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* ASPECT OF COTTON INQUIRY. *
* * * * * * * * * * * *
(Zach McGhee in Columbia State.)
The full extent of the collusion of
the department of justice with the
cotton bears, who are trying to de
press the price of cotton, does not
appear just yet but it is believed in
Washington that before very long
something will come to light which
will show that Mr. Wickersham, the
attorney general has been acting
either consciously or unconsciously
-yet to be shown-as the direct
agent of those who wish to bring the
price of cotton down. During the
past week the department of justice
'has had secret agents in this State,
at Spartanburg, Greenville, and
Greenwood to my certain knowledge
trying to find out what cotton mi
'presidents have been buying cottou
on the New York cotton exchange.
Some of the cotton mill presidents
in these places have told the agents
of the department of justice frankly
that they have been buying cotton on
the New York cotton exchange and
have shown them that they have
'bought cotton cheaper in New York
than they were able to buy it from
the farmers at home. One president
I know of told the attorney general
that he not only had recently bought
cotton on the New York cotton ex
change for the first time, but that he
did it for the exprdss purpose of try
ing to get the New' York exchange to
revise its rules and make some regu
latiou- which would eliminate the
bad results of speculation and so
bring about a more staple price for
cotton. Lewis W. Parker, who buys
for his various mills 75,000 bales of
cotton a year, stated to the senate
committee which is making a bluff at
investigating the high cost of living
that he bought 5,000 bales, or con
tracts for that much, on the New
York exchange and that he did it with
the idea of fighting the methods of the
New York exchange. It is not unrea
sonable to suppose that all of the va
rious mill presidents who have been
interviewed by these agents have
stated in substance what the ones I
'have in mind have stated.
This whole cotton situation is now
one of the most interesting in the af
fairs at Washington so far as the
South is concerned. Senator Smith
of South Carolina knows more about
cotton than any one else at Wash
ington and he has been interesting
himself in various ways in the action
of the department of justice. He is,
czollecting volumes of data bearing
'upon the situation, data not of cot
ton figures and that sort of thing, but
of actual tranisactions on the cotton
exchange and within the next few
<iays he expects to make a speech in
the senate in which he will give out
some information whiph may startle
*somebody. On his desk, when I left~
Washington several days ago, he had
a stack of letters, affidavits, memo
randa and other documents furnished
him by certaiii parties who have
luen concerned in the recent trans
-actions on the cotton exchange, and
this he is now working on with the
expectation of giving it out to the
Bears Canght Short.
The whole matter about the cotton
situation briefly is just this: Several
cotton brokers, or speculators, what
ever you wish to call them, notably
Brown and Hayne, (Frank Hayne,
formerly of this State, in particular.)
*have been buying large contracts for
f uture delivery of cotton. They~
-benght sevei-al hundred thousand
- bales of delivery in May. The usual.
way of doing is for those- who sell
-. the contracts to settle on margin,
that is, pay the difference in price,.
not delivering any cotton at all. Put:
tbds year certain cotton mill mhen, led
by Lewis W. Parker, who is president'
of the American Cotton ManufacLur-'
ers' association and who is hence ir'
a position to make such an arrange
ment, got Hayne and perhaps same
others to demand the delivery of the
actual cotton. The men who sold
* the contracts for future delivery, not
having the cotton and not being able,
.to get it except by paying a nwcr
7tnher price for it than their emn
tratts called for, being thus "caught
* short,' that is, they were in a bad
fix. The attorney general of the Unit
eed States, M~r. Wickersham, instituted
Ipr'ceedings .against certain ones,;
Egne Tarker and others, which
would naturally have the effect of
depressing the price of cotton, mak
-"ng the farmers turn loose their cot
-ton and enabling the brokers or
-speculators who were caught short
to buy and make the deliveries which
-were demanded. The inference was
natural that the department of j-'s
tice had been called upon to do some
thing to depress the price of cotton
and so enable the shorts to recotl>
and that the department of justice
had responded. This inference was
all the more easy from the fact that
Attorney General Wickersham be -
fore he became a head of the denart
Henry W. Taft. w ho is and for son
time has been attorney for the Nei
York cotton exchange. It was eas
ier for the further fact that thi
Henry W. Taft is brother to the presA
dent of the United States.
