The herald and news. (Newberry S.C.) 1903-1937, February 23, 1912, Page THREE, Image 3
AIKEN SCORES BEARS.
Some Interesting Facts Ab,out Cotton
Manipulation on the Exchanges.
Mr. Hay. Ir. C,airman, i yield 1~
minutes to the gentim,: :r-om Solith
Carolina (Mr. Aiken).
Mr. Aiken. of South Carolina. Mr.
Chairman, soni, time ago I introduc
ed a bill (H. R. 124OS th' purpose of
which is to regulat rrans:'tions on
the produce exchanges of this country.
This bill, if enacted into !aw, will col
fine transactions on the exchanges to
crop products actualy in existence
and ready for d-Elivery, fixing proper
penalties for violations of its provis
ions.
At the same tue I introduced this
bill --July 12, 1911-I knew in a gen
eral way the evils of exchange meth
ods, but their enormity was not known
to me fully until the closing months of
-that y"ear.
Only a few years ago a large per
cent of the lands and homes of South
ern farmers were under mortgage.
Reduced to poverty by the war, the
Southern soldier came home to enlist
in an industrial struggle full of de
privation and little less terrible in its
-effects than the scenes of blood and
carnage through which he had passed.
Cotton, by reason of its climatic
=adaptability and ready market value,
is th-e natural Southern crop, and its
cultivation offered the only hope Lt
the Southern farmer after the War of
Secession. In the history of its de
cline in price to less than half the
c'st of production could be written a
'history of deprivation, suffering, and
even want never before experienced
by a people of like refinement and in
telligence. Northern cotton mills
were reaping a harvest They extend
ed their investments to the South and,
North and South, mill interests flour
shed as never before in the history
of this country. Southern homes were
swept from their owners and convert
-ed into mill profits, and these in turn
placed in new mills. Hardaswasthe
placed in new mills. Hard as was the
struggle with the cotton farmer, it
was not without its beneficial results
in creating new demand for his cot
ton. Though many were driven from
their farms to seek wvork in the mills,I
a bett-er day began to dawn on those
who remained on the farms. Increas
ed manufacturing took cotton more
and more out of -the hands of the spe
culator, and it began to command a
price that gave a profit to the produc.
er. Mortgages, yellow with age, were
lifted from Southern homes, and peace
.and contentment could be read evenI
in the lines of the furrowed brow.
These dark days in our history will
never be reenacted. Our people have
concluded that they are entitled to a
part of the profit of their crop. Tliey
have built warehouses and have so
diversified their crops as to stand the
assault of the cotton gambler, and~ a
few of them, at lea-st, will share the
profit with him and the mill man.
Determined, then, as a few of our
people are, to have a share in the
profit on their cotton, the indignation
they feel toward a lot of cotton gamnb
lers whose market manipulations have
robbed them of millions of dollars'
profit on this crop is not hard to un
derstand. The poorer, the more help-!
1-ess, farmer .has been squeezed out
and forced to part with his crop be
low the cost of production. This has
already been fed to the greedy bear.
Two years ago, when Messrs. Brown
Hayne, Scales and others were charg
ed with maintaining a pool to hold up
the price of cotton, the attorney gen
eral of the United States had them in
dicted before a federal grand ~jury.
And for whose protection? It was
done at the instance of a lot of bear
thieves who had systematically rob
bed Southern planters for more than
30 years. The indictment alleged that
mill men had to pay a fietitious price
for their cotton, and many of them
were forced to shut down. I know
something of the inside history of
that so-called bull pool, and I state
as a_ fact that the idea originated with
a Southern mill president of La
Grange, Ga.; that the details were
worked out at Greenville, in my own
State, and that so-called bull opera
tors were brought in to aid the cotton
manufacturers to uphold the price 01;
raw material against the manipula
tion of a conscienceless band of rob
bers.
As evid-ence that the attorney gen
eral proceeded at the instance of tIN
bear clique on the exchanges, note the
character of the witnesses called.
Without exception they were repre
sentatives of firms who had sold cot
ton heavily in excess of the supply.
And note the further fact that not a
single mill man appears in the list of
witnesses. At the time the so-called
"bull" pool came into existence the
future cotton market was a cent a
pound or more below the spot mark
e t, hel dow bmy the ar gambler.
The dry-goods merchant wanted to
base the price in buying on :he f u are
and not on the spot-cotton market,
and refu.sed to buy except on that
basis. This produc-.d stagnation in
ihe cloth a a:rket, and it was to elimi
nate this featw e :hat mil nen o :
natedl the .o-called pool 'o maintain a
parity between the spot and the fu
:ure n'arket.
