The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1882-09-09

We must leave our friends to draw their own
conclusions from the data furnished them. The
outlook at present is certainly favorable for a
very ul crop, but IL is sill liable TO vlcssitudes
the least OF which we consider the appearance
OF worms or caterpill2r., whose raVages ara
always largely oveTestimated, and which can
now be destroyed by various preparations.
rHR FUTURE couE>E OF THE MARKET
IN endeayoTtng 10 forecast the future course
OF prices there are SO many factors at present
enyeloped in unlalhomable uncertainty MAT We
and II impossible 10 form any very decided
opinion, ana We may remark that the mRuife.t
lndlSposlIion of operators in future deliveries 10
enter into extensive engagements either way,
is conclusive evidence that the great major.
lily OF the trade entertain the same view OF the
subleot The factors favotiug lower prices are
the prospect ola largely increased production
IA thlS country, the reported Improbable state
OF trade IN Europe and the present range OF
prices which is considered to be somewhat
rb0ve the nominal value Of the article Ii is OF
course dhlcu.t to say what Is the nominal value
o. cotton, but We are inclined to place itat sue
nSNEes US VIII enable spinners audmanuiacturers
70 produce goods Vt SuCh price as will meet the
/ demands Of the India and China markets, for II
/ Is wei Known that the extent of the demand
/ from those great markets IS regulated mainly by
tne price o. piece goods. Experience proves
lhat when the price of goods, suitable for that
/ TRADE, ialIS below certain figure, their con.
sumptye capacity seems to DO unlimited
whereas, when 1t rises above that figure,
tnere Is a certain and progressive fall
ing on IN the demand Viewed from
this standpoint there would seem , 10
| De some good foundation for the complaint OF
1 Improbable trade OF which We hear SO much
from our foreign friends; but upon the other
| hand, these complaints have for so many years
! neen the constant cry OF manufacturers, while
, me immense increase of the spinning aud manu-
( laCturlng capacity of Europe would seem 70
point to different result that on this side of
me water theyar received with many grains of
allowance.
! THE ARGUMENTS IN FAVOR OF HIGHER puCEs,
are: First the uncertainty that still hangs over
the American crop, the probable loss of ut least
poruon OF The Egyptian crop, the probability
OF Il material decrease In the supplies from India,
as compared with the abnormally large ship
mentS from that country during the past year
ana me enormous rate of ConSum ton In Eu.
rope, despite the complaints OF bad trade. The
complaint OF improbable trade Is somowhG
Oisell by inc enormous rate Of consumption
which MesSrs. Ellison ~ Co, estimate at Co. 10
bales per week for the continent, and 7lCOO fol
treat Britain, against $500 and COCO, re
specuvely for the same period last year. In Tho
same circular august l0l thoy say the increased
consumption on the continent for the past Il
, months is estimated at &C per cent; their est
! mate OF weekly consumption upon this bas
} should DO $1,000 bales per week for the cont
= neut or an increase la the weekly European
consumption Of 600 bales of 400 pounds each
They also state that the stocks held by cont
mental spinnerS will probably be reduced belOl
the low figure reached last autumn. Relerrn
10 this subject in their circular of July 81, Mcssr,
, smith, Edwards & Co say mo doubt nue.
, depends upon the reserve stock held by tn
| trade-always doubtful point tha
generally been assumed that they have uuus
T ually large stocks but there seems room
0 doubt this, and their action both here and o
the continent rather suggests that the
| must have held less than we SUI
/ posed. These admissions coming froi
Nessrs. smith, Edwards N Co., and Mcssts. Ell
son x Co. are entitled to great consideration.
Is also probable that the stocks held by the trad
) consists largely of Egyptians and SuratS, and W
y think 1t IL evident that with tho prospects
light receipts OF American at our ports durin
September, there will be quite ascarcity of Anne
lean cotton before abundant supplies from OF
growing crop can be made available, Upon
= careful review of the whole quest IN We yentul
to express tho opinion that there will DO no mi
terial change from present prices until some
the uncertainties that now hang over the net
future shall have been dispeled We feel u
sured that In any event there will DO an aCiil
demand for all cotton that comes to mark
during the present month. In conclusion "
would say that the coming crop would bo of c,
CeptiOnally good staple.
yTUEDnnnI