' Wants Speculation.
Now the New York cotton exchang
has repeatedly refused to take step
to put a stop to speculation. In iac
speculation is the chief part of th
business of the exchange. About 100,
000,000 bales of cotton are bough
and sold on the exchange every yeai
the crop of actual cotton ranging i
the vicinity of 11,000,000 bales. Th
officers, including the attorney fo
the exchange, hve bben stubbornl:
averse to anything which would ten
to check this speculation.
The Southern cotton manufactur
ers have been for years.trying to di
something to stop speculation in cot
ton and so bring about a stability il
price. They are now under investi
gation by these secret agents men
tioned above, being charged or sus
pected of having formed a pool ti
make. purchases on the exchange.
These cotton mill presidentis di(
enter into an agreement to buy cot
ton on the New York exchange. Th
Sherman anti-trust law against com
binations in restraint of trade is be
ing invoked to prosecute, before th,
grand jury in New York, certain one;
who bought contracts for delivery o
large quantities of cotton. If the:
had bought or attempted to buy, .o
combined to buy, all or most of th,
visible supply of cotton with the ide:
of holding it and demaniLing a high
er price for it, this unquestionabl;
would have been a violation of th
law, and those who entered into th
agreement would have been subject t
conviction and punishment. But buy
ing cotton to spin in their mills an
weave into cloth is not restraininj
trade; that, on the contrary, is stim
ulating trade for it puts cotton int
a form which can be used by the or
dinary person. When, therefore, Mr
Parker and others bought or enterei
into an agreement to buy their cottoi
on the New York cotton exchang
they could state that they want.-i
the cotton to make into cloth, an<
it is reasonable to suppose is wha
they did buy it for. Whether the:
bought it for that or not that is wha
they did do with it or are doing witi
In With the Bears.
That the attorney general of th'
United States is in with the cottoi
bears or is acting in their behal1
whether consciously or unconsciousi:
is further suspected from ths fac
that this officied refused to ca'rry on
the resolution of the senwa. whi'i
Senator~ Smith had put through, call
ing upon the department of justici
while it was investigating wh<
bought cotton to investigate also wh<
sold it. This was information eas:
to get, at least as easy as that as ti
who bought.. In fact it is alread:
known who sold this cotton. On<
firm in New York, Craig & Jenks, sol<
the bulk of that in question. .It i;
pretty .generally established, as an in
teresting feature of, the situation
that the New Englarid cotton manu
facturers have been selling very con
siderably. The outhern Manufac
turers have been buying. It is the
function always for a manufacture:
to buy raw cotton, but it is never thi
function of a manufacturer to sell
The only object, therefore, these Nev
England manufacturers can have, i:
to speculate themselves or else tF
depress the price of cotton. The fac
that the Southern manufacturers hav<
been found out as bulls has been
sort of bomb to the* bear interests
These .New England manufacturers
do not understand why the Southern
manufacturers are not always trying
to depress the price of cotton al
hey are. And the departmentt of jus
tice along with Messrs. Wickersham
enry W. Taft and others do not un
erstand this strange attitude on the
part of the consumers of cotton.
AUGUSTA STRUCK BY CYCLONE
Wind Does MIuch Damage in Georgia
City-Total Darkness Extper
Augusta, Ga., June 2.-The entir
city has been in darkness since 10.13
every street is congested with up
rooted trees and disabled wires; ev
ery telephone in out and trolleys ar
disabled, as a result of a cyclon
lasting about 18 minutes.
So far no fatalities have been re
ported, but half a dozen or more resi
dences have been more or less wreck
ed, and two or three warehouse
Th Casino building, at Lake Vies
where a night performance- was jus
concluding, was completely wreckec
but the audience escaped uninjured.
Every night enterprise dependin
on electric power is 'tied up, and a:
business houses and residences usin
current are in darkness.