But suppose American cotton mills
p*re placed at a s!ight disadvantage
by "bull" support of the market. Can
the attorney general be excused for
protecting even them at the cost of
!uillions to American commerce? When
we consider that the United States
raises 69.9 per cent. of the world's
supply of cotton and consumes only
24.7 per cent. the magnitude of the
injury done to American commerce
and American business by the effort
to d2press the price of cotton is ap
parent. That his act did not reduce
the price of cotton at the time more
than 2 cents per pound is due to the
stubbornness with which Hayne,
Brown, Scales and others bought all
actual cotton offered, instead of ; ac
yepting settlement of margins, which
is a trick of the trade to sell large
luantities of cotton not in existence.
such a decline was confidently antici
pated. A week before Brown and
ayne knew that they were going to
)e prosecuted a "bear" firm, in trying
:o get a certain party to sell the mar
'et said: '
I know something is going to hap
pen that will cause a break is the
market of from 100 to 200 points.
Suppose the break had materialized.
The result would have been, on a
basis of 12,000,000-bale crop and at a
-cent decline, to give foreign spin
ers about $90,000,000 to save about
p20,000,000, ostensibly to American
spinners, really to Wall street gamb
lers. Will the time ever come when
government representatives and of
ficers can see other interests than
those that are centered in New York?
[s the hard-working, respectable citi
:en of the United States to be held up
by the government and fleeced under
its protecting arm?
The enormity of the attorney gener
al's act did not fully appear until the
present crop was brought into sight.
The world's consumption of cotton,
as stated in Bulletin 113, page 23, of
the department of agriculture, is 21,
000,000 bal-es. On the same page we
ind the statement:
It appears probable that 14,500,000
bales of American cotton can be ab
sorbed during the year ending Au
gust 31, 1912.
In other words, the present crop
will barely meet the demand, condi
tions being normal in other cotton
raising countries. But conditions are
not normal in other cotton raising
counties.
In India, for instance, the crop is
conceded to be short about 1,500,000
bales, and we have heard nothing of
a large crop in any other part of the
world. We raise, as heretofore stated,
approximately 7) per cent. and this
represents say 15,000,000 bales. The
other cotton-producing countries raise
30 per, cent. or 6,400,000 -bales. The
total, then, will be 21,400,000 bales as
against a consumption of 21,000,000.
Rut India, as stated, is 1,300,000 bales
short, which, taken from the total sup
ply, would seem to indicate a short
age in the world's supply of the crop
of something like 1,100,000 bales of
cotton. We ne.ed 21,000,000 bales of
cotton, we have only 19,900,000 bales
with which to supply them. In the
Face of these facts cotton has been
.ammered down to 8 cents per pound,
2 cents below the cost of production,
by a merciless set of vampires.
Meaning no disrespect, but in crit
icism of the narrowness of the at
torney general's view and the short
sightedness of his policy, I charge
that he, more than all other combined
agencies is r-esponsible for this condi
tion. His prosecution of the so-call
ed bull element of the exchange has
driven out competition and made the
market a one-sided affair. No single
operator can affect prices on the ex
change; and no sane "bull" operator
would enter a combination while he
or his fellows were under prosecutior
by the federal courts charged with
this very offense. The& "bears" may
combine at will, but for the "bulls" tc
combine is in restraint of trade, is at
affront to the gentlemen of Wal]
street, and proper cause for govern
ment intervention. What a spectacle!
Mr. Chairman, if the attorney gen
eral concludes finally that he can noi
proceed against "bull" operators, I
believe a committee of congress should
make investigation of exchange meth
ods. If it is a fact that millions 01
bales of cotton are sold annually or
the exchange that never had and were
never intended to have existence
thereby abnormally depressing its
price, then the evil should be eradicat
(CONTINTTED ON PAGE 6).
