Show fP i. Bills Declared Deck red Harmful to Co Cotton Pending Ha rm to non I I to Abolish j Abol sh lt SI r ft t. t W 1 Trading i J on on Exchange M f J i tL U h Assailed at Inquiry ry r proposed sed Regulation ati Seen i r a as s Blow at t Price e i n Control I In J. J r I J t Jr W WASHINGTON S Dec 13 UP- UP P- P ho uncertainty ot of pending legisla la- la tion-Is tion or Is exe exercising l a detrimental n al in- in oh on tho cot cotton o market J. J P P. pIe president ot tho New Orleans Or Or- leans toU Cotton 1 exchange today to told the th senate agriculture tea teo e Investigating cotton prices Thero Ther aro oro pending now before congress co measures measures ranging gln from ad- ad reU regulation a to practical l abolition o of ot trading on th the tho cx ex- l lOf ts and Dd It t l Is within th the tho range of or truth to say that they are a dl dis disturbing dis- dis turbin Influence on the cot cotton on mar mar- ket and d wIlt will contInuo continue t to bo be o 0 until until un un- un- un til t tI ey aro iro finally disposed d of lC Insofar as the measure which calI for the practical abolition or ot future trading I Is is' concerned d. d its US I were It adopted bo to t tr transfer transfer- et lh of our crop to jar for eign Ign centers which h would be be le tr in hi n price control to th the serious orIu detriment of pf In- In Bombay has i h her r future future- market 1 et Jo so o h vc Alexandria le Egypt I I Havre re and nid Bremen 3 a all 1 of Which would c continue in greater r fork force backed an 1 by by- y tl tIie- tIie eh r ife he g governments Backing Backing Back Back- ing an and d Is needed e for for- oz r our our American exchanges for Jor the Ier of oil R 1 cry e essential 1 to flu thoY tho satisfactory and economical at 1 of our cur cotton colton cr crops p and arid c u ul control of oC world orld markets n for Jd Influences are con tending J cR CRO CROp REDUCTION a HenIan ic l an 8 said hl estimated ted production 1 figures which indicate a n crop of ot bales I less Jess than year ea would seem should at 1 least cast have hao insured d' d a as ns' asgood good If lr not better values value than J last st season te l with the lie statement V by Ga Gardiner Gardtner Uner H. H Miller pre president nt ot or the N New CSt w York cotton exchange who h told tho committee yesterday y ster ay the thc cotton otton exchanges X hanges are aro iro not hot sible for tor depressed cotton prices r Th nl Kie exchanges do do riot not make aI e I said They le rc- rc fleet values t which Ii in hi turn turns under the tiffi r regulation g of the U.- U. U.S. S. S cotton futures futures' s rt act ct for exchange exchange- trading the are closely the result of ot supply and demand Hence ct iho me bo futility of as ascribing rJ the iha tJ an owns own of ot quota to ons o manipulation or speculation wIllet which ore themselves ehe circumscribed by the e supply py and demand dent The f future turG contract market rk i t tie lie continued has if a a- bulwark 1 by 8 supplying PP Y Jr contracts ontra ts for hedging purposes without which spot buy buy- ers r fr w have been seriously re restricted re- re t d cons consequent quent and much Sc scale le ot of spot prices Un Un- much of or tho recent i dc- has been at the expense of li l c element which far far- hedge contracts at pre previous sr s- s r hf higher her prices NE fiOR SPECULATION How It ho the absence of ot sulli f speculative demand influenced ao downward Jie tr trend riel inducing c con con- n fItI nN which brought producers and reluctant spinners more Closely all ty ia t to face ac without an nn In iri- i 1 bul bulwark ark for toi the protection prot n of It values alues Is b 1 a Henl- Henl continued ue it may be bo safely P pl s 's sted d however the unsuccessful o years year's s mi markets kels and demoralization of or the cur cur- en season e aon a an UJ far Ds as it it- has has' pro pro- I ea Q b boe been en flue clue not t t to spec spec- 11 nUO bu to the ab absence of or spec- spec on Many y operators ha have hav e been un un- vining to the tho Assume double rl risk k of t It t the tho e mar market and adverse dv legista ln- ln Yr WI need n-eed these thee men on n the ilie t. t iH with th their lr capital to ta assist ssi it I in m our gr great at crops k oh on terms Hehl expressed pr the theT opinion Inon mat h h of the cotton i- i goods goads lOds manufacturing industry IndUstry- abroad es 11 in n n India was was exercising xer if i nn tit in rabo Influence h on cotton lie State The today decided to h 1 h r e that Carl Wll- Wll Jarn nJ cotton mt member mbel of of the farm board has huf persuaded cotton co cob operatIve to Ramble on the cotton di by bj he could pro pro- f futures The he committee e called C. C Ix L. Ste stear Icy r P CIt City CIt former o m mei r gen gen- m na r of tb the Oklahoma Cot- Cot 1 ton row and nn author f or n the tho p to f present resent evidence t to pi his als H. H Steady t was waa Q tak tike stand this afternoon n. n The t m t to the committee from G George lr W t Mon t president of or th the Oklahoma l association quoted l A t l alleged tn l d to hn have hav been writ writ- 1 len n by l charging that Wll WIl ilams llanis I h author of ot tie tho Idea that thai hI hp ho atul ancl oh on or o two others can a accurate accurate- V torel foretell U future futura and sold old this 1111 Idea Idea- to tb c cotton cooperatives JI of or the sToutly south persuaded then them to bh on the stock exchange g I A resolution ad adapted b by the board charge chare In Is If absolutely without foundation was quoted In lit the eJ g in |