The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1875-03-10
The raAIlIen of Collan.



The rosiiion OF Goiion,
From the liverpool Circular Of W, q
Watts 4 Co., of Feb, r.,
Seven weeks ago the receipts al
the American ports were nearly
SOC, 900 bules In excess Of last season
10 same date, and now not only has
this excess been lost, but 10000
bales additional, We think II safe
TO affirm, II seven weeks ago II
could have been known that such
would have been the result, nine out
Of ton Of those engaged In trade
would have confidently predicted
u much greater advance In prices
than has taken place, for, pltcr all,
spot quotations for American aro
now only led to l'3d per pound
above tho lowest point touched In
December Hence We have recently
repeatedly heard the question asked
"What Is the matter, and why is "
that prices do not advanceY' If
We could only arrive at n correct
solution Of this question II would
enable US the moro thoroughly TO
understand the present position,
and form, perhaps moro accurate
opinion rs to tho future course Of
tho market, Tho prominent an.
swers that present themselves TO
our mind may be briefly rccapitu.
lated rs follows;
When, in November and Doccm.
Der last, estimates Of the American
crop averaged fully 1880, 900 bales,
it was very generally conceded
that such yield would afford an
abundant and perhaps IN excessive
supply of cotton in all Of 1875, This
view induced buyers Of goods at
Manchester to purchase very spar.
ingly, and in some cases producers,
rather than let their stocks Of goods
accumulate, consigned them to Cal.
cutta, Bombay, and other large
eastern markets Prices in those
markets showed no margin-in fact,
n small loss-upon shipments, but
the famine in India having passed
away, it was confidently expected
that the low scale Of prices then
current would soon lead to u largely
increased demand and some i'm.
provement in values. Thus tho
eastern markets were temporarily
overstocked with goods, and in turn
Manchester was for time in De.
cember very dull, and sp'nncrs in
consequence suffered their stocks Of
cotton to run down to n low point
$4,000 bales at the end of the
year.
During the first fortnight of last
month tho unexpectedly small re-
ceipts at the American ports, and
continued unfavorablo advices in
regard to the Egyptian crop, led to
n very large business at Manchester,
and not only were existing stocks
of goods, etc, largely cleared off,
but many producers were put under
contracts for some months to come,
and, in order to cover these CON
tracts, spinners purchased largely,
and increased their stocks of cotton
during the three weeks ending the
22d ult., some IS, 900 to SO,O bales.
The consequent activity here led.
as we have said, to an advance in
American CO. ton Of l Cd to ! Sd per
pound from the lowest point touched
in December. This improvement,
we doubt not, was Of service to
nearly every legitimate department
of the trade, for it enabled holders
of goods in the great eastern mar
kets to obtain better rates, Man
chester to do large and on the
whole II fairly profitable business,
and it materially improved the po-
siton of importers and other hold
ers Of cotton. The pause that has
since occurred, both here ana IN
Manchester, is, in great measure,
the natural reaction after period
of great activity. Moreover there
is undoubtedly very large short
interest,"" both here and i" New
York, who are interested in keeping
down prices, and, consequently,
many kilograms have been received
within the past two weeks, repre-
scnting that the recent very. small
receipts at the American ports
was inconclusivc evidence of crop
of less than about 400, 600 bales.
We should, however, say that D.,
100000 to 100000 bales is gen
orally regarded here rs a conserva'
tive crop, and within the past day
or two, the receipts at the ports
having been lighter than was eX,
pccted, there has been n general
4 A ntn