The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-02-15

The Liverpool cotton market was dull
and easier ut decline of sixteenth, mid
dlings 6 ZIG; Orleans, GO. Receipts, IS 900.
sales, 6OO0 of which 400 were American,
and 900 for expectation.
| New York opened quiet but declined n
sixteenth during the day, closing easy mid.
dllngs IL GIG. Sales ,0S2
New Orleans opened quiet and closed easy
! without change, middlings ll3S. Sales
400
Galveston closed irregular ut decline of
an eighth, middlings, III. Receipts, 0I7.
Sales, l02
There were no reports received in this
city from st. Louis.
! The cotton movement shows the net re-
ceipts to be 37,0i, against GS,7i7 the CORE.
| spending day last year, n decrease of 81 SOB
bales. The exports to Great Britain were
5,039, continent $3.50, channel ports 2,03l
France none. Stock on hand nj all the
ports was log, 26S bales
The New York Banker and Broker says
the price of cotton has now dropped oil
about cents from the highest point this
season, and the last few days have witnessed
considerable buying for reaction. The mar
Ret to-day, while the actual changes in price
have not been very extensive, has been very
teverish and unsettled, closing weak. Spot
cotton receives little or no attention from
spinners or exporters, and is quite nominal
Ut the decline OF l-l6 cent made in quota
tons to-day.
Mr. H0lhed, u Liverpool merchant CON
tributes an article In reference to specula-
lons in futures, from which we make the
following extract; After stating that the
effect OF corners" or attempting to 'cor.
ner' markets is without doubt detrimental
to all the manufacturing industries ofthe
world, Mr.. llalhed goes ON to show the harm
fulness of the unrestricted operations of in
terested spectators in purely paper con
tracts" lie contrasts the legitimate and
honest speculation of merchants of past
generations, which was iustitiablc enter
prise based in the main upon substantial
capital and always with something tangible
attached TO it, with the speculation of the
present day, which is, in the great bulk OF
the transactions now entered into, q mere
transfer and dealing in paper contracts"
The former resulted In benefit to the con.
sumers of the products traded in, whether
the individual speoulator protited or lost;
whereas the latter results only in mischief,
more or less extensive.
Mr.. Hailed states that, although the total
production of cotton Tor the world is now
100000 bales Of $50 pounds each, the turn
over OF future delivery contracts In Ameri-
can, English and continental markets
amounts to the stupendous total of 50. 900.
600 bales, ofthc value of nearly 81, 0O0, 600.
900 sterling. Although only 1900, 900 bales
are actually delivered, 5000, 900 bales are
agreed to be delivered; or IL we
suppose the 100000 bales TO pass
through seven deliveries, then the
extent Of the deliveries is brought up TO a
level with the paper contracts" There
are otter products, such as petroleum, lard
and grain, the entire years product oil
which are sold over and over many times,
on paper, through the operation Of which
prices are often upon an artif cial basis.
Gambling In products Is n species Of com.
mcrcial industry that contributes nothing
to the good oi society, nothing to the wealth
OF the country aud nothing to the support
Of the government. II Is simply u system
Of betting on margins, In which only 50