The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1882-02-16

having touched 42Cd45c the past week.
Cheese firm. Produce Of all kinds rule
high. Flour is not quotably lower, and the
reduced prices Of wheat merely offset the
advance in treightS Provisions firm los.
ton clear advanced 50c@Sl per barrel. Dry
and picked fish in fair demand.
-.8.-
COTTON.
| THE situation of the cotton market to-day
| is not ut all favorable for better prices, and
in fact, the appearances indicate a further
decline. Long ago the HERALD endeavored
! to prepare its readers for the present re-
suits Not being interested i'll cotton fur
thcr than a desire for stable or EXCHANGED
prices it could see no good reason why
there should be an advance. The heavy
crop of last year left large amounts on the
! first day of last September in the
hands of spinners and dealers, both
in this, country and Europe, which
pre- We / that the yield was larger than the
consumers required, and that even fall
lng Off of million bales from the season
| before would still leave ample to supply
all demands. Whether or not these opin
ions compiled from the best data at hand,
were correct, we leave our readers to deter
mine. To-day the worlds visible supply is
above that of last year, and the stock at all
tn ports is greatly in excess OF any pre-
vious year at this season. In addition TO
this, the spinners in this country and
| Europe are better supplied than last year,
| and taking things just as they are, there
can be no good reason advanced why cot
ton should sell for higher prices than
it brings to-day. 1t is true the receipts
daily are far below these of last year, but it
will take months to bring down the stocks
| to parity with last year, and by that time
| the new crop will be looked forward to with
interest, and if the outlook is favorable for
| good yield, it will have a tendency to keep
down prices. At this season OF the year
the larger portion OF the crop is in the
hands of Spectators, and it matters little
to the planter whether the market adj
vances or reccdcs. The staple has
brought a fair price during the entire
season, and the producer, unless he has an
attack of the speculation fever, has disposed
of his product, and is preparing Tor the mex next
years crop. This is the condition of affairs
ut present-the spectators have the staple
in hand, and the bulls or the bears are the
only ones who will be benefited by an adj
vance or decline in the market.
Rquotations are unchanged and merely
nominal The receipts are light, but there
is demand for all that is offered on the
market.
GOOD Ordinary ..-........................9 ga
Low middIng ......'.............. I0!s
Middling thir .............-.. .-..... ia
The Liverpool cotton market was dull
and easier at u decline Of a sixteenth, mid
dlngs ZIG; Orleans, o.. Receipts, 50 1000;
sales, 6,000, of which 4, 400 were American,
and 800 for expectation.
New York opened quiet but declined a
sixteenth during the day, closing easy, mid
dlings II 9-l6. Sales 0S2.
New Orleans opened quiet and closed easy
without change, middlinGs II 5. Sales
400.
Galveston closed irregular at decline OF
an eighth, middlings, III. Receipts 0i7.
Sales, lC2.
There were no reports received in this
city from St Louis.
The cotton movement shows the net re-
ceipts TO be 37,04, against GS,747 the CORE
spending day last year, decrease of 3l,G93
bales. The exports to Great Britain were
$685. continent $3.50, channel ports 2,03l,
France none. Stock on hand at all the
ports was JOG, 26S bales.
The New York Banker and Broker says
the price of cotton has now dropped off
about cents from the highest point this
season, and the last few days have witnessed
considerable buying for reaction. The mar
ket to-day, while the actual changes in price
have not been very extensive, has been very |
leverish and unsettled, closing weak. Spot
cotton receives little or no attention from !
spinners or exporters, and is quite nominal
at the decline of LILO cent made in quota |
tions to-day.
Mr.. Halhed, Liverpool merchant con-
tributes an article in reference TO specula- |
tons 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.. Hailed goes on to show the harm |
fulness of the unrestricted operations of in |
LAT In lKr
tracts" He contrasts the legitimate and
honest speculation Of merchants OF past
generations, which was justifiable enter |
prise based in the main upon substantial |
capital and always with something tangible |
attached to 1t, with the speculation of the
present day, which is, in the great bulk OF
the transactions now entered into mere 4
transfer and dealing in paper contracts"
The former resulted in benefit TO the con-
sumers Of the products traded in, whether |
the individual Spectator profited or lost; |
whereas the latter results only in mischief, /
more or less extensive.
Mr.. Hailed states that, although the total |
production Of cotton for the world Is now /
10000 bales Of 4J0 pounds each, the turn /
over Of future delivery contracts in Ameri- /
can. English and continental markets |
amounts to the stupendOus total Of 5000 4
90 bales, Of the value OF nearly El0O,OOO,- /
900 sterling. Although only 10000 bales 4
agreed to be delivered; or If we
suppose the 7.OJ0,OOO bales to pass
through seven deliveries, then the /
extent Of the deliveries Is brought up to a
level with the paper contracts" There .
are other products, such as petroleum. lard
and grain, the entire years product Of
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 il a species Of CON-
mercial industry that contributes nothing
10 the good Of society, nothing 20 the wealth
OF the country and nothing to the support
II the government. Ii j. simply a system
81 betting on margins, in which only 30
much money j. used a. may be necessary
10 balance the sale and purchase with the adj
vance or decline. 10 j. an evil and one
which affects the business n Legitimate
Trade lv initiating % depressing prices
B1Ve ~ below normal values % such an
extent a. o. embarrass Oh dealings m ile
material Itself and often % ruin thousands
.bg-e fortunes are invested in handling
De products and u0t-the margins.
TIE oIorin- from the 81 Louis r.
.aHIii-fn 81 THE l1rn may D. 81 iute-ts- o.
mr. ren IC-s a. reIecfine The opinion oi dl-i-
- on tlie exchange ID tlaf city ] tegll-
De -buls' give good reas1ns - i1t irit.
ffaf j. 10 them. Duf the bean" POCKET al
b. cssh margins neTertheless-
Yss,eriay vas Truly day q uneasiDess
4 the cotton erchauge. and the present
tr-e Of the market d j. one n The W0rsi
ind al rIurries 90 the bulls p Who were 20
.irh IN spirits ard expectations few weeks
~ tliet thev predicted e boom M the So
- before fhs-frsf day ri March Meanwhile
Sal street be- ped the NeU York bears
rf With the feeling scruss the .
ATE 90 insTire the1ns they