The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1882-01-26

Mat values afe not hlti. Look nj The fol
lowing statement 0f quotations on ilc W. 0l
lnnunry Tor u series NJ years. we tnke
thW date because we had prepared lhe
back years for another purpose, ana lli'
eleven days which have passed suce nave
not materially changed The situation ,,.,
Jan, o. 1870 1917 1880 1881 '''.
Cotton .,,,.sI
Low Middllngii 3.s i2i.s mas me- il7l0I
Cotton goods .. ,
q BAN :@ sIs,5. SS g.! 3 g., i5a.iio q"
one sees at Il glance from the above that
cotton is not really and intrinsically dear
But yet another fact, which Is u trouble
some one, Is that we have, during the last
two and hall months, been piling up STOCK
here until IL has got to be very burdensoine,
aud the question of price seemsto be largely
reduced 70 question Of endurance between
New York and Liverpool, with the hot chd
of the poker in our hands. II was just illls
situation we sought to guard against wheh
way back in October Chronicle, October
20, page 45G), at the close of an article on
Mr. Ellison's annual figures received by ca
BILE, we stated that there was going to he no
dearth of cotton this year. and that 1t
would be wise to let Europe have all the
cotton she wanted at the then present
prices. 40,
On that very Friday October ?9) when
we wrote those words, the quotations, were
precisely as they are given above Tor inc 90
of January. Had the course we suggested
been adopted-instead of running away
from Liverpool at every advance that mar
ket has made-we would have rid ourselves
of this extra surplus and ut present been III
n good strong position for even higher rates.
On the contrary now, if by any accident
prices should break, is there not consldeI
able danger that these heavy stocks VIII
carry values far below where they ought TO
be, and we be compelled to market the
great body of our crop at less thah IL Is
really worth!
on the question of supply we ought al
WAYS to keep in mind three points-(l) our
own crop; (2) the crops of other countries
and (3) how much spinners can entrench on
old stocks. AS to the latter point some
may have forgotten that OH the LIST OF last
October the visible and invisible supply
(see Ellison's circular in Chronicle, Novem-
Der 10, page 80 was about 5OO0OO bales
more than in October, 1880, and about Soo-
600 bales more than in 1879. It's not at all
likely that stocks can be again reduced as
low as in the latter year; but those fgures
show the possibilities, under certain condi-
tons, and every man who wants to know
the whole truth will keep them III mlhu
lust now, while our holdings are so large.
lItlI, 40 W sulI'J '''''' =
it is clear there is to DC considerable
addition to last years snip
ments, both from Egypt and India, AS we
write we have received the following from
Messrs. Wallace & Co., of Bombay, under
date of December 8: Altogether the eX-
| ports of Surats to Europe this season may
be expected to be considerably larger than
last, Notwithstanding increased local CON
SUMPTION This has been the tenor OF the
reports from India for long time. Egypt
| also gives the same promise. They had an
excellent Nile and the report is that it has
resulted in their having an excellent yield,
though during late weeks the receipts have
been running smaller. And as to our crop
well, we will not finish that sentence, be-
cause it makes some of our Southern friends
bilious.
But it is significant of the situation now,
that believers in 40 and so have retired,
and that there are very few believers IN less
than So left /; pretty soon they, too, will all
be gone. and then the estimates will creep
up slowly, until the whole chorus will JOIN
| us in saying there is no dearth OF cotton
this year.
New, we do not pretend to>know anything
about the effect of all these facts on the
cotton market, but most certainly we think
| if we had the crop under our control and
wanted TO make the most out OF 1t. we
should try to roll off on Liverpool, at cur
rent prices, a good big bunch of our present
| burden.