The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1921-05-18
COTTON EXCHANGES
READY FOR BATTLE
ON TWO MEASURES
Ease With Which Tincher Bill
EaSed Through House Is
Causing Alarm In
Certain Quarters
BY HUGH w. ROBERTS
Washington Bureau The Age-Herald
500 Davidson Building

Washington, May 17.--(Special THE
ease with which the Tincher bill. regu-
lating grain exchanges, pushed its was-
through the House last week, indicates
the little favor which mediums used in
the main for gambling purposes, will
receive at the hands of this Congress.
AS result, the cotton exchanges are
buster than ever before in their recent
history.
There are two measures which the cot
ton exchanges are preparing to fight.
The first is the amendment of Senator
Dial of South Carolina, requiring the
exchanges to give purchasers an even
break as to the grades of cotton deliver
ed The second is the bill of Senator
Caraway of Arkansas, putting the ex-
changes entirely out of business.
There is very little prospect of the
latter becoming law. But the amendment
of Senator Dial is regarded as reason
ably certain of passage.
THE DIAL PROPOSAL
The South Carolina senator will aggres-
sively push his amendment the conclud-
provide legislation whereunder a purs
chaser could select one-half of his pur-
chase in two grades to be nominated by
the exchanges
Last week, Senator Dial attempted TO
state his case beIore the agricultural
committee of the Senate Senator Rams
dell of Louisiana, asked that he grant
delay in order that the exchanges OF
New Orleans might be given an oppor-
n
statement of their own, Senator Dial
acuuesned with the understanding that
Senator Ransdel quickly bring the re-
representatives. of the exchanges to WASH
ington.
The Louisiana senator got in touch
with the exchanges, which made reply
in a lengthy telegram but indicated no
time for their appearance before the
committee.
EXCHANGE CONCESSION
Senator Dial therefore concluded to de-
Law no longer He will be granted a
hearing this week. In the meantime, he
is elated at the contents of the tele-
gram from President Thompson of the
New Orleans exchanges.
Mr. Thompson wired that the Dlal
amendment, though seemingly fair to
both the purchaser and the exchanges,
was not workable. That was his prin-
ciple criticism, and Senator Dial holds
that inasmuch as the exchanges them
selves admit his amendment fair, no
other agency or individual can bring a
charge Of unfairness against it. He holds
that Mr.. Thompson has made the most
notable contribution to his case
The Dial amendment follows the Conner
amendment introduced in the preceding
session of Congress- Its changes make
il more acceptable to Congress, Senator
Dial believes. The Conner amendment
passed the Senate, but died in the House
BOOM FOR SOUTH
'My amendment" said Senator DIAL
would rectify the greatest evil that
works financial loss to the producer OF
cotton. AS it is at present, the producer
has nothing to say as to price. The
exchanges can cause the tluctuatlon III
price of S. per bale within the space or
a minute. They have the whip hand,
because when a purchaser demands de-
livery, they give him the lowest OF the
10 legal grades.
IF the cotton mill owner who buys
cotton, can rest assured that one-hal-
of its purchase will be first rate cot
ton he win have no care as to now
high the price goes He can buy his cot
ton, pay the high price, and hedge on
the exchange knowing that his hedge
will bring him, If exercised, that which
really he purchased.
THE amendment would confer an in
finite boon on the south, and the pros
poets for it's passage seem unusually
good"