The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-01-11
PRICE, MCCORMICK & CO. IS WEEKLY COT
Ten LETTER.

much criticism AZ result of the al
vice which we gave ON Tuesday, January
20. III connection with the cotton market.
that we arc convinced we have been mis-
understood. and we take occasion again
to rUi the exact facts Of the case be
fore the public They are rs follows:
During the latter part of December we
had been receiving piece-med the re-
rorts Of the five gentlemen. whom. for
the purpose II being absolutely sure OF
orr position, we had employed To travel
throughout the South Their final re-
ports were not received until the closing
days of the year ard il was not until
the new year holiday that We had time
thoroughly 10 digest them. After havln"
carefully considered them. we came TO
the conclusion us previously pointed
ont. that the accumulation of cotton AT
the South was too large 10 make Il fur-
tier advance practicable al The time,
and at a conference held al the home OF
the writer. our Mr.. Theodore III. Prd'2
during the new years holidays. 1t was
decided by the larger interests that we
represent to sell their cotton. Having
reached this conclusion. our Mr.. I'rlce
fetl that il was only fair To the pubic
before whom our views had previously
been so fully put-that they should ne
notified OF our change of position. ana
our reasons therefor.
';!nmediately upon his arrival AT our
office Tuesday morning, January I'd. adj
vices were. sent over QUA private wires
to all of our correspondents, whom we
could reach. To this effect, and dur
ing the day we continued to telegraph
those who were not accessible over our
nriyate wires On the evening Uf Tues
day. january ID, we sent large mum
her of night rate kilograms To every
one in the South. before whom our views
had when they were bullish been pre-
viously put in the same way.
This telegram read as follows: Lily
erE0ol tC BAY touched highest prices of
the season. Our investigation leads us
To believe further accumulation OF
Southern stocks ut this Junction Wonld
be unw.Se: we therefore advise selling
spot cotton on present level while tIili
Iriccs are obtainable. Ii is To BE noticed
that on Wednesday morning. January
3D. the market was within few points
of the top prices of Tuesday. III hotA
Liverpool and New York. and that those
who ohGsp ia act uEon cur telegram
could have don" 80 without diSadvan-
tage 1t is to be noticed further that
our telegram did not advise short sale
nor lid ii advise anything but rhe ac-
ccItance Of prices then oE:ainahle for
cot.on. which advice. i'll the light of
developments up to dGfe, does not seem
TO have been lacking in SoUndness. Inc
criticisms which have been directed to-
wards Us seem to assume one of two
things. either that we had no right to
change our opinion, or that having
changed our OPINION and sold out the
large line of cotton which we had been
CARRYING for important interests for
some time We should have said nothing
of il. Sober reflection will convince our
critics. we think. that the right TO
change of opinion Is not abridged by the
American Constitution and we believe
that having changed our opinion we were
under Il moral obligation to advise PEG
pie of the fact rather than TO make for
ourselves Il rel utatiGn Of selling with
out telling our friends Of the fact and
giving our reasons for our action. The
fact of the case is that whatever We
have done in the cotton market this
year has been done with absolute frank
ness and straight fCrwaTdnGsS to the
public When we bougl: cotton we did
not hesitate 10 say 20 and car reasons
for hlyirg and the adyicos which led
US 10 our conclusions were formulated
ard PIT before tx pubic just aS rap
Idly as the printing rrcss and telegraph
could do the work
For this we received no criticism of
II.
although our English friends could
hardly words strong enough with
which to rcproach uS for having con-
>prod villa the Sol n To advance the
price Of cotton. When we sold cotton
we said 20. auA with equal fr;tnllness
and prGmptitudc. using the telegraph
and the printing fGTss 10 state our posi-
tin and onr reasons therefor. While
onr charge of position has TO some OK
tent less aned the volume of European
criticism. II has raised Il storm OF cen
sure on this side of the Atlantic. ami es-
pee ALLY nj the South. which we feel to
be i'll deserved. If any of our cr.;icS has
by this time cooled down sufficiently
to Eoint to lis wherein we have been
lacking in candor or good faith toward
the public we shall be glad to have
him do SO. The gist of the matter
seems 10 he that the majority of cotton
trade on this SIDE of the Atlantic is
not in sympathy with car change OF
Opinion and assumes that we had no
right ever to DO anything else but bull
the cotton market. In this connection
an ap3hrism of the late Josh Billings to
the effect that "A wise man changes
his opir on. Il fool never, would not
seem to he inappropriatc. Treating the
question seri0uslyl. however. we desire
to say that our advice 10 Cur friends to
accept ~ cents for spot cotton was
based uT0n the following view of the
situations:
Speculative markets. aS "A rule. act
before the fact and rot afterwards. The
size of the crop is not a question AID
hitting Of any very EXTENDED debate.
Mr.. Shii person. in the preface to his re-
cert issue. says: Cotton Facts says
that his adyiccs indicate Il commercial
crop OF 5.500.000 bales. Of which 400.
Geo bales is the remnant remainin" from
last year MessrS. X. j. Wilson 4 Co.
will on the 10Th inst. so it is stated. Issue
their annual crop estimate which in the
past has been more nearly correct than
almost any other published. Current ru-
nor puts their figures ut 9,0G0.000 bales.
Our own estimate of the crop. published