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ArTER SPECULATORS. Subpoenaes Issued Comm nding New York Brokers to Appear Be fore Special Jury. New York, April 18.-There will be started in New York tomorrow a Federal investigation without prece dent in this country. The attorney general of the United States has or dered an inquiry into the gigantie bull movement in cotton, with which the names of James A. Patten, of Chicago; Frank B. Hayne and Wil lam P. Brown, of New Orleans, and Eugene Scales, of Texas, have been popularly connected. Hayne and Brown both appear as defendants in the proceedings, but it could not be learned whether Mr. Patten will be subpoenaed at Chicago to come here and testify. He has en generally creditea, however, being the financial genius of ol, and in recent interviews he utlined his bullish position, and etermination to fight the sup bear clique, which has been re og etton to this country, from .d, in an endeavor to break the t. The bull movement has such a stage, however, that are rumors of a possible Ma in the New York market. Entirely New Move. before ias the government similar action against any ing in the market on eith long or the short side. Sub were issued at the direction Wickersham, commanding a more prominent New York to appear before a deral grand jury tomorrow in the matter of the "Unit against Frank B. Hayne and P. Browm' demand the sub o the special grand jury of , papers, letters, memoran agreement, dated February Hayne, Brown and others. ent, the subpoenaes state, puiehase of 150,000 bales for delivery in New York d (.Othe months of May and July, inclusive, at certain prices and -un der certain conditions. The fixing of the prices and conditions, the govern ment charges, was a violation of law. Oaused Prices to Break. Amnouneement of the government's aetion was followed by a very excited ineak in prices on the New York cot ton exchange, which at orie time bid fair to result in almost as great a demoralizat-ion as that noted last January. Early in April the market had a very severe setback under heavy liquidation, and at that time there were rumors circulating that the ibulls were abandoning their position, but a considerable recovery in prices sinke then suggested that the selling 'had been largely in the way of out side liquidation, and during the past week or ten days there have been renewed rumors of an impending squeeze. The position in the near months, at any rate, has led to heavy shipments of cotton to New York for elivery on contract, and the arrivals eported today were in excess of 23, 0 bales, including nearly 14,000 rom Liverpool, while the stock of cotton availaible for delivery on con tract has already increased from -about 87,000 bales to 120,000. Even so, it has been apprehended in loreal eireles that the amounts of cotton arriving here, from the South and abroad were not sufficient to 'com pletely satisfy the contracts held by the bull leaders, which have been estima.ted at about 400,009 bales, and thecre has probably ,been some scat tered buying .based on an unexpeet ed successful issue of the bull cam paign. Might Force Liquidation. The selling which followed today's threat of possible legal obstacles to' ibullish plans probably represented, in a measure, the liquidation of this so .ealled trailing interest. In addition e was undouibtedly some selling Sfor the account of professional trad ers, on the 'idea that legal a'etion might force the liquidation' of the bull holdings. But usually close students of trading around the local 'ng expressed the opinion, after the close, that the bull leaders themselves had increased rather than reduced thier contraet holdings, and the mar ket ruled considerably steadier in the late trading and closed at a loss of only from 10 to 19 points for the day. SWhen the news of the government's decision a;t first was circulated, the rhet became very weak and unset led, and inside of an hour May eot on sold at 14.54, or 30 points below he hiigh level of the day, and about 5 points. under the high prices of he last week, May closing at 14.63 id. Later months sympathized in the ear month break, but interest was ret,.ty muc-h eoi.fined to the old crop, reference to May and. July contracts, there was no particular feature. Wall street was stirred by the news, and it was widely discussed also in bank;ng circles and much in terest will be taken in the hearing by the financial district and the stock exchange as well, as by the entire cotton trade. TALES OF PRESS