The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1874-11-28
COttOn-A Great Liverpool House on
the Staple.

The following is from the the
monthly cotton circular of Messrs.
Smith, Edwards & Co., dated Liver
pool, October 81, 1874:
The tone of the market has been
generally dull during the past month,
and American cotton has declined al
on the spot, and I'D to arrive, while
Surats are about I'd lower.
The prospects of our market have
not altered in any marked degree dur
ing the past month, but a decided in
crease of depression must be noted, and
a leaning of the public MUD TO lower
ideas of price than were previously
entertained; the development of the
American season SO far has been all in
the direction of weakness, and no turn
in the tide has yet been noticeable.
The more obvious cause of the recent
depression has been the very large re-
ceipt at the American ports, which for
October exceed all previous seasons,
except 1859, though it is also true that
the total received to date is only
abreast of 1872, when the crop reached
3,930,000 bales, and Is behind 1860,
when the crop was 8, ,656, 900 bales. But
it Is not so much the large receipts as
the weakness in America that has
affected the market; an utter want of
confidence seems to prevail there, SO
different from the customary sanguine
tone of that country, that 1t causes
perplexity. 1t usually happens that In
the early part of the season the Amer
lean market Is sustained above ours
this year they have been lower till the
last few days, and have repeatedly
weighed down ours when 1t gave signs
of Improvement. We account for this
very much from the weakness of Inn
porters; so much money has been lost
shipping cotton for the past three years
that the trade Is unusually poor, and
credit and confidence are alike at low
ebb; besides, a large part of the buying
power that moved the last two crops
Is wanting, from the indisposltion Of
splnners, 10th In this country and on
the continent, to buy cotton ON firm
offer from irresponsible agents; there
cannot be doubt that the bitter expe'
rience they have had of unpaid re
clamations and bad tenders have made
then unusually conservative, and henc'
many channels are closed that afforded
fatal facility for moving the last TIVE
crops.
The bad state of trade In the New
England states has also a share con
tributing to the general dullness. Man
ufacturers there are troubled will
heavy stocks of goods, which they can
not sell at covering prices, and are at
tempting to get up combinations TO
reducing production. We do no
think that much short time is beint
actually worked, or that there is
prospect Of q great reduction OF con
sumption taking place; but American
spinners are In no mood 10 speculat
In cotton, aud instead Of stocking them
selves early in the season, as they gen
orally do, are only buying for immedi
ate wants. The continent Is also IN
usually apathetic; instead Of being al
eager buyer at the opening Of the sea
son, IL has left that honor to England
its old stock Is not yet worked up, an
Il seems this year to be like America
indisposed 10 buy In anticipation Q
wants. All these circumstances favo
this country getting an unusually lsrg
share Of the frst shipmtnts, and u