The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1911-11-18
V|cKERsnln's IGNORANCE.
KNOWS ONLY BULL METHODS IN
COTTON DEALINGS.

Attorney General Replies To Letter
Of Congressman Aiken, Who In
asts That These Seeking to De-
prcss Pricc Of Cotton. He Prose-
cutcd, as Well as Bulls Now Under
Indicsment-wickcrsh Asks for
Information CONCERNING the 'sBcar
Pool"
Washington. Nov. 13.-Responding
90 = request made by Representative
Wyatt Aiken. OF South Carolina, thai
the Federal Government undertake
the prosecution OF bears" who It Is
altered are engoged In depressing
the price OF cotton to the financial
detrfment OF Southern producers.
Attorney General .wickersham ad-
mifs that he does not understand the
workings OF q bear pool" OF how
such q combination could operate In
restraint Of commerce.
In correspondence made public to-
day. II 10 stated by the Attorney
General that he has no tangible ev-
idence Of the existence of any such
pool and requests Mr.. Aiken 10 fur
MIN him information.
The governments counsel. In con-
nection with corners. Mr.. Wicker
sham intimated. would be COVE ned
largely by the decision Of the su-
prone court In the pending case
against the alleged bulls" charged
with cornering the market to In
crsase It's price.
Nr. Aiken declares that v the
government had the legal right to
proceed against q combination OF
SPECTATORS whose purpose was to
ferce up the price Of cotton. 1t has
the sarne legal right to prosecute a
combination seeking to depress the
price Of the same commodity.
1T is certain" he added. "that
the bear pressure on Wall street has
forced decline Of fully three cents
Per pound In the future market.
thereby robbing the South of approx
fmatsiy 100000. 900 and giving II to
foreign spinnera This decline has
been brought about by the bear ele-
ment overselling the market. publish
ing false statements and com moinins
90 keep buyers out OF the market"
The Attorney General agrees with
Mr.. Aiken an to the general PROPOSE
tton. that II cornering a product to
increase price is illegal similar corner
ing 20 depress the market is like
wise Illegal.
Following are the letters Of Rep
ressntative Aiken to Mr.. wickersham
and the latter's reply.
Mr.. Aiken Letter.
The Hon- Geo. w. wickersham,
Attorney General Washington. d. c.
--I,esr Sir: 4 notice that the case
against the Wall street bulls
charging them with cornering cot
ton. n still In the court. and assume
that you will push the prosecution
60 q conclusion
While I do not concur In the oplna
jcn that II was the proper function
~ tho government to interfere with
the enhanced value OF commodity
that meant so much for the wealth
OF this country. assume that you
cen Justify the prosecution legally.
IL then. the government had a le-
gal right to proceed against a com.
bination OF suecplators whose pur-
pose was to force up the price OF
cotton. 1t follows that Il has the
same legal right to proceed against
combination whose purpose Is TO
force down the price OF the some
commodity.
OF the American cotton crop. up
proximately one-half Is sold in for.
eign markets A decline OF two
cents per pound means the loss to
this country OF about 10000, 900
and to the Southern farmer of abon,
e12o.0oo.o0O. 1t Is certain that the
bear pressure on Wall street has
Forced a decline OF fully three cents
per pound I'm the present market
thereby robbing the South Of ap-
proximately s1O5,oOO.OOO and giving
IL To foreign spinners. This declinc
has been brought a' out by the bear
element overselling the market. pub
fishing false and misleading state
ments. and combining to keep buy
srs out Of the market. With no cx-
fensive knowledge OF the exchange
methods think II safe To- say that n