The entire fire alarm system is diE
C OODIBN 3LY NOT TESTIFY.
- Speculation as to Next Move In Dls
Columbia, June 3.-The latest de
velopment in the dispensary cases is
the probability that Morton A. Good
man will not testify. Although At
torney General Lyon, who has return
ed to the city, would make no state
ment in regard to the future course of
the prosecution in the alleged graf1
I cases, it is practically certain that
Goodman will not be used as a wit
r The speculation in this correspond
r ence a few days ago that the matters
to come before the grand jury will be
new indictments is apparently cor
Attorney General Lyon said toda3
that he had no statement to make ex
cept that he would confer with the
other attorneys associated with the
prosecution. He said he did not call
the grand jury to meet Wednesday
He was not disposed to discuss the
situation. He did not say that he had
a conference with Goodman recently
What it is proposed to do next
Wednesday when the grand jury
3 meets is not definitely known here.
FILE CAMPAIGN PLEDGES. -
McCown Asks for Re-election-Two
for Lieutenant Governor.
Columbia, June 3.-R. M. McCown
the secretary of state, today filed his
campaign pledge with Gen. Wilie
Jones. He will again offer for elec
tion as secretary of state. So fai
there has developed no opposition tC
his candidacy. He has made a suc
eessful official, and has numbers of
friends 'throughout the State.
There will be several candidates in
the race for the office of lieutenani
governor. E. Walker Duvall, a mem
ber of the house from Cheraw, and
Charles Smith, of Timmonsville, to
day filed their pledges with the State
chairman. It is expected that there
will be several other candidates in
the race for lieutenant governor.
how many you could count ou ii
,a fire made immediate cash a neces
rsity. Mighty few we are sure,
SAnd even if '5ou go: the money the
fire loss would be yours. Bettei
~get insured. We'll issue you ~
policy in a company noted for it~
wuick and liberal settlements. Why
- not let it stand the loss and furnisla
-you the quickebt of assets at th~
Security Loan &Inviien Co.
J. N. McCaughrum,
W. A. McSwain, rasrr
"It cured me," or "It saved the lifE
of my child," are the expressions yo
hear every day about Chamberlain's
Colic, Cholera and D)iarrhoea Remedy.
This is true the world over where
this valuable remedy has been~ intro
duced. No other medicine in utse for
diarrhoea or bowel complaints has re
ceived such general approval. The
secret of the success of Chamberlain's
Coic, Cholera and Diarrhoea Remedy
Iis that it cures. Sold by W. E. Pel
ham & Son.
SCOLLEGE OF CHARLESTON.
le6th Year Begins September 30.
Entrance examinations will be held
at the county court house on Friday,
July 1, at 9 a. m. All candidates for
admission can compete in Sjiptember
for vacant Boyce scholarship>s, 'which
pay $100 a year. One free tuition
scholarship to each county of South
Carolina. Board and furnished room~
-.in dormitory, $12. Tuition $40. For
Ends Winter's Troubles.
To many, winter is a season ol
ttrouble. The frost bitten toes anc
fingers, chapped hands and lips, chil
blains, cold sores, red and rougt
skins, prove this. But such troubles
1 fly before Bucklen's Arnica Salve. A
trial convinces. Greatest healer ol
Burns, Boils, Piles, Cuts, Sores, Ecze
. ma and Sprains. Only 25c at W. E
Paham & Son's.
S'U R REY S
We have just received ship
ment of high grade
One and Two Horse Exten
sion Top Surreys.
Now is your chance of a
lifetime to get something nice
for your families to enjoy the
hot summer evenings. Bet
ter than automobiles in safety
Fine Top and Open Buggies
All at Prices to suit any one. I
E. M. EVANS & CO.
For a short while we have decided to
save our future customers agents' e&
This will save about twenty per cent on
Organs, and about ten per cent on Pianos.
Organs, from 575 UP.
Pianos, from S225 Up.
Less the discount as stated above.
Write AT ONCE for catalogs and terms
to the old established.