LIVE OAK, PERRY can
AND GULF RAILROAD a
acre
hold
OFFE RS FARMS OF 40 TO 160 If
.t RES .11ONG ITS LINE FREE tell
OF COST ON UNUSUALLY
LIBER.I L .AND EASY ,
ey r
CONDITIONS. tion
thes,
General Offices at Live Oak, Fla. abou
lette
The .ive Oak. Perry & Gulf rail-; and
r_ad. popularly known as the "Suwan- Com
::ee River Route," traverses one of al O
the richest, most productive and heal- R., I
thiest sections of Florida, starting at
Liv. Oak and continuing westerly
through Dowling Park, Perry and
Hampton Springs, to a point near the
Gulf of Mexico, with a branch to Al
ton. Live Oak is one of the best lit- ROE
tie business cities in Florida, with a
population of about 5,000, is 70 miles
west of Jacksonville and about 25
miles south of the Georgia State Une,
is a junction point for the Seaboard
Air Line, the Atlantic Coast Line, the
Live Oak, Perry & Gulf and the Flor
ida railway and is the county seat for Sou
Suwannee county.
The section of Florida served by
the Live Oak, Perry & Gulf railroad
is the heaviest timbered section of the Ti
State, and lumbering and allied ill-i
dustries are being developed in a big 30, 1
way in the several rapidly growing 31, 1
towns along its line. This means
unusually good openings for all cl"ss- to s
es. These heavily timbered lands are cail
also, naturally, the richest agricultur
al lands and it is these lands that the i
railroad desires to settle with goo.d
hardworking progressive peopl 3 as,
fast as the lands are released by the J L
operations of the big lumber milling
companies.
Suwannee county, lying as i- dut,s
between the Atlantic ocean and the
Gulf of Mexico, with the never failing
cool summer breezes from east to
west, has a climate as cool in summer
as in the north and yet ideally perfect
in winter, and with ample fall for
drainage and an altndance of pure
drinking water, Suwannee county is
an especially healthy spot. A rainfall
of over 50 inches per annum makes
crops as certain as possible.
For the purpose of encouraging set-'
ters to immediately occupy and cul
tivate all the unoccupied lands in Su-,
wannee county and thereby material
ly increasing the tonnage and earn
ings of our railroad, we have succeed
ed in inducing the several big lumbeff
companies on our line, who are o"wn
ers of large tracts of agricultural and
timber land, to let us have 25,000
acres of the best agricultural, lands ~i
Iin Suwannee county, to be put on the was
market to actual settlers. We abso- Ecz
lutely exclude speculators who wish thr
to buy more than 320 acres, while to i
the actual settlers we offer land prac-1 wla
tically regardless of prices or tprms. zem
Idise
In fact, on ridiculously easy condi-~ whe
tosto reliable people, we will fur- seer
nish from 40 to 160 acres absolutely pr
free of one dollar's cost, on a plan Iedy.
much easier than land ever could have bot
been obtained even under the govern- ant
ment homestead law. And, it will be Iing.
remembered that millions of acres
that were first acquired from the gov
ernent without cost are now worth'
from $50.00 to $200.00 per acre. Thej
owners of these Suwannee county
lands have consented to our opening :
Ithem for immediate settlement on our
hertofore nnheard of liberal terms
and conditions, only because . they
know such settlenment will greatly en
hance, the value of the quarter of a
million acres they have yet to put on I
the market. bru
Just imagine-thest lands are locat- Pin
ed right along our line of railroad; in t
some ad joining. townsites, some nlot a hi
far from our local metropolis, Live ing
Oak, and none of them more than four con
miles from railway service; close to othi
good schools, churches, markets, he~
neighbors and only about three hours pinl
ride to the great city ::f Tacksonville ;
with its seaport markets to the world. skir
These are the best lands in the StatePi
of Florida for the raising - of cjrn, Do2
cane, long staple cotton, upland rice, ias i
all kinds of hay and fodder, cowpeas, a
velvet beans, cassava, peanuts, pota- t
toes (both sweet a.nd Irish) vegeta- hori
bles of all kinds, fruits, nuts, cattle, on
hogs, mules and horses; while the su
conditions for poultry raising, bee cidt
Ikeeping and dairying are ideal. We a
hope within another' two years to see '
ISuwannee county wvell settled and all
under cultivation--a veritable garden C
spot-and lands selling at $100.00 per tod
acres and upwards. But, for the pres- tO
ent, our railroad needs more settlers dru
and more tonnage; therefore, prices
and terms on these lands are no ob
ject. In short, if you can convince us
that you are capable of farming from
40 to 320 acres and that you could, if!
necessary, come to Florida with a
cash working capital of $500.00 or ov- N
er preer,a $1000.0 orn more, you S-Tr
on the easiest conditions imagi
e secure through us, without one
tr's cost a farm of from 40 to 160
s under warranty deed to farm,
sell or do with as you wish.
interested, we would b-a glad to
you all about this country, our
s, the opportunities here for mon
aaking, and especially the condi
by which you may have one of
e farms free of cost. To learn all
[t it, write on a post card or in a
r, simply "Mail me particular,"
address John H. Mulholland, Land
missioner, Room No. 540 Gener
ffices, Live Oak, Perry & Gulf R.
ive Oak, Fla.
