The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-04-01
on hand al all the ports was s7i ssh, against sOs
els The corresponding week last year, an excess
OF 81. 40 bales

MEssRs. ELLISON & Co in their Liverpool cir.
eular. dated March 9Th, says OF the prospects;
The situation has undergone no change of i'm.
portanee siuce the date of our last report and
the prices current to-day diner little from those
OF month ago The receipts at the American
potts have been very small but the reduced
supply thus indicated has been 50 materially
counlerbalanced by increased supplies from
other countries that the total quantity OF cot
ton now visible is as heavy, IL not heavier. than
at any previous period In the history of the
trade.
and early summer months Of last year on the
basis or 6sd. TO 6ed per pound whereby pro
dueerS were placed under order until the
autumn and winter, gave false impres
sion OF the state Of the trade At the
opening of the new season. and led TO an
oVerestimate of the immediate future require.
ments OF the world. The great markets were
tull OF goods, either in stock or anoat, twelve
months aga but the fall in values which took
place between January and May and the mod.
crate rates which ruled also in June caused tho
whole OF the leading shipping houses to give out
iutlher orders on large scale, for the purpose
OF reducing the average cost of their holdings
ne machinery OF Lancashire was therefore In
Wll SWING throughout the summer autumn and
winter months and almost every one calculated
upon continuance of this activity for at least
the remainder OF the present season, Such being
the case, IL was very naturally assumed that the
SN''NhHtN thAhlilOu supply Ol american IOttOn
would lead to an important advance in prices
towards the close of last year, however, 1t be.
came apparent TO those who had investigated
the matter in all its bearings, that the wants of
ms world had been very largely anticipated:
mat every nook and corner In the globe had
been filled with cotton goods, and therefore the
consumption, so AR from going ON At in.
creased rate, might ifvalues advanced, be con
siderably reduced. II prices had kept below
I'D. per pound II is possible that the glut of
goods would have remained for some months
longer out of knowledge. but u rise to 3.4d.,
ana the threat OF to- I'D, at once brought
the mischief to light and us the stocks of the
world have not been in the least reduced since
the autumn 1t is absolutely certain that sooner
or later the rate OF production must be curtailcd
unless prices sink to Il level at which the surplus
OF stocks can be forced into consumption. Refer
ehce y sometimes made TO the high prices which
ruleu IN lSl9-lSSO but those who cite the move.
ments In that season forget that at the outset
the STOCKS OF both cotton and cotton goods
were smaller than they had been for many
years before. smaller, In fact than at any time
since the rev years succeeding the American
war whereas flor the world they are now larger
IMAM they have ever been in any previous wear,
IL Is TO this unsatisfactory state of trade that
we trace the socalled cautious policy of spinnors
during the past three or four months IL new
orders had been coming in, and If margins had
been good, spinners would have acted precisely
as they acted In the early part of 1850, when they
drove prices up TO I'D per h., and talked con.
hdently Of Sd Every cool-headed specula, OF
looked on perfectly aghast and when spinner.
iet inc market alone prices sank to lad pel
10, instead of rising to the anticipated sd
There never has been such thing as prear
ranged concerted action on the mart q,
kpihners In the matter of buying cotton
ii consumers at large are extensive oper.
ators for number Of weeks In succes
sion, 1t is because business In Manchester is ae-
tive while. If they operate only sparinrly for a
heightened period 1t Is because business In Man.
chester Is slow.
Their united action Is merely coincidental and
altogether undersigned, Each one acts for him,
self as he thinks best for his own interest
When he is full of orders, he buys cotton tC
cover; when his orders are running out and nc
SW as he are bd ne ss cotton alone
when II Is low priced because It is low priced
ne only buys IL because he wants ii for immedi
ate use while he frequently speculates In cotton
When y Is at high price, not because he is
30 higher. As rule he instructs his broker tc
quiet. 'f but 70 buy '"f freely m'fk X tb y
market is excited whereas, the elear.headef
Spectator does exactly the revsrse ana makes
money
For some little time past we have been II
daily receipt of Il considerable amount of nm.
merited praise and undeserved blame for IN,
views we have OF late been putting forth In re
ference to the condition and prospects of IN,
market but as we believe that what has han
pened would havehappened If Ve had not writ
ten u nne, ana as we are sure that ma one can h,
mere writing either put up prices u put then
down, we decline to accept either the praise o.
tne Diame winch has been bestowed upon us
tits possible that we may have pointed ont IN,
market little before they would otherwise hay,
become apparent to the general public, but W,
no more created the symptoms than the barome
Ter creates the variations In the atmosphere
We are told that the collapse In New York and
mere Would not have taken place if Il had no
been for the rise In the price Of money lint h
was pointed out long ago by the leading finan
Siai a9 w IN America and in Europe that
pect OF cotton, but In respect also of other ar,i
cles OF prOdnce, us well as of very large elias,
OF STOCK exchange securities, the whole Of which
nad oeen artlicially inflated by. speculativ,
that the pin which would be put into the yari
Gus speculative bubbles would be the fnancia
pin. It's nonsense, therefore, to say that In,
collapse recently witnessed was altogether un
ioreseen. Asto the future, we have nothing I,
add TO or take from the facts and arguments
given In our annual report of january last
The contents of that report have beer
twlsted about i'll variety of ways ant
often laid before the public In such ,
CARRIED way as to grossly misrepresent thei
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 DO
suons taken up III our report
Respecting prices all that we care to say 1
that 0 5-sd for middllng upland which is Oh
present spot quotation, Il more reasonable an,
nearer legitimate level than the "a. TO Z cd
which many people in December expected 20 Sc
- 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 b
calculate upon renewed and sustained spell a
activity on the basis of 6 SD. on the spot. an
at least open to debate.