The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-06-08

sumption, in which case an American crop Of
aiO1VOO bales would suificel Finally, we stated
that with such = supply as we then eontem.
plated, Whatever fluctuations may take place
IN me course OF the season, arising out OF the
varying moods of public opinion. the average
VIII be rather under than over that of the pre-.
vous season." which was Glad: so that our
critic not only bellies our statement In respect
Of me American crop. but also suppresses the
important limitations which aeconlpsny Thai
statement He still more grossly misrepresents
what We said about the Egyptian crop and he
omlts 10 note that in view Of the uncertainty
which surrounded the matter we estimated
ina. lndla would supply ouly about coo 0 bales
more IMAM III the previous season, aud that the
Brazils would give no increase al I'LL
AT the close OF the year II became cl ar that
the American crop was going 10 be smaller than
we had contemplated; but it also became
eIear tnat lhuia would send at least 5000 or
1000 bales more than have been calculated
upou that large excess would also be received
from the Brazils, and that the great markets of
the world held much heavier stocks of goods
than had appeared in October, aud therefore
that consumption was more likely TO be checked
than materially increased, especially as prices
Instead OF being under led, were at s I'd for
spUs and NJ I'd. for distant futures-in short
that the whole situation was complet .ly chang
cd; and vet our critic would have us, IN forecast
lug the probable future course Of the market nj
together TO ignore the fact that in January we
had tn deal with an entire different set of circum
stances from those which presented themselves
for consideration In October
AS to the American.crop we all along.
our inability to estimates.its extent owing TO the
widely divergent views expressed by
correspondents, all equally honest and
trustworthy, We denounced the preposterouS.
ly high figures with which some people opened
the season, and we ridieuled the equally pre-
posterously low figures With which the same
and other people deluged the world In the au.
tumn and winter. At one time we Thought tha,
the crop would reach 6,26l 900 and in December
We calculated upon 100000 to 100000 We
willingly admit that the yield has fallen short OF
What we expected; but one authority, who ran
the gamut of estimates all the way from 1850
OlO down to 100000 bales this season, and was
5OoOo) wrong last season, oStentatiously claims
to have been correct i'll both
This same authority expressed his surprise
that spinners were not extensive purchasers al
Sad. to I'd. per pound while they had the chance
the adoption of such policy as this would
have driven prices up TO I'd. or 7kd. pei
pound, ana then would have followed The
Judgment, We thought that In view of the
enormous and undigested production Of good,
during the past two years, II was better for con
summers before they bought largely of cottoI
al sd to I'd, first to ascertain for certainty
| mat Inc crop was an exceptionally small one
and then TO satisfy themselves that small as 1
| might be- II was not large enough, along with
| other supplies, To meet their full requirements
| Fortunately for themselves consumers adopted
this policy, and in January we showed that al
American crop of 8 500, 600 was amply sunicien
| 10 meet the wants of the world
AS to the probable future course Of the mar
| ket, we have really nothing new to Offer s
| far as the present season Is concerned there
| plenty of cotton, and spinners may take Ii 70
granted that there will be no corner in tn
autumn IT, later on in the year, prices alvanc
II will be owing to bad accounts of the ne,
crop, and it will be time enough to talk abou
them when we get them. Meanwhile, we d
not look for much more important fuCtuation
in prices during the immediate future than hay
been witnessed in the course of the past fe'
| months.