The Birmingham age-herald., 1920-08-15
OFFERS $2O0,O0O
 ID AID FARMERS
 HOLDING COTTON
Senator Conner Says Bear Raid Is on to Injure the SOuth's Great Crop.
 Advises Fight

Senator B. B. Conner believes the bears are making such g determined effort to depress the price of cotton that the farmers of the south will lose a great deal of money unless they are assisted in holding their crop to frustrate the bear raid.
 "I believe so strongly in the in- justice of this," said Senator Conner
 yesterday, "that I want to an-
 nounce that the AvondaIe Miffs
 Company will place S2OO. .OOO at six
 per cent for twelve months to as-
 sist the southern farmers fin hold
 ing their cotton. Something must
 be done to save the southern cot
 ton farmer from incurring tremen-
 dous losses. These losses are sure
 to come unless he is asked in hold
 ing his cotton"
 Senator Conner also prepared for The Age Herald the following formal state ment on the present situation:
 Your issue of August IA, headlining g interview with MT. Heflin, Bears Are Putting Out New Cotton Propaganda, says MT. Heflin. Also calling atten- ton to my article printed on July 30. and this indorsement by Senator Un- derwood:
 CT thank you for your letter of
 the 4th inst, enclosing me your
 strong and interesting article ap-
 bearing in The Age-HeraId under
 date of July 30.
 "You have again proved concIu-
 sively that you were right in your
 contention in the Senate and that it
 was great misfortune to the
 south that the House of Repre-
 sentat1ves did not accept your
 amendment to the agricultural bill.
 l hope we cnn accomplish the re-
 suit you desire in the near future,
 and, as you know. I am thoroughly
 in accord with you in the matter.'
 I am sure that Senator elect Heflin will be great aid to Senator Under wood in enacting laws to make it pos sible that the Smith-Lever bills, gov- erning the cotton exchanges, may be so improved that cotton, the great American crop, will no longer be in the hands of the bear gamblers, manip- ulated, thimble-rigg played as with loaded dice or marked cards, and that the exchanges, chartered for the advan- ta2eS of the cotton rrOdnoerc opd Jaoy CTS should truly index the price of spot cotton and transactions made on the exchanges would be made in the full protection of the law and the security of honesty in execution.
 JUST ALARM
 MT. Heflin has sounded just alarm The bear raiders on the price of cotton are abroad in the land. August cotton, New York exchange, today is 32.50c bid; New Orleans. 31.26c bid, both at least cents a pound cheaper than spot cotton.
 "New Orleans today is quoting
 October at 29.7Oc, March 2s.3Oc, and
 May at 2S.1Oc. New York quotes
 October 3O.94c, March 2S.6Oc, May
 2S.2sc. and July 2Sc.
 This is the exchange market and H. he exchanges are making use of the fictitious differentials in the value of grades and under the law assembling multiplex of undesirable cotton tenderable within the law, such IS scarcely buyer can take and use, 70 make the trade. afraid to buy on hese prices, even if they thought they would be cheap enough.
 T have attempted, from the head of he department of agriculture down to he clerks in the bureau of markets, o show that the Smith-Level bill re- turing the agricultural department to get the quotations from ten spot mar Sets on actual spot sales meant not ,nly the actual sale but the power to tell at that price. The absurdity of he result of the data used by them is lere shown: Their composite price, IS given from Washington August g, ,n middling was 27.24: low middling, 65 points off; while Norfolk quoted at 40c; low middling, 600 points off; Augusta, middling, 37.50c; ow middling, 300 off; Savannah, 39c Or middling; low middling $50 off: New Orleans, middling, 36.25c; low niddling, 1915 points. off; Dallas was 4.65c for middling; low middling 1000 joints off. These quotations would make low middling 34c in Norfolk, S.5oc in Augusta, 32.50c in Savannah, 550c in New Orleans, and 24.65c in Dallas.
 ABSOLUTE ABSURDITY
 Take these quotations in connec- ion with the fact that the exchange oasis middling was quite a bit below his, and then make the deductions, md it shows the absolute absurdity if it. The bureau of markets com 'osite quotations on good middling and trict middling tinges and good mid Hing yellow stains are equally as ab- urd, and from these nondescripts the xchange markets are figured, and the xchange markets can be so manipu ated as to make them an absolute epressant on the values of cotton and l. curse instead of a help to the armer. r< $> F. xLo& 1,o