The farmer and mechanic. [volume] (Raleigh, N.C.) 18??-19??, 1900-01-09

done everything III our power TO
mn the actual facts Of the situation be
fore the cotton world. In the opinion
of many the advance which has oc-
cnrred has been largely attributable 10
the recognition which our work has pro-
cured for the facts Of the situation. On
November 9th. 1899. March contracts
sold in New York At ia. at the same
January and February contracts
sold in Liverpool at Io3. On Tuesday.
the ond.p January. March contracts SIT
in New York at 80. while January
February contracts in Liverpool sold II
% 1t will thus be seen that despite
the fast that during the month Of De
eember the crop movements nad been
smaller than even the most >angulne bulls
au1icipated-the New fork market was
II points lower. while the Liverpool
market was ut the top price OF he sea
son. The action Of the market. viewed
in the light Of the record. convinced us
that its position speculatively. was lack
ing in strength and that it was what Is
technically known as an "oSer-oouSnt
market. In addition we received about
this time the final reports Of some hve
gentlemen, EXPERT observers. whom We
l3Q tllIapNSi uuIlie Ait iFtAit -
cenber 10 travel throughout the cotton
States. These gentlemen were assigned
as follows: TO one was given the states
of South Carolina and Georgia. 10 an
other Alabama and Mississippi. to Il third
Texas and south of the Texas paclilc
road. to a fourth Louisiana, north of n
line drawn from Alexandria 10 ShreVe-
port and Texas. north of Texas Pacific
road. to a fifth Arkansas and the ndIan
Territory. Our letter Of instructions in
connection with this Investigation was
as follows:
December 8. 1899.
I'VE beg to confirm the arrangements
under whic we have employed You for
= period Of not less than two weeks and
rs much longer as in Your opinion may
be necessary fof the purposes in view,
at a salary of $ per week and neceS-
sary travelling expenses, TO proceed to
the States of -, and there as far as
may be practicable make a V OF
the amounted towns with Il view OF
ascertaining whether there has been held
back. either for speculative or other rea-
sons, an abnormal quantity Of cotton, or
whether the crop has been marketed
with normal and average report We
desire this investigation made in the
ltS tuo olSn Ii sHItt sN4itA w
obliged if you will furnish as far as YOU
can obtain them with figures that will be
in their essence accurate, comparison
etwee the number of bales held this
time last year and in previous years, and
the number of bales now held. We de-
sire that you will also ascertain as far as
possible whether picking is completely
finished or whether there is any top crop
making or made and also whether the
farmers have sold cotton as they have
made or holding on farms and whether
where cotton is held. 1T is held by specu-
lators, merchants, cotton buyers or 9TH
ers at the uncounted towns
-PRICE, MCCORMICK & CO"
"The reports which we have received
from the experts thus employed convince
us that the following are the facts Of
the situations:
First. The crop is practically all
picked and for the most part sold by
producers.
Second. That it has, however, for
the past month as sold. largely passed
into hands Of middlemen who have held
it with a view to higher prices and are
still holding it.
Third. That the stocks of cotton at
~uncounted towns, except in certain por-
tons of Georgia and South Carolina and
in Southern Texas, are larger than we
had been led to uppose, and that stocks
Of cotton at the counted interior towns
which are the largest on RECORD reflect an
analogous condition at the u%ncounted
towns.
Fourth. In view Of this statement
! we reach the conclusion that for the
present at least it is wise for holders
of cotton to accept what are practically
the highest prices of the season, rather
than by persistent holding create a con-
gested situation in the markets, which
would SOOner or later result in an en-
forced liquidation under distressing cir
c~rEmstanccs. In nearly every bull move
ment that has taken place in the cotton
market within the recollection of the
writer, our Mr.. Price. this mistake has
been made. We could. If we desired to
be personal, enumerate the names Of
the leaders Of such bull movements who
have come to grief as a result of this
enormous Over-staying of the market.
One Of them is dead after having gone
through bankruptcy proceedings. Two
others, while still alive, are confessedly
imrecunious, although great fortunes
were at one time within their grasp: and
another involved in ruin the banking
| community VI Oil II tNOttIlN Isl
ern city and he has retired in the OBJ
security Of the p~enitentiary.
Much criticism has been directed to-
wards us because having insisted that the
crop was small enough to justify an adj
vance in the market and we have adj
vised our friends to sell when that adj
vance in our opinion proceeded far enough
That criticism has been so general and
that our critics have been so numerous
confirms us in our estimate of the posi-
! ton, namely that the market has been
ovcrbought and that the time to sell is
when other people want to buy.
I'VE believe that VIZ have discharged
the obligation which IN view Of the prOmi-
nent position we have assumed in regard
to the markets was resting upon us and
that We have consulted not only the best
interests of our customers but Of the
South and at large in advising them 10
accept present prices. \ further adj
vance would have stimulated planting