ND TRIP WINTER TOURIST
FARES
NOW IN EFFECT
--na
THERN RAILWAY-"PREIIER
CARRIER OF THE SOUTH."
ekets on sale daily including April
912, with final limit returning May
912. For complete information as
:hedule, sleeping car service, etc.,
on aearest Southern Railway
it agent, or
F. L. Jenkins, T. P. A.,
Augusta, Ga.
Meek, A. G. P. A.,
Atlanta, Ga.
IV
-m a sa htnwteei
sinoIhtEzeaadta a
e year ago.
was Prasaed oher fae,"ies i
alleful sofpimles .and isars, bud
n using Dit D. D. Prscrption fr
.a can sayrthhe nowmplexion.
sign mi of th Ecemonderfultrem
e years also."v o - ulsz
yle ski$.0 n tourbl te guar
e tht in ofi her rms of Ec-l
G. Poisld oter eris. si
ICHA -asesytp h tch isantly and
i sead ihore. soallh cures.
he D.horte coposilei. As
ralin botteiset teinohth
in te merit o th madrku e-I
tain so gupive, alcohl sor
leo balm0 fo ohe abslt ofuthe
he tht ih orsosvery frtbtl al
iw oundlefi will cospoundot
thm eBmtteetrof allm
ineaasl Oein veys
2ep aher icn bin cuts bums,
iest anmdy sor the simll kinds.
eauatss thmppe tohale
ortesilblytme.A
15c,i50 anetc there isth.
iret abl from thehert ofugit
Vae.ef sligt or saeins ey'r
r woun will n l sond 25c
tlea erit th oenr of yor
ggistslo namison
ineacura sholdmedineveryo
W. moen' notiE.Itith
wnis that hape to c ilent h
.t ea bttl rom you druggi.
Saves Expe
T WAS NECESSAR'
have a personal talk w
city. The journey w
with several important e
that day.
He used the Long Di
had a satisfactory talk wit]
was able to keep all his en
The Long Distance B
the efficiency of business m
needs. It can serve you
and economy.
By the way, hac
SOUTHERN
AND TELEG
'D SAND
HIGHEST MAE
FOR RAW F1
Wool on Commiss
list mentioning thi
Establish
JOHN WHiTE&C CO. Lsbietwn
EWBERRY OPERA , HOUSE FORB'
RENT.
The City Council of Newberry, S. C.,
nvites sealed bids for the lease of the
'ewberry opera house for a term of
hree (3) years, beginning April 25,
912. House has a seating capacity of
i0. Only theatre in Newberry county.
own has population of 6,000. Dids
ust be filed prior to April 1, 1912.
ent to be paid monthly in advance.
11 bids to be accompanied by a certi
ed check for $50, as evidence of good
ith. Checks will be returned to uu
ccessful biddiers. Successful bidder
-ill be required to give surety bond
or five hundred ($500) dollars to~
narantee performance of conditions
f lease. Right reserved to re.iect any
nd all bids. For further information,
ddress, and file bids with Jno. R.
~curry, C'.erk and Treasurer, New
erry, S. C. 1-19-tf
SOUTHERN RAILWAY.L
chedules Effective December 3, 1911.
Arrivals and Departures New
berry, S. C.t
r
(N. B.-These schedule figures are
hown as information only and, are not1
uaranteed.)
8:51 a. m.-No. 15, daily from Co
lumbia to Greenville. Pullman
sleeping car ~between Charleston
and Greenville.,
.1:50 a. m.-No. 18, daily, from Green
yille to Columbia. Arrives Colum
bia 1:35 p. mn., Augusta 8:35 p. mn.
Charleston 8:15 p. m.
2:45 p. m.-No. 17, daily, from Colum
bia to Greenville.
c 05 p. m.-No. 16, daily, from~ Green- 2
ville to Columbia. Pullman sleep- a
ing car Greenville to .Charleston.
Arrives Charleston 8:15 a. mn. Ar
rive Savannah 4:15 a. mn. Jack-I
sonville 8:30 a. m.
Four further information call on a
cket agents, or E. H. Coapmnan, V. P.
