Urge that YOU 1 give out interview today clearing defin. ing amendment and reasons for it's pass age"
 The exchanges understand it. they kbow what it means-"Stick to your boa | like Co'imbus when a green o4s.l ias been found.
 "J. S. WA~,sr. .rs---@ !,
 MT, Diai-Who is Mir. wanamaker? know myself but l should like to have the senator state who he is
 MT. Comer-He is president of the Amer;rs nls sesc Atio
 f Mir Smith of South Carolina-He i. presldent of the American Cottln \ SC relation
 Mir. Dial-And is large planter fr South Carolina. I know wanted the information to appear in the Record.
 Mr. Comer-Yes; and when a planter no matter where he lives, and when tn, ordinary dealer, no matter where he i l located, is not in favor of the amend ment it is because he has been made no to understand 1t
 now read telegram from Hon M C Allgood, commissioner of agriculture O Alabama:
 Montgomery, Ala, April 6, 1920.
 Hon. B. B. Conner
 Fully indorse your amendment ant ready to do anything that will assist yo, in any passage. Best evidence that it wll benefit general public is shown by opposi tion coming from the Wall street manip ulators. In regard to Calvin, he wa under fire last year at New Orleans cot ton meeting"
 Of course, MT. Calvin is simply an ex change lobbyist; that is all
 l have here a letter from Hon. Harvi Jordan, who is national campaign di rector of the American Cotton Associa ton. thoroughly indorsing the amend
 ment:
 1 American Cotton Association.
 Atlanta Ga, April G. 1290 My Dear Sir: l beg to call your at tentiou to a recent amendment offered b,
 Senator B. B. Conner relative to a chang
 in the delivery of cotton grades on con
 tracts purchased through the New. Yorl
 and New Orleans Cotton Exchanges.
 'sThe present contract is unfair to legiti
 mate dealers on the exchanges and end bles the sellers of contracts to make de liveries in a variety of low grades, whicl
 tend to depress the spot market for cot