The Birmingham age-herald., 1922-01-09
CONGRESS- UNABLE
 ID REGULATE THE
 COTTON MARKETS
HefIln Says All Attempts to Control Exchanges Have Proved FutiIe-WouId
 Investigated Them
By HUGH W. ROBERTS Washington Bureau, The Age-HeraId.
 300 Davidson BuiIding

Washington, January S.--(Specfal) All laws attempting to regulate cot ton and grain exchanges have proved futile, according to Senator I. Thomas Heflin of Alabama
 All exchanges are gambling insti- tutons and in effect have smiled at the labors of congressman to make them legitimate, according to the same authority.
 The Alabama senator made such confession in support of an amend ment proposed by him instructing the federal trade commission to conduct an examination into the conduct of exchanges. His amendment. in the tace of opposition, was, withdrawn. But he stated that very soon he would again present it.
 In view of the statement of the Alabama senator that nothing that Congress has been able to do has had effect on cotton and grain exchanges. wonder grows that there is contin- ued hesitancy on the part of so- called cotton" senators to enact the resolution of Senator N. B. Dial of South Carolina
 That amendment would require cot ton exchanges to deliver the grade of cotton that 1t had sold and con tracted to deliver. The Dial amend ment is based on an amendment to the same practical effect introduced in the preceding session of Congress by B. B. Conner. then a senator from Alabama.
 The Conner amendment passed the Senate but died in the House Sen etor Dial has not been able to induce the Senate committee on agriculture favorably to report his amendment, although a majority of tho members are said to be strongly in favor Of reporting it.
 Dial Amendment
 Senator Heflin, who declares that the cotton exchanges operate accord ing to laws of their own, or con trary to laws of Congress. has never publicly declared himself respecting the Dial amendment. In a letter ad- dressed by him to ex-Senator Conner some time ago, he agreed to consult Senator I1. D. Smith of South Caro- lima relative to action on the Dial amendment. Replying to that com munication. MT. Conner declared that Senator Smith, according to his knowledge, had been opposed to his efforts to require the exchanges to deliver what they had sold and in the grades specified.
 There was surprise when Senator Hetlln confessed that the efforts of Congress had proved unavaillng, or that the exchanges had proved them selves stronger than the govern ment.
 Said the Alabama senator: "Mr President, yesterday cotton lost cent a pound or $5 bale on the New York cotton exchanges. Yes terday, on the Chicago grain ex- change, wheat lost ' F cents bush el. The government sits with folded arms. closed eyes and sealed lips while the farmers of the south fand west are pillaged and plundered.
 We passed law To regulate the New York cotton exchange known as the cotton futures act. But they have learned how to get around that law. They have learned how to evade its provisions and carry on their gamb- ling schemes as they did formerly We passed not long ago an act regu- latlng the grain exchanges. But it seems that they have learned in the brief space of a few weeks how 70 evade it's provisions"