The Houston daily post. [volume] (Houston, Tex.) 1886-1903, 1900-01-06

wher Mr.. NELL FIRST promulgated bis large
crop estimates.
Much criticism OF what has bern termed
Our change in 'front.' has rsaehed Us. We
therefore feel justified in making this weeks
issue OF our circular somewhat personal and
perhaps improperly esotstosl, but otherwise
We eau not fully explain. our attitude. For The
past six months we have spent large suns
Of money in the collection and dissemina'
tion OF information In regard to the cotton
crop. We have felt that Mr.. Neills estimate
was misleading and great injustice to the
South. We have done everything N our
power to put the actual facts of the sltua-
ton before the cotton world. In the opinion
Of many, the advance which has occurred has
been largely attributable to the recognition
which our work has procured for the facts
OF the situation. On November q, 1899, March
contracts sold In New York at 7.64. At the
same time January February contracts sold
in Liverpool at 400. On Tuesday. the I'd Of
January, March contracts sold in New York at
7.52, while January February contracts In
Liverpool sold at 423. II will thus be seen
that despite the fact that during the month
Of December the crop movement had been
smaller than even the most sanguine bulls an
ticpsted the New York market was IL points
lower while the Liverpool market was at
the top prices Of the season. The action OF
the market as viewed In the light OF this
record convinced us that It's position specu-
latiYely was lacking in strength and that II
was what is technically nown as an over
bought market. In addition, We received
about this time the final reports of some ave
gentlemen, expert observers, whom we had
employed during the month Of December to
travel throughout the cotton states These
gentlemen were assigned as follows To one
vas given the states Of South Carolina and
Georgia 10 another Alabama and Mississippi,
TO third Texas. south Of Texas Pacific road
70 fourth Louisiana, north Of lire drawn
from Alexandra to Shreveport, aud Texas,
north Of Texas Pacific road 10 hnh Arkan-
sas and the Indian Territory.
our letter Of Instructions in connection
With this investigation was as follows De
cemher IL 1922 beg 70 confirm the ar
rangements under which We have employed
you for period Of NOT less than two weeks
and as much longer az may in our opinion
be necessary for the purposes in view at a
salary Of s. per week, and necessary travel
ing expenses. 10 proceed to the states of 49,
------ and there, as far as may be praotic-
able. make a canvass of "uuoounted towns
with a view Of ascertainng whether there has
been held back either for speculative OF
other reasons, any abnormal quantity of cot.
ton, or whether the crop has been marketed
with normal and average rapidly. We de-
sire this investigation made in the most thor
ough manner, and shall be obliged If you
will furnish us. as far as you can obtain them
with figures that will be in their essence ar
accurate comparison between the number Of
bales held at this time last year and II
previous years, and the number OF bales now
held. we desire that you will also ascertain
as FAR az possible, whether picking Is com
pletey finished or whether there is any tor
crop made or making, and also whether this
| farmers have sold such cotton as they hay,
made OF are holding on the farms; anC
whether, where cotton is held, it is held b.
spectators, merchants, cotton buyers o
others at the uncounted towns
The reports which We have received from
the experts thus employed convince us tha
the following arc the facts OF the situation
4 First, the crop is practically all picked, an,
for the most part sold by producers Second
That it has, however for the past month. al
sold, largely passed into the hands of tn
middlemen, who have held 1T with a view tt
higher prices and are still holding it. Third
That the stocks OF cotton at amounted towns
except in dertaiu portions Of Georgia an
South Carolina and in Southern Texas, ar
larger than We had born led to suppose an
: that the stocks Of cotton at the counted in
terror towns, which arc the largest on record
reflect an analogous condition at the un
counted towns.
In view Of this showing we reached tn
, conclusion that FOR tho present, at least,
was wise for holders OF cotton to accept wha
are practically tho highest prices Of the sea
son, rather than ny persistent holding Great
a congestcd situation in the market, whic
. would sooner or later result in an enforce
!, liquidation under distressing circumstances
{ In nearly every bun movement that. has take
place in the cotton market within the recol
$ lection OF the writer four Mr. Price, thi
! mistake has been made. We could, II W
desired to be personal, enumerale the name
$ Of the leaders of such bull movements VIII
0 have come 10 sriof as a rouult Of this Gu
thusastc overstayng Of the market.
Much criticism has been directed towar
q lis because, having Insisted that the Gro
. ''s 'ii'"'i VHouSh 10 Justify an ADVANCE IN IN
market, We have advised our friends TO Sc
~ when that advance had in our opinion, pro
a ceeded far enough, The criticism has bee
so general, and that our critics have been $
numerous, confirms rs in our estimate of tn
position namely, that the market has bee
q overhought and that the time to sell Is who
. other people want 20 buy. We believe tn;
We have discharged the obligation which.
I. view OF the prominent position we have a,
. stunned 10 regard to the market was res.in
: upon ns, and that We have consulted not unl
! the best interest OF our clients but Of II
2 south at large in advising them to acceI
Z present prices. further advance woul
y nave stimulated planting for next year an
. given additional emphasis to the cry airead
- being raised about increased sales of fertl
d mers' etc. and in our opinion would ha,
= led the South back into the slough Of owe
: production and despond, in which :,
. two years previously it had labOred.
5 lsignedl Price. Mccormick 4. ca i"
HOUSTON WHOLESALE PRiCE>.
70 current Quotations on Round Lot, ,
rs staple Commodities.