The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-01-20

But yet another fact, which is trouble
some one, is that We have, during the last
two and hall months, been piling up stock
here until 1t has got TO be very burdensome,
and the question of price seems TO be largely
reduced to question of endurance between
New York and Liverpool, with the hot end
of the poker in our hands. 1t was Just this
situation we sought TO guard against when
way back in October Chronicle, October
-, page 456l, at the close of an article on
Mr.. Ellison annual figures received by ca
bic, we stated that there was going to be no
dearth of cotton this year, and that it
would be wise to let Europe have all the
cotton she wanted at the then present
prices.
On that very Friday October 29) when
we wrote those words, the quotations were
precisely as they are given above for the Sd
OF January. Had the course we suggested
been adopted-instead of running away
from Liverpool at every advance that mar
ket has made-we would have rid ourselves
OF this extra surplus and at present been in
a good strong position for even higher rates
On the contrary now, if by any accident
prices should break, is there not consider
able danger that these heavy stocks will
carry values far below where they ought to
be, and we be compelled to market the
great BODY OF our crop at less than it is
really worth:
On the question of supply we ought al
ways to keep in mind three points-1) our
own crop; (2) the crops of other countries;
ana l3) how much spinners can entrench on
OLD stocks. AS to the latter point some
may have forgotten that on the LIST of last
October the visible and invisible supply
Ssee Ellison's circular in Chronicle, Noyem-
Der ID, page 80 was about 100000 bales
more than in October, 1880 and about 500
600 bales more than in 1879. 1t is not at all
likely that stocks can be again reduced as
low as IN the latter year; but those figures
show the possibilities, under certain condi-
mons, and every man who wants TO know
the whole truth will keep them in mind
Just now, while our holdings are so large.
Then, as to supply from other countries,
II IS clear there is to be considerable
addition to last years ship
ments, both from Egypt and India. As we
write we have received the following from
Messrs. Wallace & Co, of Bombay, under
date of December s: Altogether the ex-
ports of Surats TO Europe this season NAV
be expected to be considerably larger than
last, Notwithstanding increased local con
sumption" This has been the tenor of the
reports from India for long time. Egypt
also gives the same promise. They had an
excellent Nile, and the report is that il has
resulted ia their having an excellent yield,
though during late weeks the receipts have
been running smaller. And as to our crop
well, we will not finish that sentence, be-
cause it makes some of our Southern friends
bilious.
But it is significant of the situation now
that believers in 40 and 81 have retired
and that there are very few believers in less
THAN 90 left pretty soon they, too, will all
he gone, and tnen the estimates will crnnn
up slowly, until the whole chorus will ioinn
us in saying there is no dearth of cotton
this year.
Now, we donot pretend to know ANYTHING
about the effect of all these facts on the
cotton market, but most certainly we think
II we had the crop under our control and
wanted TO make the most out of it. we
should Try to roll of on Liverpool, at cur
rent prices, a good big bunch of our present
burden.
CorToy planters who are in danger of
being deluded by the pretense that in
sod nrnfeptipr h,,