G. M., Washington, D. C.; J. L. I
.eek, A. G. P. A., Atlanta, Ga., or F. 9
.. Jenkins, T. P. A., Augusta, Ga. S
'olumba, Newberry & Laurens I. B. I
L
Schedule in effect October 6, 1910.
;ubject to change withiout notice.
hedules indicated dere not guaran-,
A. C. L. 52. 5. A
s. Charleston.. ... 6.0am 10.00pmr
.v. Sumter.. .. ....9.4am 6.20pm
C., N. &L. A
s. Colu:nbia.... ..11.5amn 4.55pr
.v. Prosperity. .12.42pmn 3.34pnm
v. Newberry.. .. .12.56pm 3.20pnm
~.v. Clinton.... .. ..1.5pm 2.35pm
Iv. Laurens.. ..... 2.35pmn 2. 12pxr
C. &W.C0- a
r. Greenville. . .. 4.00pm3 12.20pm~
r. Spartanburg. ,.. 4.05pm 12.20pm G
S. A.L c
tr. Abbeville .... 3.55pm 1.02pm ta
r. Greenwood .. 3.27pm 1.33pm
.r. Athens.... .... 6.pm 10.3Oam
r. Atlanta...... .8.45pm 8.00am
A.C.L. 54. 55. J
"-"
0v
" o
0
o i
isive Trips
' for the Attorney to
ith a client in a distant
uld seriously interfere
igagements made for
tance Bell Telephone,
i his distant client and
agements at home.
ell Telephone increases
m who adapt it to their
with equal satisfaction
'e you a Bell Telephone?
BELL TELEPHONE
RAPH COMPANY
KET PRICE PAID
IRS AND HIDES
on. Write for price.
s ad.
A 1887
.LE,KY.
Wood's Seeds
For 1912.
Our New Descriptive Catalog
is fully up-to-date, and tells all
about the best
Garden and
*Farm Seeds.
Every farmer and gardener
should have a copy of this cata
log, which has long been recog
nized as a standard authority,
for the full and complete infor-.
mation which it gives.
,We are headquarters for
Grass and Clover Seeds, Seed
Potatoes, Seed Oats, Cow Peas,
Soja Beans and all Farm Seeds..
Wood's Descriptive Catalog miled
free on request. Write for it.
T. W. WOOD G& SONS,
-Seedsmen, - RlchmOnld,V.
VlLLIAMS' KIDNEY PILLS.
have you ovrkd your nervous sy
eys and bla.dder? Have yrou pains in
,ns. side. back and bladder? Have you
flabby appearance of the face, and n
er the eyes? A frequent desire to pass
rine? If so. Williams' Kidney Pills will
vre you-Druggist, Price 50c.
VLLA' MFG. CO.. Props., Cleveland,Ohi@
WI!. E. PELHAM & SON.
INDIGESTION
Eiier and Bladder Troubles and
Nervous Debility Yield Readily
Jand Quickly to Treatmneutwith
lAGGARD'S SPECIFIC TABLETS
"A SURE CURE"
aggard specific Co.. Atlanta, Ga.
estion adhve fondthem to lejs what o
laim for them. I have tried several remedies, u
inoteareienl ed ulets.
ucf os".* H.|RN.M.D,
EAGGA2RD'S SPECIFIC TABLETS wBi pat
your wasted tise an put new life.,i
amhe lls f se,ti eeywlslelt
ur sufferns Tya boxat ourrlk Ifl
at benefit you, your manqr wil be beedds
od by
rm. E. Pelham & Son, Newberry, S. C.
v. Prosperity... .. 6.26pm 9.50am
'.. Newberry.. .... 6.44pm 9.32am
v. Clinton.. ....... 7.35pm 8.44am
v. Laurens..,. ...7.55pm 8.20am
C. & W. C.
r. Greenville. . . ,. 9 '0pm 7.O'Jam
S 4. L.
SGreen wooca.. .2.28am 2.38am
r: Abbeville.... ....;6am 2 08nare
r. Athens.. .... .. 5.94am 11.59pm
r. Atlanta.. .. ...7.15am 9.55pm
Nos. 52 and 53 arrive ani depart
omn Union Station. Columbia,'daily,
ad run through between Charleston
id Greenville.
Nos. 54 and 6t arrive and depart
ervais street, .ColumMb'.
pt Sunday, and run through be
reen Columbia and Greenville.
For information ask agents or write
W. .T. Craig, P. T. U..
Wilmington, N. C.
F. Livingstoni, S A.,
nalmba.a.C a'3