The age-herald., 1897-11-21
Cotton Letter.


 Special to The Age-HeraFd. j.s New York Nov. 2O.-The developments in the cotton market this week have not bean of an important character, and the net change in prices since last Saturday is small The mosb encouraging feature alt this moment is the lndication given
 by the weeks trading, that p.lJces have at last reached a point at which holders are apparently not wiling to press sales, and att which a fairly good investment demand has sprung up. Today the mar ket opaned unchanged. The drad1ng was marrow and featureless. January opened att 5.70, advanced to 5.71, declined to 5.68, and closed at that figure, with Ghe tone of the market barely steady. The adN1ces being received from the south are now as bealish as they were bulifsh two mon ths ago. At that time 1t was said that weatheT conditions had cut the yield to such am extent that there was mo possibility of anything but g. moderata out turn, now the reports say that the last six weeks of fine Weatffer has worked wonders. That in many sec tions an excellent second growth has developed and that the crop, after ad, IS going to be the TecOrd breaker winch was promised early in the season lhese advices and the very heavy movement of supplies are the mainstays of the
 bears. Decidedly better trade reports from lths continent, some Improvement in the situation at Manchester heavy
 exports the result of large buying by European mills and less pressure in the south are tha encouraging factors, and these that have been responsible lfor the spasmodic advances that have occurred this week. It looks as if thA market Ul.n fluctuate moderately for some time before taking a decided movement In one direction or the other. We think that at approximately these prices an immense quantity of cotton VIII be absorbed, and we aIte not inchned to believe that whzn the movement comes 1t will be down wanid Receipts this we; k, it is predict ed, will again be staggering
 RIORDAN & co. In Wall Street.
 New York, Nov. 2O.-The stock mar ket was almost inert today. and drifted under no very we'll defined motive to- wards a lower level. London's great fire seemed to exercise rather depress- ing influence on that financial center and for lack of another initiative the local stock market followed that lead. Dealings were on a very small scale and the movement of prices outside of a few special cases very narrow. The bank statement was without any influence on the trading as it showed about what was expected. The increase in loans is un- doubtedly due to operations connected with the sale of the Union Pacific, the nrst payment for which, of nearly s1S,- GOO coo, is to be made on Monday. The excess of the increase in deposits, over | that in loans, reflects the return from interior banks which are depositing idle funds in both the New York and Chicago banks in large volume. Outside of the special Union Pacific dealings, there is no doubt that the loans of the banks would show substantial decrease as there has been large llquidations of merchandise accounts during the weak and the money market has been in tens=ly dull in all departments. Bid ding for choice grades of commercial paper has been very active, but the mar kets has been almost bare of offerings. The money market has not shown the slightest flutter over the approaching $13. .O00, eco payment to the government on account of the Union Pacific sale.
 This payment will in fact, amount to little more than a deposit of book-kesp- ing entries, the transfer of credits in large part being confined to the books of the individual banks handling both accounts. These banks have deposited in the treasury at Washington govern ment bonds to the full amount df the nd fbp n1apt has arranged to leave it's funds on de-
 posit in the vaults of these banks.
 The stock market has been rather being of small volume and tine move ment of prices slight.
 On Thursday the total sales of all stocks fell to less than 150,0OO shares. This apathy of speculation is the more noticeable in view of the amplitude and the cheapness of the supplies of money and the large reseIves of money supply made available by the heavy trade baa- ance in favor of this country. The halt in speculation cannot be attTibutfd to exfs,frg condfti5cms which continued to be very favorable but rather to doubts regarding the future. It ds usual for Wan street to come to a pause in it's operations on the assembling of congrsss, pending the preparation of the pHesi- dents ms ssagls and the perception of the temper and irytentioms of the executive branch. The reports of railway earnings are also beGng scrut'nized with great attention now that the abnormal move- ment of grain has abated The reports for the ssccdld week in November show earnings wall up to the best and in the case of some southern and southwestern roads arrears of traffic released from quarentine restrictions are coming for