The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-01-21

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| Good ORDINARY ,..-..,....".............gh
Low middling ...,., NEUTRALITY-SUSPICIOUS.. 1875
Miuulllg :..,......... ...,....,...... lOes
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the following is from Smith, Edwar DIS
& Co. S last Liverpool circular:
"A speculative movement has taken
place in the teeth of dull and Improbable
trade at Manchester, and 1t differs from the
similar movements of the last two seasons
III that it has no support from the manuiac-
turing side, AT this time last year and the
one before Manchester was buoyant, and
larry prosperous under great demand for
INDIA; This supported the raw material for
while, and yet in each year heavy col
lapse ofprices occurred in the spring-in
each year it was found that ID. price for
cetton was full of danger-how far may We
anticipate similar result this coming year?
five look solely to Manchester, we should
say that any price approaching I'd. would
be more unsafe than i'll either of the two
| previous years; we see less chance of good
trade at any such price, indeed there seems
to be almost q certainty of severe depression
in the Eastern department unless Gotten re-
cedes to lower figure; but on the side of
America the current has been running in u
contrary direction.
we have been deluged with alarmingly
I suiAil IIOp lTOln every Quarter,
more especially from the Agricultural
Bureau-its figures have grown less and less
as the season advanced, till at last it put
forth an estimate of 100000 bales. Such
figures seem to us too absurd to deserve
serious notice, and only bring discredit on
q government department that can allow
itself to be so much influenced by specula-
tive feeling. We are bound to admit, how
ever, that even the best judges were singu-
larry unanimous this year in looking for
short crop, and not many are to be found
who advocate so much as 100000. In the
Southern States 5,7500O0 is looked upon as
safe estimate. If these views Should
prove correct present prices cannot be called
extrayagant; though in our opinion they
are quite high enough remembering, how
soon the shadow of next crop is thrown
over the future, But il it happens that the
Americans are deceiving themselves and us
rs they have done so often of late years, a
considerable decline is pretty curtain,
Should the crop be 5000, 900 and be followed
Dya one of 100000, an average price of 6Id
for the year 1882 would appear quite high
enough. The full consuming power of the
world at present is not more than $3.50. 900
bales The Bombay crop is reported to be
considerably larger than last, and may per
haps be used so freely as to reduce the CON
sumption OF American cotton almost to
6,OOO,O00, the more so as the quality of this
crop is good, and its spinning power greater
than that of the last one. Consequently We
foresee no scarcity with crop OF G,OOOOOO,
and no extreme scarcity even with 500, 900;
the worst that would happen is that some
OF the preserves we accumulated last season
would be parted with-probably to be re-
stored and further increased the
following season. 1t would be
very unsafe to build a spec.
ulation beyond I'd per ID. on such founda-
ton as this, and unless our market advances
beyond ID, the prices ruling in New York
cannot be maintained, for they represent
1td. to I'D. sold here in the spring and sum
mer. The conclusion We draw is that
American speculation has practically ex-
hausted itself, and though it is just possible
that further squirt may occur if receipts
drop oil perpendicularly, it is hard to be-
heve That the average price of the season
will be so high as TO justify the prices now
ruling in New York. Indeed, we greatly
doubt whether they will be so high as To-
save from loss the buyers of futures in this
market. We will add in conclusion that
we aye quite at sea about the size of the
American CROP it may be anywhere from
nve and three-quarters to six and one-quar.
Ter mllllons-consequently our purview
incline to caution, looking at the history of
the last few years and we believe our reed !
ers VIII generally concur in this view.
SAWYER, WALLACE d Co., one of the larp. |
est commission houses in New York. at this |
late day give the following to one of their
correspondents in Louisville:
Estimates on the crop are being contin. |
ually reduced. Here are some figures made |
to-day:
Port receipts to January 300 COO
increase OF stock IN interior towns .. S7l,lOO |
overland and Southern consumption q OM
INVISIBLE supply at stations, etc ....... S7lOOO
still on plantations. ...........,.......,,, ST M
A V'ai ,'',,''''., 1881 00 |
-, We give you this as sample, and The |
tgures do not look unreasonable. To keen
II down to 300, 600 crop there is leewav |
left of 100000 bales on plantations. ftbey |
are anywhere near correct, cotton ought |
not to 30 down."
IN Liverpool cotton was easier and lrac- |
tlonal lower. The gain yesterday was Short J
llved and to-day the quotations are for mid. /
ding q ll'l6; 0ucans6 1916; receipts ., zoo. |
sales 10000, of which $500 were American !
and l 900 for eXportation
New York opened iuiet and nominally |
unchanged, closing easy at former prices /
middlingS -; sales l,526.
New Orleans opsEod quiet and closed |
quiet and steady, middlpgs ia: sales
ESQ.
The market in Galveston closed firm
liz; receipts /, 2OO; sales 200
me cotton movement shows the net re-.
celpts NJ all the ports TO be %, 1OS, pr.,inst
1887 the same day last year, a falling otl' |
OF a5,oU9 bales. The exports to Great Brit. |
aln were 4o,s55, continent 9lSl, channel
ports l,l0r. France 1881. The stock ON
hand ~ all the ports was l,lj0,2i6, against |
sjHV21 same day last year, showing n sur.
p'uS over that OF last year of 99l ,Gl0 bales.
FUTURES.
FrTuRss are rs tickle as the love of n wo.
man. To-day they inspire the noble snccn.
lator with hope, and visions of riches and
greatness I'LL his enchanted mind but TO.
morrow, u lew points of would chill his
enraptured soul and he will feel as If
he had let o bird go, o, vanityl yanityl
In New York and New Orleans futures
are few points up to-day, and the general
opinion OF the bulls is that prices have
struck bottom" The HERALD sympa.
thises with the bulls, and sincerely hopes
they will be the upper dogs in the fight.
NEw York, January 20 Futures opened
steady NJ II II for March, was quoted easy and
steady, declined TO " % and finally closed firm
AZ II ~, four points above yesterday. Sales 10.
tor,. YESTERDAY TODAY.