Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-01-11
PRICE MCCORMICK & cos
Weekly Cotton Letter.
New York, January 10. 1900.

New York, January 10. 1900.
Price, Mccormick 6 Co. Will tomorrow
publish tho following:
Wo have been tho recipients Of SO much
criticism as result OF the advice which
VIC gave on Tuesday. January Cd, in con-
nection with the cotton market, that we
are convinced we have been mIsunder-
stood. and We take occasion again TO put
tho exact facts or tho case before the
public. They arc as follows: During tho
latter part OF December we had been re
ceivinG picce-me1l the reports of the five
gentlemen. whom, for the purpose of be-
ing absolutely sure or our position, we
had employed TO travel throughout tho
South. Their final reports were not re-
ceivcd until the closing days of the year.
and 1t was not until the new year holi-
day that wc had time thoroughly to d.
gcst them. After having carefully con-
sidered them, we came TO the conclusion
as previously pointed out, that tho accu-
mutation of cotton at tho South was too
large to make Il further advance prac-
ticablc at tho time, and at conference
held at tho homo of the writer, our Mr.
Theodore III. Price, during the new years
holiday, ii was decided by the larger In
terestss that wo represent to sell their
cotton. Having reached this conclusion,
our Mr.. Price felt that it was only fair
to the public before whom our views had
| previously been 50 fully put, that they
should be notified OF cur change of posi-
ton and our reasons therefor. lmmcdi-
atelyupon his arrival at our office Tues
day morning. january .. advises were
sent over our private wires 10 all of our
| correspondents whom we could reach To
| t:nucd TO telegraph those who were not
| accessible over our private wires.
| On the evening of Tuesday, January 2d
wo sent Il large number OF night-ratc tel
cgtomy to every one in the South be-
fore whom our views had. when they
| were bullish been previously put in the
Same way.
This telegram read as follows: Liver
| pool to-day touched highest prices of the
season. Our investigation leads us to be-
lievc further accumulation Southern
stocks at this iuncturc unwise We
therefore advise selling spot cotton on
present level while full prices obtaina-
BILE"
1t Is to be noticed that OH Wednesday
morning, January Sd, the market was
within few points Of tho top prices OF
Tuesday. in both Liverpool and New
York. and that those who chose to act
upon our telegram could have done so
without disadvantages 1t is to be noticed
further, that our telegram did not adj
wise short sales, nor did II advise any
thing but the acceptance Of the prices
then obtainablc for cotton. which advice
in the light OF developments UP to date
does not seem TO have been lacking in
soundncs:s. The criticisms which hay,
| been Iirccted toward us seem 10 assume
one of two things: either that We had nc
! right TO change our opinion, or that hay.
ing changed our opinion. and sold out III,
large line or cotton which We had been
carrying for important interests 70,
some time, we should have said nothing
! about it, Sober reflection will convince
our critics. we think, that the right to
a change of opinion is not abridged bv TN,
American constitution. and VIC hc..cvc
| that, having changed our opinion. we
| were under a moral obligation TO advise
people of the fact. rather than TO make
| for ourselves n reputation of selling With
out telling our friends of the fact. and
giving orr reasons FOR our acton.
| The facts OF the vase : that whatever
we have done in the cotton market this
year has been done with absolute frank
| MSS dHi StTilSnli OF Wd!t.lcSS 10 the pub
| lie. When we bought cotton we did no,
hesitate 10 say so. and our reasons FOR
buying, and the advices which led us Il
our conclusions. We're formulated and put
before the public just as rapidly az the
printing press and telegraph could do tho
work. Fer this we received no criticism
OF Importance. on this side of tho Allan
tic. although our English friends could
h. yfllt a
which TO rcproach us for having conspircd
with the South 10 adv;lncn-thn- price OF
cotton. When VIC sold cotton, we said so,
and. with equal franlincss and prompt
tude used the telegraph ana the print
| ing pres; TO state our position and on
reasons therefor While our change of 20.
| sstfon has to some extent, lcsscncd the
volume OF European criticism. 1t has
| raised Il storm OF censurc on this side OF
the Atlantic. and especially at the South
! which we feel 10 be Ill deserved. Ii any
| of our critics has By this time cooled
down sufficiently 10 point out to us
| wherein we have been lacking in cando,
or good fa:th toward the public, WI
shall be glad TO have him do so. The sist
| OF the matter seems 10 be that the ma
| jority of the cotton trade OH this side o;
the Atlantic IS not in sympathy with oil,
| change of opinion. and assumes that We
| had no right ever TO do anything els,
but bull the cotton market In this con.