The Marlboro democrat. [volume] (Bennettsville, S.C.) 1882-1908, 1905-07-21
MILLIONS LOST
Il: Cotton Stea! by Investors II
All Parts of the
NORTH AND SOUTH.
Not Only Were the Reports Given On
In Advance, but They We're Juggied
With So AS to Make Any Kind
OF Market. What q New
York Broker Says.

oil Market. what q New
York Broker Says.
millions of dollars have been lost
by men who can be regarded In no
sense as spectators or gamblers,
through the Inishandled, doctored Gov
eminent reports that were framed up
In Washington by one crooked clerk,
in order to make half a million dollars
for an obscure cotton operator In New
York, and less than a hundred thOl-
sand dollars for himself"
This statement was made to a Re-
porter of the New York American last
week by q New York cotton broker
who has been hit badly ct times In the
past, through the weird crop reports
that have been issued by the United
States Agricultural Department., and
his declaration was corrobOrated by
several others gathered in a corner Of
the Waldorf.Astori cafe Wednesday
night, discussing the sensational scan
dial In Washington.
"These crop reports. especially those
dealing with cotton, have always been
used by growers and manufacturers, as
as we'll as by spectators, as the basis
for their transactions, " he continued.
''They have always been regarded by
the planters as above suspicion, and
each report has always established the
price Of the white staple approximate
ly for the month following.
1T Is now known that these prices
were as false as the reports themselves,
and the cotton growers Of the South
have been made the victims Of this
gang Of sharpers for two years through
the fundamentally Of q department
intended solely to advance the inter.
ests Of the planters.
Deaths and suicides, as we'll as the
loss Of great fortunes, have followed
the operations Of Edwin S. Holmes,
the Agricultural Department clerk,
and the coterie Of gamblers Of whom
he was the tool.
1T has been shown that he delib.
erately changed the actual figures In
the Government reports and made the
cotton market the plaything Of these
gamblers, playing with loaded dice,
who not only knew in advance what
the reports would say, but caused
Holmes to juggle the figures In the re-
ports so as to make them say what
they wanted said, and led to the down
fall Of some Of the strongest cotton
houses In the country"
The effect Of the revelations in con-
nection with this scandal will be Of
the most unpleasant sort. The Govern
ment spends $500, 600 a year collecting
h statistics, and the declaration that
hereafter they Will be safeguar&ea r.
a to make leaks impossible Is
regarded In Wall Street as a lest.
Strong commercial Influences will
be brought to bear upon the President
to order the prosecution of Holmes.
Tie Southern Cotton growers Asso
citation Is preparing a case for crimi.
nal action and will demand that It be
submitted to the Grand Jury.
Tnatn no attempt has been made to
prosecute Edwin S. Holmes, the clerk
responsible for the leak in the cotton
reports, Is regarded as incomprehensi.
BILE In New York, unless there Is an
underlying explanation based upon an
effort to save some other official with
a stronger political pull.
1t Is now known that the cotton re-.
port Of last Monday was the first that
has been given out in that city In two
years that was not anticipated there
by some one In collision with the au.
thorities at Washington.
1t Is also known that these ad rance
advices regarding not only cotton re-
ports, but wheat, corn and other crop
reports, went to a number Of opera.
tors in New York.
There are at least six decoy ''inves-
tigating Departmental in Wall Street
That never investigate, and which have
been established as blinds in order to
make 1t possible for the men in touch
with Holmes and clerks of his ilk to
give a semblance Of responsibility to
their operations.
Whenever they have hit the market
JUST right, they announce that their
agents throughout the entire South
have sent them In reports which have
tailed exactly with those Of the Gov.
ernment, even when, as now known.
tne Government reports have been
doctored to favor a bear or a bull mar.
ket.
1t Is known that las5 Mondays re.
port was not tempered with, and 1t Is
'S:.ertain that no advance information
2 egarding It's contents reached New
York before noon.
. AS a result the cotton market Jump.
ED 100 points In five minutes.
~ Something Of technical KNOWLEDGE Is
ftequired to understand this phase OF
dealing In the cotton market. Each
month the Agricultural Department
sends out its report showing the acre.
age of the cotton crop and its condi.
tion. This latter Is based upon 100 as
o full crop. Acreage and crop condi.
tion taken together fix the price OF
cotton In speculation, and any altera-
tion In these figures can be made OF
great value to a crooked operator in
the cotton market.
The June report was cooked" moro
daringly than any report In years.
The actual crop condition was rs. 1t
was made to appear in the report
77,2.
The acreage was about 124 below
the normal, and was made to appear
much less.
These statements IA the Govern.
ment report would tend to show a
greater production OF cotton than
would be shown by the correct tabula.
tion Of tho agents figures, and was in
tended to make a bear market.
When the ,Julv renort carr OFF A.