The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-01-11

take this into account is the great mistake
OF the English stati.ticians.
There is large accumulation of cotton
IN New Orleans and very near all the
presses are :lutted, owing 10 the fact that
the cotton is being held for future delivery,
and no large shipments are being made 10
Europe. AS the matter afforded topic for
conversation on the street, u Times Demo-
crat reporter started out for the purpose of
obtaining information as To the sud
den ending OF the cotton movement from
this city, On visiting the Cotton Exchange
ami making inquiry he was informed
"a iolloWS Great Britain has bsen laboring
under the impression that the crop of cot
ton raised IN this country during the past
year was Unusually large, and in order
10 obtais a supply of the staple at
their own price, concluded TO wait
until the accumulation of cotton ut this
and other ports would become SO great that
II would break down the market. The
idea was verified by figures submitted to
tue reporter, which showed that Great
Britain had ordered 100000 bales and
France about Il, 600 bales less than they
did At this time last year. The factors,
however knowing that the crop now being
handled is short, are determined to obtain
short'crop prices, III consequence are hold
ing back the cotton for future delivery, and
until the European market comes to terms.
The impression is that the glut will not
last much longer, and even fit should it is
stated that it will not embarrasS the factors,
as there is now plenty Of money in the
country, and if the banks here cannot fur
iilSh The money, the Factors can gCt enough
funds from New York to enable them TO
carry the cotton they have ON hand The
statement at the Cotton Exchange shows
that the cotton in this port which has not
been cleared, up to date, amounts TO about
10000 bales, all Of which is stored in the
various presses. In response to question
asked by the reporter relative to the ca
paciiy Of the presses to hold much more
cotton, he was told that no trouble was
lkcly to arise irom that quarter, rs the re-
celplS OF cotton are rapidly diminishing,
and after this month will amount pruct-
caI!y 10 nothing. Very near all the large
factors IN this city carry great
deal OF cotton at their own
ne at the time like the present about 10
wv bales, Will hold about S3O0,O0D of it AT
his own risk. The banks advance the
money to the iactOr to enable him to hold
PACK the cotton, and never once thinl. to
ASK the factor II covered by insurance; con-
sequently, the money is advanced under
the Impression thar il Il fire occurs the iu-
Suralce companies Will Step into the breach.
he ldct that 4 disastrous cotton fire has
not been chronced here in some time is
the reason that the factors are carrying 50
much at their own risk. The reporter also
learned That many planters in the country
nave ordered their cotton seld and the H.
turns OF the sales forwarded TO them. In
order to comply with the demand OF the
producer of the staple, and imaginary sale
Is made at the present market price, the
money forwarded and the factor holds the
cotton for future delivery.
The Liverpool cotton market was Erm at
an advance OF sixteenth, middings ll-lG, |
Orleans6 1916. Receipts a ,OOO sales H.
wv, OF which $3.50 were American, and
LOGO for expectation.
New York opened quiet and UNCHANGED,
Al noon became more active, and.adyauced
sixteenth, closing easier, middlings Il
cents. Sales l,302.
New Orleans opcsed firm and closed
quiet, middlinss lis, Sales 1900
galveston closed Steady, mddlugs III. |
Receipts S2G. Sales $50.
st. Louis closed firm at quarter advance
over yesterdays prices middln.s III. Re
celpts 2,5ll, sales Job, shipments
2,tUo stock on hand 562l2}.
The cotton movement shows the nett re-
ceipts TO be jIit3, against G2,232 the
corresponding day last year, 4 decrease of
f,IS0 bales. The exports to Great Britain
were 1904; continent l7,S4l; France 22501; |
channel ports none. The stock at all the
ports was l,lGI3O9, against 920,20+ the
corresponding day last year, an excess OF