The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1900-01-06
BEWARE OF GREEKS
BEARING GIFTS
When Did New York Bears
Flop Over so Suddenly.
1T LOOKS SUSPICIOUS
INFORMATION TO SELLERS, BUY
ERS AND MONEY-LENDERS.
REASONS FOR THE CHANGE OF ADVICE
The New York Firm Advised Holding When
Money Was at 1856 Per Cent and Advise
Selling When it is at From IL
to- Per Cent.

All the talk on the Cotton Exchange
flop of Price, Mccormick & CO., who
UP to a few days ago have been the
biggest bulls on the market and since
Saturday have developed into the most
rampant bears. why have they changed
so Suddenly" was the question | put
to the best informed men among cotton
buyers. cotton sellers and officers of cot
ton mills. There were various answers.
One gentleman of large experience the
cotton business said:
1.-THE kilograms published this week
from a New York house indicates thar
it has left the bull side of the cotton
market.
Sat first glance one might draw the
conclusion that an effort was being made
to give holders of cotton an opportunity
to sell on the top market of the sea-
son. but upon investigation i find that
these kilograms have been sent not only
to holders of cotton but also TO cotton
mills and to bankers, in duplicate all over
the country.
AS Saturday and Monday were both
holidays they might have communicated
with their clients by mail. thus making
the information they gave confidential,
but when kilograms were sent to holders
of cotton advising them to sell, that
break was impending. and am Identical
telegram was sent to the cotton mills OF
the South which have been large buyers
all the season, the suspicion grows that
the information given cut was not sim
cere. AS the same kilograms were sent
to bankers who advance on cotton3 the
suspicion becomes IL conviction that an
attempt is being made to stampede the
holders Of cotton just at the critical
period when Europe was showing alarm,
and the market there was advancing in
consequence of rapidly diminishing sup
plies.
THE subject matter of the telegram
giving reasons for change of heart seem
ridiculous in view of the fact that worse
conditions existed when kilograms We're
sent out in December by the same firm
advising purchases. For instance, THE
war in South Africa is cited though
there have been no recent reverseS for
the English forces, but on the contrary
they have been successful in several
small Skirmishes, and are daily receiving
large reinforcementS
The tlghtneSS IN money is cited when
the call rate is now 21a to per cent,
against a rate of 1856 per cent when they
urgently advised purchases.
Heavy receipts are predicted, where
rs the actual Shrinkage compared with
last year, for the past ten days, is al
most 80 per cent, being the heaviest loss
of the season.
THE stocks at interior towns are
claimed to be enormous. This may be
true, but they are certainly no larger
now than they were when their last eff
fort to bull the market was made, while
the black fields bear eloquent testimony
to the fact that at least the warehouses
can hold what is left, while last year
the fields from Virginia to Texas inclu-
sive We're white with the f1eecy staple
all the winter. Beware of the Greeks
bearing gifts