! 
HEARINGS BEFORE COMMITTEE ON AGRICULTURE. 189 
Mr. Covitix. No, sir. 
Mr. Henry. What kind of a reply, if it is allowable, did you make 
to that letter which you have read? 
Mr. Covitie. That letter I did not reply to myself; the reply was 
written by Mr. Cook, but the general reply we make to such letters 
is, that we advise these gentlemen to look into it with a great deal of 
care; that these rubber companies are often deceiving themselves in 
the probable return from their investments, and we suggest that they 
go into the matter with circumspection. 
Mr. Henry. We have been beset with these kinds of propositions, 
and I think that tens of thousands of dollars have been invested in these 
Central American plantations. If you recall the fact, I asked you 
these questions. Have you anything to add to what you said then? 
Mr. Covitir. A little to add. We have been investigating the 
rubber plantations of Central America, and, incidentally, we have 
producted authenticate information about the question of rubber cul- 
ture in these countries—information which is, we believe, very useful 
to our people. This information is being published in the form of 
books 
Mr. Henry. I want to say I have sent marked copies of the last 
report to people that have inquired of me in regard to it. 
r. CovitLE. Millions of dollars are being invested in tropical 
agricultural enterprises which will never be returned to people who 
are making the investments. Some of the investments will make good 
returns. 
Mr. Henry. Do you think there is a possibility of any of these 
enterprises in Central America realizing anything? 
Mr. Covitir. Yes. Many of those that will be moderately suc- 
cessful and give returns which will be small. It is a general proposi- 
tion that if a company knows definitely that it is going to make certain 
returns, if it is convinced it is going to make those returns, it does 
not have to float stock and sell it to retired clergymen through the 
United States in order to raise funds. 
Mr. Bowrs. That is the thing that condemns them all. There is 
plenty of money for that sort of business if it is genuine. 
Mr. Covittz. Why should a company desire to distribute its profits 
to citizens throughout the United States instead of putting the profits 
in its own pockets? 
Mr. Henry. They make the most alluring propositions, much more 
so than this clergyman reports here. 
Mr. Bowrsr. Do you think some of those things come within the 
provisions of the fraud law of the Post-Office Department? 
Mr. Covititx. We have called the attention of the Post-Office 
Department to one case, but I have not seen any published account of 
how they treated it, and they have not notified us. 
Mr. Hewry. Is it not true that it is done by personal solicitations 
instead of by mail? 
Mr. Covitte. Many of the prospectuses are full of misstatements. 
It is astonishing what misstatements will be made in regard to some of 
the companies. I would like to show you information we arc secur- 
ing in regard to these rubber plants. The information we are now 
publishing is the best information we have ever published [showing 
photographs to the committee]. ; 
I do not know, Mr. Chairman, if you care to take up the question 
