Atlanta tri-weekly journal. [volume] (Atlanta, Ga.) 1920-19??, 1924-12-02
WILL. SEEK CHANGE:
III GEORGIA LAW ON
FUTURES TRADING

Chances in Georgia laws regard
inc dealing III future contracts Tor
cotton and other commodities Will
be sought by the Atlanta CONNER
! ciaI Exchange, cooperating with the
! Atlanta Chamber of Commerce, ac-
cording to plans announced Satur-
day by officials of the former orSanl'
cation.
The 1928 general assembly will be
asked to modify the present statutes
which provide drastic restrictions on
all such transactions, making 1t
nrima facie evidence of law violation
| to maintain u blackboard where
stock and commodity market quota
| lions are posted.
/ The recent raids on the Atlanta
| Commercial Exchange and brokerage
offices in Atlanta, eliminating IN
grand jury investigation and the in
dictment of more than fifty persons.
has had an injurious effect on At
| lanta business conditions, according
! to statements of officials of the COM
mercial exchange, and efforts are TO
be made to remedy the situation.
In announcing their plan to ask
! the legislature to modify existing
laws, the exchange officials gave out
copies of correspondence between
| the exchange and the chamber of
commerce, outlining the program
and asking cooperation to the extent
| of naming a committee, from the
chamber to work with the exchange
| committee on legislative matters.
Paul H. Norcross, president of the
MI
request before the trade body, eX
pressing the belief that cooperation
will result.
The exchange authorities conccde
that the present state laws are fully
enforceable and valid, and that while
they conflict with certain interstate
commerce acts, they can be used to
practically eliminate transactions in
stocks, bonds and crop commodities
Throughout Georgia.
Statutes 20 Years Old
They make the point that the pres
ent statutes was enacted some 20
years ago to meet conditions entire
ly different from those now prevail
ing, and that some revision is neces-
sary to provide for contingencies that
have arisen in recent years.
The designation of Atlanta as one !
of the delivery points for spot cot
ton on future contracts is anticipated |
if Georgia laws can be modified to |
counteract the prejudicial attitude of |
northern and eastern mill men, &C.
cOrding to the exchange officials. |
The federal department of aGricul- |
ture is cooperating in an effort to
have Atlanta named as the spot de-
livery point for the southeast it is
stated. Such Il designation has just
been made il the case of Houston,
Tex. where deliveries of spot cotton
for future contracts will begin De-
cember !.
Atlanta's facilities for handling
spot cotton deliveries and for han
ding the spot market already To-
Gated here, are excellent, it is point
ed out, since there are warehouses
here capable of storing 900 bales
of cotton. Approximately 10000 bales
are stored here annually now, it is
said.
The Atlanta Commercial Exchange |
building, it is asserted, was built ac-
cording to specific .tions of the United
States department of agriculture, !
looking to the designation of Atlanta
as spot delivery point.
Not only cotton, but many other
commodities, are involved in the sit
nation, the exchange officials declare |
in their letter to the chamber of com
merce, and the proposed legislative !
committee will include not only men
interested in cotton, but also grain,
cottonseed oil, live stock and other |
commodities. Bankers will also have +
membership on The committee.
Legislation Called Feasible
Concluding their outline of the sit !
uatiOn as it affects the business (
structure of Atlanta and the south
east, the exchange officials, in their |
correspondence with the chamber of |
commerce. remark:
ut is, of course, feasible and prac-
ti4G.ble to frame legislation that will |
conform to the enlightened acts of |
congress governing transactions in
cotton, such as the United States cot
ton futures act OOpularly known as
the SmithLeVer aCt) and other COM
modities, that are abreast of modern |
conditions, that will enable the i'm
mense volume of business that is
transacted through Atlanta as the |
focal point of the southeast to be |
conducted eXpeditiOusly and in keep !
ing with the progressive spirit that
is characteristic of our community, |
while at the same time safeguarding |
the course of legitimate business !
from the evils of speculation.
1T is certainly apparent that, if |
legitimate transactions, that are the |
breath of life to modern commercial |
development and are absolutely es- |
sential to the growth and develop !
ment of our section, which is funda- |
mentally dependent upon its agricul- /
tural interests, are to be looked at !
aSkanCe and can be made the sub /
ject of criminal investigations, at !
the whim and caprice of every re-
former or busy-bOdy, the community |
must necessarily be retarded and !
held back in it's natural growth and .
development The sheep can be |
readily separated from the goats by /
legislation that puts the supervision /
and control of our business houses, !
exchanges or agencies under proper |
state commissions or officials and |
subject to salutary statutory require !
mentS.'
E.l HI