Yorkville enquirer. [volume] (Yorkville, S.C.) 1855-2006, 1911-08-15
WHY THE DETERMINATIONS
Looks Like Government Is On the Side
of the Bears.

Discussing the recent aid given to
cotton bears by an unprecedented ad-
vance estimate Of the size Of the cot
ton crop credited to a government bu-
reau, the Philadelphia North Ameri-
can recalls the indictment by the gov
ernment of leaders in the bull move,
ment of year ago, and points out
that the belief upon which the bulls
acted-that the cotton production for
1910 would be short Of the quantity
needed for the worlds annual con-
sumption-was verified by the census
report a few weeks ago. The Phila-
delphia newspaper refers to an inter-
view Of Senator Smith Of South Caro-
lima, in which the latter, objecting to
the unprecedented estimate, was quot
ed as follows:
This guess carried with it official
sanction, official weight, and was
therefore calculated to have vastly
more effect upon the market than any
private guess could have, said Mr..
Smith. He told Of an interview with
Secretary Wilson, who admitted that
tn act was illegal, and promised that
1t would not occur again. The secre-
tary said the estimate was without his
knowledge or consent, and without
sanction of law, said Mr.. Smith. On
account of the many influences that
are likely to occur in affecting the
final yield Of the crop, he said 1t was
foolishnesS for anyone to attempt to
forecast the yield at this date. He said
that if this estimate had been given
out by one of his bureaus, 1t was the
first and last time it would occur.
The North American wants to know
why there are not now indictments OF
the bears, and it says:
Had the Wall street combination
that, with the aid Of the government
estimate for which Secretary Wilson
refuses to stand sponsor, broke the
market price $40 a bale this week been
enabled to do the same thing at the
desired time last year it would have
meant taking $130,000,000 out Of the
pockets of southern frmers and less
ening Americn credit in Europe ap-
proximately $75,000,000. Therefore, we
are curious to learn whether 1t is the
administration policy in such matters,
as well as in reciprocity, to oppose
only such actions as tend to increase
the earnings Of the farmer.
If the North American will study de-
velopments of the past ten or twelve
years, it cannot, we believe, fail to be
impressed with the singular tendency
on the part of more than one bureau
misfortune at the psychologist moment
awaited by the Wall Street cotton
bears to issue reports calculated to be
of advantage to the bears. This singu-
lar manifestation has been noted al
most uniformly at times when the nat
ural conditions promised good prices
for cotton, taking the form, sometimes
of most optimistic views as to condl-
tion based upon guesses, but usually
appearing i'm elaborate eXpositlons
from abroad of the efforts of foreign
textile interests to raise cotton in COM
petition with the southern crop. The
latter habit has become so confirmed at
Washington that one may usually eX-
pect such eXpositions circulated from
Washington within a fortnight of a
rise in the price of cotton in this coun-
try.
1t is impossible, of course to discOV-
er or to analyZe the origins OF such un-
fortunate manifestations, but the sit
uation suggests the Improperly, no
matter how good intentions may be,
of such coincidental participation by
the government in betting upon the
size of the cotton crop or attempting
to bluff one way or another, as well as
the possible injury done the country by
governmental estimates OF any KIND
Eased largely upon guesswork.-
ufacturers Record.