The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-01-06

he necessary for the purposes in view,
at Il salary of s. per week and neces-
sary travelling expenses, TO proceed to
the States of - and there as far as
may he practicable make a canvass of
the uncounted towns with 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
most thorough manner and shall be
obliged if YOU will furnish as far as Won
can obtain them with figures that will be
i'm their essence accurate, comparison
between the number of bales held this
time last year and i'm 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 on holding on farms and whether
where cotton is held. 1T is held by speech
lators. merchants. cotton buyers or 9th
ers at the uncounted towns.
PRICE, MCCORMICK 4 co.
The reports winch we have received
from the experts thus employed convince
us that the following are the facts Of
the situation:
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 middlemcn who have held
it with a view to higher prices and are
still holding it,
Third. That the stocks of cotton al
uncounted towns. except in certain por-
tons of Georgia and South Carolina and
i'm Southern Texas. are larger than we
had been led to suppose, and that stocks
of cotton ut the counted interior towns
which are the largest on record reflect an
analogous condition at the uncounted
towns
Fourth. In view of this statement
we reach the conclusion that for the
present at least il 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
cumstances. 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 oyer-staying of the market.
One of them is dead after having gone
I,p oh hap lyI.ll f.X
others. while still alive, are confessedly
inpecuni0us, although great fortunes
were at one time within their grasp; and
another involved in ruin the banking
community of an important Southwest
ern city and he has retired in the OBJ
security of the penitentiary.
Much criticism has been directed to-
wards MS because having insisted that the
crop was small enough TO justify an adj
vance i'll 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
overbought and that the time TO sell Is
when other people want to buy.
''We believe that we 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. A further adj
vance would have stimulated planting
for next year and given additional en-
rbasis to the cry already being raised
about increased sales of fertilizers, etc,
and in our opinion would have let the
South back into the Slough Of over pro-
duction and deposed in which for two
years previously it had labored
PRICE. MCCORMICK & CO."