The Birmingham age-herald., 1916-01-24

A hours when consumption, supply and demand all warranted a rise in the price Cotton ought now to be selling for , cents and would be but for this conspiracy on the New York exchange. Knowing the cotton situation as do, am confident that cotton will sell for Is cents in a short time, and, l be- lieve, 20 cents next June. It would have reached 15 cents already if 1t had not been for this band of con
 spirators operating on the New York cotton exchange. How do they operate? One gentleman tells me it is as fair Tor the bulls as it is for the bears. The bulls buy and boost the market. while the bears sell and depress the market. I said the situation with the bull IS different The bull is not organized; he never goes upon the market unless he believes that conditions in the cot ton trade warrant high prices Mark the expression: Unless conditions in the cotton trade warrant high prices.
 BACKS HIS JUDGMENT
 When he knows the situation in the cotton belt where 1t is produced, and knows about the supply and about the demand, he backs his judgment and goes upon the exchange to buy. The bear speculators will sell. They are organized. They are there to depress the price, Who do they represent? They represent certain New England and Flu ropan spinners. How do they periorm on the exchange? The bull says, "l am going to buy; the crop is the small est in: years; the ginners' report is small. and the government estimate or the crop is small; the cotton supply small: demand great" So he goes Tn. It may be that he has few thousand
 dollars but it only takes a l1ttie while to dispose of him. One of these bear conspirators will say, T will sell you 1000 bales at F cents" The bull says. q will take it. Then this fel- low says: q will sell you 5000 more at 12 cents" The buyer says, II Will take that" Now he is about ready to retire from the scene. His ocketbook is getting thin, but the bear says. Il will sell you 5000 more" Then the bull says. CT don't want any more" All right then, says the bear. Then. if
 the bull quits bidding, in little While cotton goes down to II F, and then un- der a bear raid the price breaks to Il cents
 Now, then. suppose these bears break the price to 111a cents and then 10 Il cents. How much have they made :: They have made $2.50 a bale if they break it a half cent, and then cent they have made s a bale: and they win on the
  of spinners in this country and abroad win. because they buy it from the pro- ducer at II cents the next day, TOT that price is wired to the spot mar kets. There is where they rob the farm- Ger coming and going, and the pears rep resent certain spinning interests whiie the bull is not organized and represents nobody but himself
 few years ago a prosecution was l ,ef operating on the New York cotton ex- 1 change. Then it was for conspiracy | to b,1u the market, and, strange to say, one of the men accused then IS now l thought to be in the bear conspiracy And hold to the doctrine, MT. Speaker, I that if we can prosecute bulls Tor put ting up the price we can prosecute bears for putting down the price. (App.ause. ! Here are some letters from New York received by me since l made the charge' i One of them says:
 .I noticed in the New York American an article wherein you are trying to get 1 at the facts in regard to cotton gam blersf and spectators who have been and | who are now in a combine and c.lque ! to depress the price of cotton in order , to take it away from the southern farmer at low figure before running it higher ThatSis in line with what I said before. They want 10 holu tHe plipe uo"h uheii 1 it leaves the farmers hands and gets into theirs.
 1 Again, this New York man says: tN q am in the Wall street district more l or less. every day, and on the day the government report was issued giving the size of the crop. which was small, in deed, there was big combine. so it ap- peared, of cotton gamblers and cotton mill men ready and eager to sell the market lower by thousands and thou sands of bales. regardless of whether the government report was favorable or un- favorable
 Let me read another line or two from the same letter:
 T saw an article published by one cot ton firm the day after the report came