The watchman and southron. [volume] (Sumter, S.C.) 1881-1930, 1916-03-01
URGE PROBE OF BEARS.
SOUTHERN CONGRESsNIEN PLAN
FOR INQUIRY.
Allcgc Combination to Deprcss Price
OF COtton and Demand Investigation
Of Campaign.


Of Campaign.
Washington. Feb. 24.--Democrats of
the house from the cotton growing
States held conference at the house
Office building tonight and determined
to urge congress to investigate the
New York cotton exchange to ascer-
tain whether there Is O bear conspir-
acy to depress the price of cotton. It
also was agreed to propose a bill fur
ther to regulate cotton exchanges.
The conference adopted resolu-
tion charging that the New York cot
ton exchange had defrauded the pro-
ducers of cotton out of millions of
dollars on the crop of 1916 by unfair
manipulation of prices" and author
izins the chairman. Representative
Helm Of Alabama, to appoint a COM
mittee to draft and introduce in con-
gross resolution calling for IAN i'm
mediate. full and complete investiga-
tion Of the New York cotton ex-
change"
This committee is to be composed
OF one representative in congress from
each Of the cotton States,
The committee also IL to draft bill
for additional regulation of the cotton
exchanges Of the United States and
to submit to the next meeting Of the
conference when called for that pur-
pose by the chairman.
The text Of the resolution follows:
Where's tho New York cotton ex-
|chanse hais been manipulated 90 as to
depress the cotton market a, = pres
ent' prices warranted by supply and
demand: and,
where's said exchange has de-
pressed the price Of the future con-
tract so as to keep It below the price
OF cotton In the spot markets Of the
South. and.
| whereas such price Juggling and
manipulation discloses crooked deal.
Iings and unfair methods in influence
ing cotton prices. and. Is.
Whereas by the unfair manipu-
lation Of prices said exchange has
defrauded the producers Of cotton out
Of millions Of dollars On the crop OF
1915. and. ~
Whereas the belief exists amSnl
producers Of cotton and others on,
gagged in the cotton business that
there v q hear conspiracy among Ger.
tam spscuiators on the New York
cotton exchange to depress and hold
down the rrice. Of cotton. and. rs,
Whereas the necessity exists 70,
further and better regulation of cot.
ton EXCHANGES 30 as to connne future
dealings to fair and legitimate specu.
lation,
Therefore. be 1t resolved. That the
chairman Of this convention be and
he IL hereby authorised and requisite ed
to appoint committee to be com.
posed Of one. representative in con.
gress from each Of the cotton growing
States to draft and introduce into con-
sress resolution calling for an i'm
mediate. full aud complete investi-
cation Of tho New York cotton ex-
change and.
. =
BE II further resolved. That 1t shall
be the duty of said committee to draft
q bill for the further regulation OF
the cotton exchanges OF the United
States and to report the same to this
convention when 1t shall be called
for that purpose by the chairman"
Tonight's conference was called ut
the instance of Representative Heflin
who wrote letters to the governors
and commissioners Of agriculture of
the cotton growing States urging them
to present their views as to regula-
tion OF the cotton exchanges of tho
country. He also set forth that COM
plant had been made to the attorney
general by three members Of the
house committee on agriculture that
there was a conspiracy among opera
tors on the New York cotton ex-
change to hold down the price Of
cotton.
Poultry Epof1inD