The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1910-04-27
WICKERSHAM'S COTTON CASES
Unprecedented Action of Government
Was Feature of Week.

New York, April 22.-April, 1910,
Will be long remembered as the
month in which an unprecedented
| action was taken by the Federal au-
thorities as to cotton speculation and
prices. A Federal grand jury during
the week has subpoenaed Messrs.
Brown, Hayne and other members Of
the so-called bull clique to practical
ly show cause why they should not
be indicted for alleged violation of
the provisions of the Sherman act,
dealing with restraint of trade. Many
prominent members Of the cotton
trade have been subpoenaed to give
testimony. Feeling has run high
The bulls claim their opponents in
stigatsd the government action and
look upon the proceedings as an at
tempt at "welching." Those who up
hold the governments action say
thatb y Illegal contracts with bulls by
the mills, trade has been tied up,
many mills forced to curtail and
many hundreds Of operatives thrown
out Of employment. The effect Of this
bombshell was at first a sudden de-
cline Of about $3.50 a bale in the
May option but this has since been
recovered.
Cotton exchange seats, however,
have fallen off $4,000. the latest sale
being at $4,000. Some fear that the
validity Of the New York contract
may be affected by the proceedings
whatever may be the issue, especial
ly should the bulls be indicted. It
is supposed by many to be in the
main a fight between New Orleans
and Chicago bulls against we'll known
New York and Philadelphia spot in
terests and their following. Mean
time large quantities of cotton are ar
irving from Liverpool, apparently
brought here to fight the May deal
Bears claim that these importations
are without loss. Bulls, including Mr..
Patten, assert that they mean a loss
of 81 or more bale.
Bulls contend that there is no cor
ner because the May option here is
practically lower than the price of
spot cotton at New Orleans. They
want to know why all spot dealers
and planters at the South are nor in
dicted for holding cotton at prices
relatively above those ruling at New
York and say that high prices are
due to the small crop last season.
Meantime the crop news is in the
main favorable. Recent rains in the
Southwest were very beneficial for
the coming season. The acreage, 1t
is believed, will be greatly increased.
Dry goods are quiet. So is the spot
cotton at the South.
Speculation has received a blow.
Prices are still very much higher
than last year. Bears think there will
be cotton enough. New York, Chi
cago, Liverpool and the South have
sold here to a greater or less extent.
Bulls. however, have sustained prices
from time to time. Large spot inter-
cts have been reported buyers of May
and July. Utica, N. Y, mills now are
running on full time. Frost has de-
layed planting or caused some re-
planting, 1t is said, in parts Of the
Southwest Manchester sent cheerful
reports in regard to it's trade Some
spot dealers at the South unable to
fill their contracts owing to ruling
high prices, have announced their
suspension. Covering in New York
against these failures has caused
brief rallies Taking the week as a
whole the net changes are trif1ing,
however. Everybody is awaiting the
issue Of the governments action, and
meantime the trading is light.