AND ITS PEOPLE Maj. Hemphill Lectures at Yale on Clean Journalism-Deplores Yellow Tendency. .New Haven, Conn., April 20. Maj. J. C. Hemphill, editor of the Richmond Times-Dispatch, made a plea for cleaner journalism and cleaner newspapers' in an address at Yale university tonight. He was de livering the first lecture under the Bromley foundation, provided for by Mrs. Adelaide Bromley, in memory of her husband, Isaa, Bromley, Yale '53. The subject of his lectuxe was "The Public and the Press.'' "The press in these abundant times," said Maj. Hemphill, "speak ing generally, is in the business for the money there is in it. The most potent force in shapirg and direct ing the thought and' sentiment of the country, it is yet a beggar at the door of patronage. Little or no inde-1 peadence is actually possessed by the journalists who preach independence. It must ,be said, however, to the credit or discredit, as you please, of the public, that it reflects largely the character of the newspaipers by which it is served. The Yellow Streak. './The yellow streak runs hot less through the press than through the people. 'The shame of the press is that it has catered to the worst ten dencies of a corrupt and malodorous age. Its mission ought to be the ele vation of the public; instead, it ad vertises its degradation; fairly shriek ing against any restriction upon its liberty, it converts its liberty into license. "Broadly speaking, the most sen sational and irresponsible newspapers make the most money, and there has been noted f,or years the gradual deg radation of the American press to the American level. Some of the cleanest and most self-respecting newspapers are published in New England, but even here the tendency toward a lower conception of jour-i nalism can not have escaped the ob servation of those who are interested1 in the development of our civiliza tion. No Ideal in Existence. "The ideal newspaper does not exist; it is doubtful that it ever will. The newspapers of today, like the churches, represent this or that view! 'of political questions; this or that industry or individual or section; they possess the enthusiasm of ad vocates, they lack the wisdom of the " There is no profession so exact-' ing, none requiring so extensive and accurate knowledge of history and philosophy and political economy; none calling for so great patience of opposition; such clearness and firm ness of judgment, such courage of conviction, and such careful regard) for the rights of others. That is why, in my opinion, the newspaper should be, in fact, the judge and jury, and not the swift wit or the paid counsellor in the case on trial before the people. The Unworthy Papers. "'There is not an old man or a young man in this audience who has ever known the issues involved in a politucal campaig~n to have been fair ly presented by the opposition press. 'That newspaper is unworthy which for personal profit or political gain for itself or its party misrepresents the position of a professional or polit ical rival; tha.t follows any particular course because it is 'popular;' that joins in the defamation of any man because there is something to ~be made out of it, either in the way of! in.ereased circulation or adventitious importance. "What both newspaper makers and newspaper readers most need, if they would reach the best settlement of the question in which they are inter ested, is no party spirit or sectional fervor, but broad tolerance of opinion and speeeh.' The Young Idea. "Who made that man mamma?'' asked a child on a car, pointing to a hot sport opposite. "Hush, my child,'' answered the mother: "Why, Providence, of course.'' "'Oh!'' said the open-mouzured youngster. "anid what for?'' nd Economy ring Toilet Soap now who makes > not experiment order to make a more profit. Our 50 cents a dozen t 90 cents a doz. kad at the price 0 cents a dozen the soaps that ig offered to'us. tage to buy soap WEEKS RUG STORE." SPECIALS 1Oc. Store. lie best that is 15c r yard - - lko; the Soap that icket, a good, 1 each - 1 t j >les, the best at ood Bucket at15c 6 Glasses and 3c ; lOc. Store. "' NEWBERRY, S. C. L One Year One Dolar LE CONDITION mnge Bank 'y,S. C. ess March, 24, 1910. ) STATE BANK EXAMINER : Capital Stdek $50,000-60 Surplus 11,417.97 Dividends unpaid 115.00 Cashier's Checks 195-78 Deposits -153,210.19 Total $214,938 94 NiTY FUND" with ey will be safe and terest compounded M. L SPEARMAN, CASHIER DO NOT- MONKEY WITH THE BUZZ SAW. 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