The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1882-04-06

sp,nnefs In the matter NJ buying cotton
N consumers nj large are extensive opef'
ators for nnmncr oi Wyim ,M ,q h ~.
tive while, II they operate only spnfluply !of u
heightened period, II l. because business IN Man
chester IN slow.
altogether undersigned tuCh one ncts Tor him
self as he thinks best for his own interest
when he is full Of orders, hc buys cotton 10
cover; when his orders are running ont una no
new ones are coming In, he lets cotton alone as
much NJ he can He hardly ever buys cotton
when II Is low priced because H. Is low prircni
he only buys II because he wants II for immedl'
ate use, while he frequently spcculnics In cotton
when tits ut high prize not because he j.
In u,cd Of IT, but because he expects that II VIII
g0 higher, As u rule, he inslructs his broker TO
6 6@ 'PSS ml 6ny 'NS freely m''hS' hs
murlct is excited; whereas, the clear; headed
Spectator does exactly the rcvsrse ana makes
money. T.
daily receipt of considerable amount of I'M
mpr,tcd praise and undcserved blame for the
views we have Of late been putting form IN re-
ference 10 the condition and prospects OF the
market: hut. us we believe that what has hap
pence would have happened II we had not wit
truH line, aud US we ARE sure that no one can by
mere writing elthcr put up prices or put mem
down Wc decline 10 accept either the praise or
the blame which has been bestowed upon us,
| It is possible that we may have pointed out the
market n little before they would otherwise nave
| become apparent 10 the general public but we
| no more created the symptoms than the Darome-
tcr creates the variations in the atmosphere.
| we are told that the collapse in New York and
| here would not have taken place if ii had not
| been for the rise in the price of money; but II
| was pointed ont long ago by the leading lnan'
| cial authorities in America and in Europe that a
day Of reckoning was at hand. not only in res
pcct OF cotton, but in respect also of other aru'
| clcs of produce, us well MS of very large class
| OF stock exchange securities the whole OF which
| had Teen artiiclally inflated by. speculative
manipulation, and II was distinctly indicated
that the pin which would be put into the vnri
| Gus speculative bubbles would be the financial
pin 1t is nonsense, therefore, to say that the
| collnpSe recently witnessed was altogether nm
| forcsrcn. rs TO the future, we have nothing Il
add to or take from the facts and argument:
given in our annual report of January last
| The contents of that report have beer
twisted about in variety of ways, ant
often laid before the public in such
CARRIED way as TO grossly misrepresent thel
| meaning and import, but as rule our critic
have performed their work so clumsily tina
they have defeated the object they had in view
and rather strengthened than weakened the pc
stiOnS takeu up In our report =,
| Respecting prices, all that we care to say Il
that s. SD for mddling upland, which is thu
present spot quotation, is more reasonable ant
nearer a legitimate level than the I'd. to I'D.
which many people III December expected to Sc,
in February: but whether, with the world Still
so full of cotton goods thata reduced rate OF pro
duction cannot be avoided, ii would be safe
calculate upon a renewed and sustained spell
activity on the basis of SD. on tho spot, ant
| G 7.Sd for distant futures, is question which Il
Mt least omen to debate.