The morning news. [volume] (Savannah, Ga.) 1887-1900, 1900-01-06


Ian > March contracts sold in New York
at 752c while January-February contracts
in Liverpool sold at 423d. 1t VIII thus De
seen that despite the fact that during the
month of December the crop movement
had been smaller than even the most san
guine bulls anticipated; the New 1oih
market was u points lower, WINE the L,N-
erpool market was at the top prices OF the
season.
seThe action of the market as viewed In
the light of this record convinced US una
its position speculative was lacking IN
strength and that It was what is technlc-
ally known as an "over-bought' market.
In addition we received about this time
the final reports of some five expert Cd
servers. whom we had employed during
the month of December to travel through
out the cotton states. These observers
were assigned as follows: 10 one was
given the states of South Carolina ana
Georgia; tn another Alabama and Mlssls-
sippi; to third Texas, south of the IeXas
| Pacific road; to a fourth, Louisiana, holCh
Of a line drawn from Alexandra TO ShreVe-
mort. and Texas, north of the TeXas "a
! cific road; to a fifth, Arkansas ana the
Indian territory
"Onr letter of instructions in connection
! with this investigation was as follows;
| Dec 6 1899 We beg to confirm the ar
| rangements under which we have employ
ed you for period of not less thah TWO
weeks and as much longer as may IN our
! oninion be necessary, for the purposes IN
1 view at a. salary of s. per week and nee
essary travelling expenses to proceed 10
! the states of - and there, as far as may
he practicable, make canvass OF the
amounted towns with view OF asce.-
tanning whether there had been held Duck
| either for speculative or other reasons any
! abnormal quantity of cotton, or whether
the croD has been marketed with norm III
ana average rapidity. We desire TINS IN
| vestigation made in the most thorougi n
manner and shall be obliged If you VIII
| furnish us as far as you can obtain them
| with figures that will be in their essence
| ". Re cornparison between the num-
| bcr 1T bales held at this time last year
| Ana IN preyious years, and the number OF
| bales now held. We desire that you Will
| also ascertain, as far as possible whei or
niclSing is completely finished, or Whether
there Is any top crop made or making; ana
| also whether the farmers have SOLD such
cotton as they have made or are holuius
| On the farms: and whether where cotton
| is held 1t is held by spectators, mer-
| chants. cotton buyers, or others uhdc-
| counted towns. .
"rrhe reports which we have receive l
| 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.
Sacond That it has, however, for the past
month as sold. largely passed INTO I
hands of middelmen, who nave helu i.
! with view of higher prices and are sun
holding it.
Third. That the stocks Of cotton at I'M
counfed towns except in certain portlohs
| NJ Georgia and South Carolina ana IN
! Southern Texas, are larger than we nave
been led to suppose, and tnat me s'och9
| Of cotton at the counted interior towns
| ,lb,ob ore the largest on record, reflect an
! analogous condition at the uncounted
towns 49,, a.
In view of this showing we reached the
conclusion that for the present AT teas''
II was wise for holders of cotton TO ac-
| cent what are practically the highest Pr IS
| of Inc season. rather than, by persistent
| holding create a congested situation IN
,te roarket which would sooner or later
result in an enforced liquidation under dis
| tresslng circumstances. In nearly eNSly
| tull move rnent that has taken place III the
cotton market within the recollection OF
~ writer orr MIR. Price this mistake has
! bean made We could. if we desired TO
| he personal euumerate the names or TN
I leaders Of such bull movements, VINO nave
| come 10 grief as result OF TINS enthusiasts
tic overstaying of the market Much crlu-
cism has been directed toward us becaus ,,
having insisted that the crop was small
| enough to Justify an advance in the mar
| lkat we have advised our friends TO sell
when that advance had. iN our opinion,
proceeded far enough. That the criticism
has been so general and that our critics
have been numerous, confirms US IN or
estimate Of the position, namely. that the
| market has been overbought and that the
time to sell Is when other people want 10
bty. We believe that we have discharg ed
! the ALLEGATION which, in view of the prom
| inent position we have assumed in regard
To the market was resting upon us, and
that we have consulted not only the b st
| interest of our clients. but OF the Souh at
large in advising them to accept present
| urices further advance would have
stimulated planting for next year, and CIV
en- additional emphasis to the cry already
being raised about increased sales of fer
| tilizers. etc, and in our opinion wouli
| have led the South back into the slough
of overproduction and despond in which,
for two years previously, IL has labored.
! Price, Mccormick & Co.-ad.
-s-e-e-
-SEx-Parte-"Do you know" said the
man In .he gray ulster that police sta
tistics show a total of nearly 10000 persons
! who are reported missing every Year,"
I'm bet more than half of them aren't
missed at all They only think they are"
responded the pessimistic man.-Chicago
] Tribune.