To Prevent the Sale of Cotton and Grain in Future 
Markets 
SATURDAY, JANUARY 23, 1926 
UNITED STATES SENATE, 
COMMITTEE ON AGRICULTURE AND FORESTRY, 
Washington, D. C. 
The committee met, pursuant to adjournment, at 10.30 o’clock 
a. m., in room 326, Senate Office Building, Senator George W. Norris 
presiding. 
Present: Senators Norris (chairman), McNary, Capper, Deneen, 
Smith, Ransdell, and Ferris. 
The CHAIRMAN. Let us proceed with the hearing. This is a con- 
tinuation of the hearing had the other day. 
Senator Ransdell, you have some witnesses to be heard? 
Senator RANSDELL. Yes: I would like to ask that Mr. Frank B. 
Hayne, president of the New Orleans Cotton Exchange, be heard. 
The CHAIRMAN. All right; Mr. Hayne. 
Senator RANSDELL. Gentlemen, I present Mr. Frank B. Hayne, 
president of the Cotton Exchange of New Orleans, and ask that Mr. 
Hayne be allowed to make a statement to you on this bill, S. 454, in 
his own words, without interruption, and then, of course, he would 
answer any questions that any one desired to ask of him. 
STATEMENT OF FRANK B. HAYNE, PRESIDENT NEW OR- 
LEANS COTTON EXCHANGE, NEW ORLEANS, LA. 
The CHAIRMAN. Where do you live, Mr. Hayne? 
Mr. HAYNE. New Orleans, La. 
The CHAIRMAN. What is your business? 
Mr. HAYNE. Cotton merchant. 
The CHAIRMAN. You are president of the New Orleans Cotton 
Exchange? 
Mr. HAYNE. Yes, sir. 
The CHAIRMAN. How long have you been president of that ex- 
change? 
Mr. HAYNE. Since December, 1924. 
The CHAIRMAN. How long have you been in the cotton business? 
Mr. HAYNE. Fifty-two years. 
The CHAIRMAN. Now, Mr. Hayne, you are familiar with the 
bill we are considering. Go on in your own way, as suggested by 
Senator Ransdell, and tell us what you think about it. 
Mr. HAYNE. There can be no question that were the measure 
introduced by Senator Caraway, entitled S. 454, to become law, the 
result would be disastrous to the cotton interests of the South.