Malone's Music House, Columbia, S.C.
Please clip 1his advertisement out and
send with letter for'catalogue.
Scholarship and Entrance Examina.
The examination'for the award of
vacant scholarships in Winthrop col
lege and for the admission of new
students will be held at the county
court house on Friday, July 1, at 9
a. m. Applicants must be not less
than fifteen years of age. When
scholarships are vacant after July 1
they will be awarded to those making
the 'tighest average at this exmina
tion; provided they meet the condi
tions governing the award. Appli
cants for scholarships should write
to President Johnson before the ex
amination for scholarship examina
Scholarships are worth $100 and
free tuition. The next session will
open ~September 21, 1910. For further
information and catalogue, address
Pres. D. B. Johnson, Rock Hill, S. C.'
*University of South Carolna.
The University of South Carolina,
offers scholarships in the department
of education to one young man from
each county. Each scholarship is
worth $100 in money and $18 term
fee with, free tuition.
Examination will be held at county!
seat July 1. Examination of stud
ents generally for admission to the
university will be held at the same.
Write for information to S. C.;
Mitchell, President, Columbia, S. C.
All executors, administrators and
other fiduciaries are respectfully
urged to maker upon oath, annual re
turn of any estate remaining in their
care or custody, as required by law,
before the first day of -July of each
Frank M. Schumpert,
May 4th, 1910. J. P. N. C.
Subscribe NOW to The Herald and;
NEWBERRY UNION STATION.
Arrival arid Departure of Passenger
Trains-Effective 12.01 A. M.
Sunday January 2, 1910.
No. 15 for Greenville.. .. 8:51 a. in.
No. 18 for Columbia. .10.58 a. mn.
No. 11 for Greenville.. .. .2.48 p. in
No. 16 for Columbia......8.59 p. mn.
C., N. & L. Railway.
*No. 22 for Columbia.. . .8,47 a. mn.
No. 52 for Greenville.. ..12.56 p. mn.
No. 53 for Columbia.. . .3.20 p. mn.
'No. 21 for Laurens., ..7.25 p. n..
* Does not run on Sunday.
This time table shows the timnei
at which trains may be expected to
depart from this station, but their
departure is not guaranteed and the
time shown is subject to change with
G. L. Robiueon,
370W IS THE TIME TO SUBSCRIBE
O THE HERALD AND NEWS.
The population of
about ninety millions
more than one person o
is no increase in land
of population makes I
Several people in P
comfortable fortunes I
estate values in the ne
you be one of the far,,
this harvest of easy d'
It is our business to I
ments for you. Let u
if we haven't just wha
New South Rec
Herald and News Building, Newberry.
The trustees and patrons of the
Beth Eden school will meet at the
school house on Friday, June 17,
1910, at 3 o'clock, to elect a teacher'
or the coming session.
L. H. Chandler, Chairman.
THE MAIN HiGlhi
Not one man in a thousa:
in life, does so outside of ti
savings. It is the one sure w
Get a few hundred dollar
way to better things.. Let
$1.oo will start an accour
"The Bank that Alway
JNO. M. KINARD, DR. 0. 1
Save a dollar or tw
can do it, and you wi]
quickly it will grow~
A DOLLAR depo
BANK ACCOUNT A
EDWARD R. fflPP,
the United States is
. The increase is
ach minute. There
area. The density
dgh price land.
iewberry will make
rom increase of real
xt few years. Will
seeing ones to reap
Find desirable invest.
s talk it over and see
t will appeal to you.
d Estate Trust
Masonic Temple, Greenwood.
To teach the Broad River school.
;ix or seven month, at a salary v
$40 per month. Will receive applica
Ions until July 1.
B. M. Suber.
id that ever gets a start
ie beaten path of regular
-ay of getting on your feet
s ahead. It will open the
your savings work too.:
rry, S. C.
s Treats You Right."
. MAYER, J. Y. McFALL,
~rry, S. C.
c each week. You
[ be surprised how
sited gives you a
M. L SPEARMAN,