The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1882-02-23
COTTON

THERE were over twenty bales OF cotton
received in this city to-day, the larger por-
ton by rail. The roads are still impossible
for teams, and the small amount brought
in by wagon required four mules to draw
each bale. The storm of Sunday night
played sad havoc with the telegraph wires,
and only partial reports of the mar,
kets have been received. Liverpool
was quiet and unchanged. New York was
nominally unchanged and dull. Galveston
closed nominal.
The exchange in New Orleans is closed
to-day ana will remain closed tomorrow.
In this city the market is quiet and prices
nominal, at our last quotations.
Good Ordinary........ .......".......".'' 95s
Low middllng. ..'.'.''''.'''''''''' ~ 9Itt
9ludnE iiiiii;;o'''''' '''':''''''' i0I
Liverpool cotton market was reported
Quiet and unchanged, middlings O., Orleans
6 11-lG. Receipts 10000 bales, of which 49,
300 were American. Sales 5000, of which
1900 were American and 500 for exporta-
ton.
New York opened quiet and nominally
unchanged, was reported dull during the
day and closed dull, middlings llS. Sales
759
Galveston closed nominal, owing no doubt
to the Mardi GraS festivities. Receipts $50
bales.
There were no reports from st. Louis, the
telegraph wires being down in several
places between here and there.
MEssRs. SMITH, EDWARDS & Co., of Liver
pool, in their last monthly circular, thus
allude to the situation Of the cotton trade:
"The prospects of our market have been
very keenly discussed of late in connection
with the extraordinary and unlooked-for
collapse in American receipts. The great
feature of the month has beer the apparent
drying up of the America crop, leading,
as it has done, t. II large reduction in cur
rent crop estimates. At the end of the year
the favorite idea in this country was
100000, though In America lower figures
prey Lied; but so bitter was the memory OF
last season that the public could not be
persuaded to believe in so short a crop as
The Americans constantly asserted.
"Now, however, it is clear to every one
that the very bad accounts which we re-
Ccive increasingly since last September have
had only too much foundation in fact, and
even the bureau estimate of 100000 bales,
which we all thought so absurd at the time.
had at least some semblance of the truth.
We have seldom or never seen so startling Il
collapse in figures as was witnessed this
month Various explanations are rendered
TO account for it, such as bad roads, specu-
lative holding by planters, etc, but we
America, SO far as we understand it, is that
exhaustion of supply is the true explana-
ton. The general opinion in the south
now is that the yield will not exceed $780,
600, a few in New York adhere to 5.750000,
but others go as low as 5, $500 We ven
ture no opinion, except that the scale of
receipts during January looks more
like 100000 than any other figure.
$40 less wonderful than the collapse to
receipts is the perfect indifference with
which II is regarded. Had any one been
asked in December to predict the effect OF
such small figures, he could have conf
IDENTIFY prophesied sharp advance but
series of events, which we have already
glanced at, chief among which is the dis
turbance of the money market and the dull
state of trade, has neutraliZed for the pres
ent the great reduction in our probable sup
ply of cotton.
"The large movement of crop at Bombay,
and the heavy shipments to this country,
also tend in the same direction, and it is
coming to be felt that there will be no scar
city, even with q crop OF 5,500,000, while
$780, 600 will yield sufficient"
The Courier-Journal says the national
department of agriculture has made two
extra dives at cotton crop estimates this
year, probably under pressure from oppos-
ing interests, anxious to reconcile discrep-
ancies in current estimates. The last gross
results in percentage by states were pub
lshed through the associated press reports
yesterday. In the following table We COM
bine these percentages with the actual
yield of 1880: