The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-01-11
WHY THEY ARE BEARS.
Price, McCormici< * Co. Further
Explain Their Position.

EXPLAIN lnctF EOSAtlph'
New York. Jan. 10-Onice Of Price, Nc
Cormick & Co.
We have been the recipients Of so much
criticism as a result Of the advice which
we gave on Tuesday Jan. ,. in connection
with the cotton market, that we are CON
WINGED that we have been misunderstood
and we take occasion again to put the
exact facts of the case before the public.
They are as follows:
During the latter part of December we
had been receiving, piecemeal, the reports
of the five gentlemen whom, for the pur-
rose of being absolutely sure of our po-
sition, we had employed to travel through
out the South. Their final reports We're
not received until the closing day of the
year, and it was not until the New Year
holiday that we had time to thoroughly
digest them. After having carefully con-
sidered them we came to the conclusion
sas previously pointed out, that the accu-
mutation of cotton at the South was too
large to make further advances practical
BILE at the time, and a conference, held
a the home of the writer our Mr.. Theo-
dore II. Price, during the New Years
holidays, it was decided by the larger in
terests that we represent to sell their
cotton. Having reached this conclusion,
our Mr.. Price felt that ii was only fair
TO the public, before whom our views
had previously been so fully put. that they
should be notified of our change of posi-
ton, and our reasons therefor.
Immediately upon his arrival al our Of
flee on Tuesday morning, Jan ., advices
were sent over our private wires to all
of our correspondents whom we could
reach to this effect, and during the day,
we continued to telegraph those who Were
not accessible over our private wires. On
the evening of Tuesday, Jan. ., we sent
large numbers of night rate kilograms,
20 everyone in the South before whom
our views haa when they were bullish,
taaa previously put in the same way.
I his telegram read as follows:
Liverpool to-day touched highest
prices of the season. Our investigation
leads us to believe further accumulation
Southern stocks at this juncture unwise.
We therefore advise selling spot cotton
on present level while full prices obtain
able"
1t is to be noticed that on Wednesday
morning, Jan. 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 so without dis
advantage 1t is to be noticed, further,
that our telegram did not advise short
sales nor did it advise anything but the
acceptance of the prices then obtanabe
for cotton. which advice, in the light
of developments up to date, does
not seem to have been lacking in sound
ness
The criticisms which have been di-
rected toward 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
about it. Sober reflection will convince
our critics, we think, that the right to
change of opinion is not abridged by the
American constituent and we believe
that having changed our opinion, we are
under moral obligation to advise peo-
pie OF the fact, rather than TO make for
ourselves a reputation of selling without
telling our friends of the fact and Civ
ing 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 frankness and
straightforWardness to the public When
we bought cotton we did not hesitate to
say so and our reasons for buying and
the advices which led up 10 our conces-
sions were formulated and put before the
public Just rapidly as the printing press
and telegraph could do the work For
this we received no criticism of import
ance, on this side of the Atlantic al
though our English friends could hardly
ind words strong enough with which to
reproach as for having conspired with
the South to advance the price Of cot
ton. When we sold cotton. we said so;
and from equal frankness and prompti-
tude, used the telegraph and the printing
press TO state our position and our rea-
sons therefor. While our change Of DO
eition has, 20 some extent, lesscned the
volume Of European criticism. il has
raised a storm OF censure on this side Of
the Atlantic. and especially at the South.
which we feel TO bc ill-deserved. If any of
our critics have by this time cooled down
sufficiently to point OUT 10 us wherein we
have been lacking ia candor or good faith
toward the public, We shall be glad to
have him do so.
The gist Of the matter seems to be that
the majority of the cotton trade on this
side of the Atlantic IS not in sympathy
with our change Of opinion. and assumes
that We had no right ever TO do anything
e,se but bun the cotton market In this
connection, an aphrosm Of the late Josh
Billings to the effect that "a wise man
changes his opinion; fool never" would
not seem to be Inappropriate. Treating
the question seriously, however. we desire
70 say that our advice TO our friends tc
accep, ~ cents for spot cotton was based
upon the following view Of the situation:
Speculative markets. as rule oct before
the fact and not afterward. The size OF
the crop is, not "a question admitting of
any very extended debate Mr.
Shepperson, in the preface to This recent
issue OF cotton facts" SAYS that his adj
vices indicate "a commercial crop OF Q 50, p
O0o bales, Of which 100000 bales is the M
nant remaining from last year.
Messrs r. r. Wilson 81 Co. will on tho
12tn instant It Is stated issue their an
nuai crop estimate. which IN the past has
been more nearly correct ihau nl-r7et pov
other published. Current rgmer ----4s---''a'