The Dallas daily herald. [volume] (Dallas, Tex.) 1873-1887, 1884-07-05
THE BUSINESS WORLD.
COMMERCIAL.

DALLAS, July 4.-According TO the tables
given in the Financial Chronicle. on the 9th
nit, the amount of cotton in sight was short
compared with the amount in sight on the
corresponding day the year previous ,26S,257
bales, while compared with the crop of 1882
there is an increase in favor of this year OF
5A,SN bales. Comparing the present crop
with that of 1881 there is again u decrease,
this time, 1892 bales. The crop of India
this year is short, and that of Egypt little
over last year Taken all together, there
is heavy shortage in the visible
supply, and spinner's takings so far have
been under the year before seriously. At close
New York, Thursday, middling cotton sold
nj llls cents, which is an advance this week
OF 3-l6 cent. On the same day print cloths
sold, ruling quiet and easy, at S3s less | per
cent. for "a by 6ispots, with futures n shade
lower. This Is pronounced Il fair margin of
profit If demand were good and transactions
heavier. As the market has gone fiat
so much, much grumbling is
heard in the East. Dallas deal
ers are holding To Eastern rates, or very
nearly so, as to dry goods. 1t is also IA mark
OF confidence on the part of the South that
Texas ports sold spot cotton at prices frac-
ton above quotations at New York, for one
week, ending last "Wednesday. At this time
old corn in the shuck is arriving freely and
selling at 80 and 81 cents. Shelled corn
in sacks, best, brings rs and ~
cents Prime Texas hay from Dallas and
adjacent counties sells from the stores at $40
Tess makers, sells at s. per ton. The new
crop OF wheat continues to bring rates be-
tween " and IS cents. Old oats are sold from
the stores at 10 cents. There is some new crop
OF oats n Very little. Best rates so far for
new is d cents.
- rsa.-.a.' ,;..----a.s'. q,
on CHANGE.
One oi the bear arguments that caused the
rapid decline in Gould securities, two weeks
ago, was the following utterance of Chicago
n
property, the Missouri Pacific railroad, Is ex-
citing great deal of interest in financial cir
eles, In view of the recent decision of the
United States Supreme court il seems
likely that the road will be taken from
Mr.. Gould and restored to the stockholders
OF the old corporation, from whom II was
captured by Mr.. c. X. Garrison eight years
ago. If the foreclosure under which Mr. Chr.
r1son obtained the property shall be declared
void because of fraud the $5i,OO00OO of securi-
Ties issued upon the property by Mr.. Gould
will be worth only their weight as waste
paper, while he and his directors will be
liable for all the earnings of the road during
the past eight years, including dividends
paid on the S3D,0OO,00O of stock. The opinion
OF the supreme court accompanying the de-
Slslon' and written by Mr. Justice Blatchford,
Gould and his friends Several
of the most important banks and
bankers down town now refuse to lend IA dol
lar upon Missouri Pacific securities: stool.
lbhNtH ltINst u DuN OF sell tlDln
on margins for customers, and the burden Of
carrying this vast mass of bonds as well as
stocks, is being rapidly concentrated upOn
the shoulders OF Mr.. Gould and his immedi-
ate agents. In fact, IL looks as II the vast
pronts realized on the property by that gem
tleman after he bought 1t, may be- very much
reduced before he gets through. What those
profits were, may be inferred from the fnct
that nc bought the road from Commodore
Garrison for s3,0O000O; that during the
''boomn years he issued on It about $2i. 900 900
of bonds and SW,000,OO0 of shares, which sold
away above par, and, indeed, were quoted
above sl06 share AS late as last year"
The logic OF events COntradicts the above in
rs much as Missouri Pacific shares are re-
gaining. Last summer that stock fluctuated
between Sl.03 and $l.W. This summer the
range is o. and 0S This decline is very
favorable showing compared with Lake
Shore and other dividend paying
stocks that arc 10 and - per cent
under last summer, and In some instances 20
per cent. Tho decline In South western Sc
curities Is simply Il response TO the general
disposition TO mark values lower. Its effect
IS equally visible I'm cotton. The statement
contained In the above reprint, that
" stock commission houses refuse
to buy or sell GOulds, on
margins" is not true and was not true when
first uttered. About every commission house
of railway securities, exchange or bucket
shop in the country are now and have all
along handled Missouri Pacific stock for long
or short interest, and easily find transactions
both ways.