The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-11

con'NFehce neio AZ the home OF the writer,
our Mr.. Theodore II. Price. during the New
Yee; holiday. II was decided by the larger
interests that We represent 10 sell their cot.
ton Having reached this conclusion, our Mr.,
Price felt that II was only tsir to the public
before whom our views had previously been
80 fvily put that they should be notified OF
our change Of position ana cur reasons there
| for
Immediately upon his arrival at our ofhes
ION Tuesday morning, January q sdvices were
rent over our private wires 10 AL Of our
icorrsspcndents. whom VI. could reach TO this
effect, and during the day we continued to
telegraph those who were not accessible over
our rrivst. uirss
On The evening 81 Treedsy, january g. we
sent large number Of niaht rate tsl.srsns
TO everyone in the South before whom our
We've had when they we're hullish, been
previously put in the same way.
This telegram read as follows, Liverpool
today touched highest prices Of the season
Our investigation lead. ns to believe further
accumulation Southern stocks at this juno
turs unwise We therefore advise selling spot
cotton on present level. while full prices OBJ
| tainsbie."
| II is to be noticed that on Wednesday morn
ing, January 3. the market was within a few
points of the top prices OF Tuesday in both
Liverpool and New York, and that those who
chose TO act upon our telegram could have
done 10 without disadvantage. IT is to be
noticed further, that cur telegram did not
advise short sales, nor aid II advise anything
! but the acceptance Of the prices then obtain
able for cotton. which advice. in the light Of
deveopmen.s up 10 date, does not seem to
hsve been lacking in soundnese. The criti-
| olsms which have hesn directed toward US
seem tn 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
about n. Sober reelection will convince our
critics, We think, that the right To a change
OF opinion Is not abridged by the American
constitution, and we believe that having
changed our opinion ~ we're under moral
obligation TO advise people Of the fact rather
than TO make ourselves reputation ~ sell
ing without telling our friends Of the fact
md giving our reasons for our action Tho
fact ~ the caro- Is, that whateeor VIC have
done IN tho cotton market this wear he's been
done With absolute franknesp and straight-
/ forwsrdness to the public. when We hnughA
cotton We did not hesitate to say So and our
reasons for buying and the advicos which led
us to our conclusions we're formulated and
put before the public just as rapidly the
| printing press and telegraph could do the
work For This we received no criticism Of
Importance on this side NJ the Atlantic. al
though our English friends could hardly
ind words strong enough with which TO re-
/ rroach US for having oonspred with the
/ South IN advance the price OF cotton when
We sold cotton, we said so; and with equal
frsnkness and prpmptitude. used the tele-
rrsph and printing press to state our posi-.
| ton and our reascns therefor. While our
change n, nositIon has IN aonne oxtent les
pened the volume NJ Eurorssn criticism II
has rsised storm of consur. on this side ~
tina Atlantic. and esperia1lv AZ tho South
which We fool to hc uI.dcservcd. r. anv ~
| ou- critic. has nv This +iu,a rnoInd dawn .us
Actent1v IN min. ou. :, ne rbsrn,n -. bav.
beon lacking In eandor or ,ood f,ith toward
tho public. we shall he clad IN bove him do
So
u TIL. rts, ~ tho mntt.r .eams % h. th,t
the majority Of the cotton trade an THE .,de
OF thc Atlantic 1. nat IN symr.tb, rith 49,
chang. Of opiniop and ,,sur,s. thot Wa hod
no right ever TO do ANYTHING else hut huh
the cotton market
In this connection an anhorism y, Tho Iata
Josh Billings 10 the erect ,bnt "a ,y,se man
changes his opinion: A fool. never would
not seem TO be inapproprlate Treating IN,
question seriously, however. we desire 10
say that our advice to our friends 10 accent
TIC for spot cotton was based upon The
following view OF the situation.
Speculative markets. as rule act bafore
the fact and afterwards The size ~ the
crop is not a question admitting Of anv very
extended debate. Mr. shepperson IN Tho nrs
face 10 his recen, issue a, "cottor Facts,.
says that his adyices Indicate commercial
crop Of $500 600 bales. o, which loo ooo hale.
J Is the remnant remaining from las, voar
Messrs II. IT. Wilson & Co will nm mo ta,h
instant. so 1t is stated issuo their cron
estimate. which In the mast has heen mnre
nearly correct than any other puhushed
!, Current rumor reports their agures Mt .. ooo g.
ooo bales. Our own estimate Of the oron
published some tina since was q 7so oOo wa
have not yot expressed apv onlpion ,rcre.s
inH this estimate. Tn to nearly tho end ~
December the consuming portton ,f ,bo "a,
ton world had visorouslv eomhatea tbsso oron
renorfs hut tor.,rd ~ - =, =, $50,