The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1881-12-08


The value Of the copper yield OF the
900.
According to the official report on the
subject, there are only $40 square miles Of
unorganized territory In the United States
COTTON.
The receipts of cotton to-day were fully
up to an average and will reach about two
hundred and fifty bales. There is also O
Which S viii Be ~ enumerated on
to-morrow's receipts. The market closed
weak, and low middlings were quoted an
eighth off at the Board Of Trade. The
other grades were unchanged. We quote
to-day:
Good Ordinary. ............g w
Low middhng .-'..'''.''.-''.,.." III,
Middling. ............ ...,..........'. IVA
Cord middling. .........................
MidoInE lair. Ia
In New York the market opened easy
and closed quiet, sixteenth lower, mid
dlings IL 1-16.. Sales 433 bales.
New Orleans opened and closed
quiet and an eighth lower, at fol
lowing quotations: Low ordinary 8, ordi-
nary o., good ordinary l9s' Low Imiiddling
miSdidling fair if2s, fair Isl. Sales 1905
Galveston closed easy, low ordinary. 81,
ordinary o., good ordinary 10y, low middling
IL, middling ia Sales 3,275.
st. Louis closed in good demand,
niddlings liz. Receipts $3.50. Sales
1924; shipments 3,2l5 stock on hand 69,992
bales. :,
The cotton marketin Liverpool was dull
and easier at decline of sixteenth; mid
dlings Or; Orleans 81. Receipts 20,50O, OF
which II 200 were American. Sales 1000,
of which 5000 were American, and 900 for
export and speculation.
The cotton movement shows the nett re-
ceipts to be at all the ports 119,709, against
100, 282 the same time last year, falling OIL
of ,573 bales. The exportsto Great Brit
ain were 39,5o3; France $3.50; continent H.,
$780, channel ports none. Stock on hand
9S,7O5, against 900, 900 on the 10th day OF
December last year.
IT is said that Mr.. Ranger is purchasing
in the New York warehouses, and at the
same time is selling futures. His object is
to hold the spots and offer them to future
buyers in those months when his sales
transpire. He will make a good thing out
of these transactions. For instance, he to-
day buys spot cotton. say at 1912, and sells
futures for May at 1890. This leaves him a
margin of IS points. Now on every hun
dred bales he sells, taking four dollars
as the advance for each point,
he would realize profit of $500. on a thou
sand bales $780, on ten thousand bales
$39, 900, and on hundred thousand bales
$3.50 900. AS he is reported to be the
heaviest operator in the country it may be
safe to say he will buy enough spot cotton
to hold and throw on the market when he
is called upon to settle up for the hundreds
of thousand bales he may sell for future de-
livery, and as the future buyers will not
want the cotton and probably not
have money enough to pay for it even if
they desired to buy it, the market will go
down and the buyers be the losers. At the
expiration of each month futures place
themselves on parity with spot cotton,
and unless cotton advances, futures must
decline with each successive month. 1t
costs about twenty points to carry cotton
one month, and if dealers will observe the
future sales closely they will see that that
is about the advance one month is given
over the one. preceding it. Now
Mr.. Ranger is bull this far and no further;
he would like to sell all he can at this time
at the highest price possible, and when set
Ting day comes with him to offer his actual
stock on hand to the purchasers, and as
they will not want it, cotton must go down
and he settles at the low price. Then again
he will have the cotton on hand to bull
once more the market, and when the pro-
per time comes to let it down to low figures
and rake in his gains.