The Dallas weekly herald. [volume] (Dallas, Tex.) 1873-1885, 1882-08-24
COTTON.

sMTn EDWARDS & co.'s Liverpool clrcul 81
There has been strong tone In the Gol,o
market all the past month, with rise OF "a
VI In American cotton and I'D per pound
Egyptian.
At the date OF our last report middllng ~
lands were quoted 6'sd the feeling WAS rAtht
cheerful but no expectation Of large sdvanc
about I'D per pound during JUNE, in conse
/ quence OF the anarchy in Egypt and thi
advance had somewhat strengthened the gener
al market; for some time there was pause du
ring the negotiations of the conference sitting a
! Constantlnople. but as IL became increasing,
clear that the situation in Egypt was going from
bad to worse,a further wayeOfspeculation pass eC
over Egyptian and all long stapled cotton CAUSING
upward movement has been very rapid, anC
good fair Egyptian is now GU ted lOhd, or about
atsd up from tho lowest ont OF the spring
has also advanced largely, and the
effect has been felt all over the
market The increasing strength OF the Amer.
can figures has also attracted attention and
cansed quite an uneasy feeling among the trade
and spinners have b en- free buyers this past
week, causing the quotation of middling uplands
10 be advanced to Led, September delivery to
6 2l-32d. To-day the tone has been dull. Septem-
Der delivery closing at 7 1-32d, and November
December AZ SIS surats, wiIhou: advancing
percepubly at any given time, having gradual
iy hardened, and have gained nearly
as much as American during the month
The whole m ,rket has been peryaded by san
guine tone lately though there is little bona ilde
speculation In Liverpool, and the .rength comes
chiefly from the trade demand. The Mauches
ter market during the month has been decidedly
dun, except IN tho products OF Egyptian cotton,
which have advanced largely in Sympathy with
the raw material This department of the mar.
ket is quite apart from the Others and has no in
fluence over them. The general trade OF Man.
chester is undoubtedly unsatisfactory and in.
a rdp NJ
raw material, which has gone on for two
months, has made position which was bad to
begin with still worse, and we hear the most
doleful complaints from the great mass OF pro-
ducers, particularly from the manufacturers of
North Lancashire. The prospects Of our market
have somewhat altered in the past month, and
the change has been in the direction OF greater
strength. This has arisen from two causes
first, the remarkable drying up of the Amer lean
supply; and, second, the increasing danger of AZ
great disaster to the Egyptian crop. With ,e:
gard to the American supply, every one foreSsw
q tight time in the autumn, but as the, trade
were going largely upon Surats it was supposed
that they would greatly reduce their takings OF
American, and as there appeared to he little risk
of corner being formed, il was believed we
would pas. through the autumn without any
serious enhancement of value. These eIpecta.
tons have not been realized SO far The trade
both in this country, the continent and America
have continued TO buy american cotton very
freely, and supplies have run down SO rapidly
that severe scarcity seems inevitable.
reserve stock held by the radical |
ways doubtful point 1t has generally been
assumed that they hold an unusually large
stock, but there seems room to question this
and their action, both here and on the Conf, |
nent, rather suggests that they must have held |
less THAI we supposed. At any rats, II is plain |
that the present price OF American is not sufi- |
tolerabe working stock in September and Oc-
tcber 1t Is not unlikely that we may have to |
face higher prices temporarily. The huge rise
- .1sna
to Id. per pound-makes American not look SO |
ness; and though there is no great connection |
between the two desert ptions yet certain |
sympatnstie influence Is felt tending to more |
- ng ,liue views Of the course Of prices. The |
condition In Egyptns to the second cause of |
tho advance viz: the state of affairs n
Egypt, we can only write with grea.
thtt matters have drifted into dreadful state |
OF an tChy. and unless a sudden change takes |
place tie consequences may be dreadful TO cou- |
temp ste. 1t seems now possible that Arab and |
his contederates may fight to the end, and in |
Il .ct laIuenatabie Injury on the country before |
they are put down The time is near at hand |
when the Nile reaches its height and when 1t |
will be the power OF this desperado if driven to
exuemity,to lay the country under water should |
our troops not be able TO overpower MIN before |
them anu should he carry out his threats and |
the country, we are Informed that the |
greater part OF the Egyptian cotton crop will be |
lost. In such 4 case there might be a des- |
ruction OF raw material equivalent to 400, 90 |
however, this be prevented by the rapid |
success Of our expedition or by his sur |
render, the damage done may be confined with |
in moderate bounds, aud perhaps the crop may |
still reach three fourths OF an average. We
should say thet the advance Of so per cent in
the price Of Egyptian cotton quite discounts the
last of these alternatives; indeed some reaction
would probably occur If Arab really surren-
dered at this Stage. We fear, however that we
can hardly expect so speedy solution Of the
Egyptian question; IL has assumed very ssri-
Gus aspect The shocking massacres Of Euro
peans that have occurred all over the country
point TO fanatical feeling that will not be cas-
is suppressed; and IT, rs now seems likely, |
Turkish troops are TO be dispatched to Egypt as
well, further complications may hriEe
of a very serious nature. The only satisfactory
feature IS the apparent absence OF all real op.
position 10 our policy from the other European |
powers. There seems little risk at present Of n |
quarrel with France about the Egyptian qucs- |
on and this is point of great importance. We |
do not believe the navigation of the Snez canal |
will be interrupted, at least for any length. OF
time, and no argument based upon its perma- |
ncnt stoppage is worth considering. Looking |
broadly at the effect of the Egyptian crisis upon
the cotton trade, we should say that 1t imperils
the supply OF 6 TO per cent Of tho worlds sup
ply of cotton is effects chiefly the fine spinning
trade, but indirectly tho consumption Of Ameri |
can cotton s well, for II many OF the fine spin |
ming mills are stopped for want OF their Gus |
will, 10 me extent be turned upon American
cotton, especially On the continent no
doubt a considerable gap will be made in the |
worlds supply IL the Egyptian crop is cut Off 10 |
a great extent and we should need al American 1
crop OF 65OlO00 bales Mt the least TO keep prices
moderate and afford the trade sense Of secuIf: |
ty. Taking the last crop at 100000, and add |
the 500 eOO bales now visible in American cotton,
the world must have consumed $40 600 in the /
last twelve months-it will probably consume g. |
$50 900 next season, allowing for a considerable |
trsnsference OF spindes from long staple 10 /
American cotton. We will also require l
TO add 10 our exhausted stocks It 10
evident therefore, that large crop I
will be needed 10 keep prices moder |
ate We are glad to say that the accounts OF the |
growing American crop are all that could be de |
sired-it hsd late start but all has gone well |
the last two months and II certainly promises a
large increase on The last one We see nothing |
at present to hinder yield as large a. the year
before last which was about 10000 bales, but |
the critical autumn months are now AZ hand |
and we cannot be at all certain Gil we pass |
through them-if we get through August and |
September well We should say that present |
quotations for the nextcrop are full high enough
but If serious damage occurs they may be driven |
higher