Birmingham state herald., 1897-06-15
Cotton Letter

clined one-half sixty-fourth and the open- ing here was slightly lower. The prevail ence of good weather in the south discour- aged buying. But there was no pressure 10 sell. Liverpool sent some buying orders here but most of the business was zlocal.. August opened at 7:15, declined to 7.B and closed at 7.13 to TIA, with the tonesaf the. market quiet and steady. The general opin- lon here is that fthe weather continues favorable the market will declien, thoses who believ in higher prices however; arc still confident. RIoRDANe ECO.
 Inya4 otr,e
 New York, June 4.-The upward tendency was renewed today on the New York ex- change after a short attempt to realize on the advance of Saturdays market. The rise was in sipte of heavy and dullness of Americans of all other snares on the Lon don market. This neglect was attributed by the traders wishing to participate in the early festivities attending the qpeen,S jus bilee. New York advanced in Sp1te. of Lon, don and ignored the decline there, At the top price Burlington showed an advance of 1% per cent, Omaha of 15s and North. west 1As. Net gains were slightly .belowf the highest in the grangers- as inte other stocks. The declaration of dividends on members of the Vanderbilt group had been discounted as had been the passng of the dividend on thep referred stock Of Erie and St. Louis. The common stock of this eohil pany after a slight opening decline made an unaccountabse advance or per cent, in face of the dividend rumor ard first weeks statement showing a decrease in gross earn- ings of over $A,OCO: Reaction carried the strength in the stocks of iron and steel companies reflected the improved outlook for business in that industry Conspieu- ous strength was manifested also by the Goulds, Manhattan and Western Union, each advancing over point. The good buy ing of New York Central also continued, resulting in marking up that stock points after initial decline and some -irregu-, lar fluctuations. The strength of the low priced shares of reorganized companies continued manifest in the advanced prices in Northern Pacific, Missouri, Rssfsas ~ ana Texas and St. Louis and San Franeisep pii- der sales aggregating 10;0o shaRes of the last named. Quite a feature of the trading was the number of fractional lots of stocks that changed hands indicating the outside purchases made through commission houses. These sales of odd lots were well distributed throughout ths hsts Sugar de; veloped assured strengths ass the Ajax i,ssss gressed and showed a point gain on the ular, ranging over 1A and closed with, net dgt gan less atR Rap ea % ns shars t9s nesdn ses 1 American Sugar 23,00O Burlington and Quincy IT. 100, Chicago Gas 194O0,, Manhat;;- : r. 200 Northwestern 5000, Northern, Pacific 5000, Northern Pacific preferred, 155oO. Rock Island 1900. '.1
 Trading in bonds was at enormous scale. The sales aggregating nearly S3.- GOO, decided gains wer masiP in issues. St. Paul 7s scoring an extreme Improvement t of 3 per cent. The market developed com siderable strength with purchases of proJn- inent mortgages being made, for specuA- ton and investment account with rconstd7 erable confidence 4.sy ..
 Money on call easy at 101ik per cefff:;r last loan per cent, closing offered at 1iper cent.
 Prime mercantile paper, 30f4 per cent. rt n
 Sterling exchange dull and. steady, with actual business in bankers bills, at $46 for demand and at s4.s534@s4S6 for. sixty days;
 Posted rates, S4.S61hMS4S and SfSS4lSf, WIZ.
 Commercial bills, A S5h e5
 Silver certificates. 601sM60Ac.
 Bar silver, 5a7sc. se sfiiJ ls
 Mexican dollars, f7Ac. 3 'fgoa Fa sno.t .g
 Government bonds strong. <ariH
 State bonds dull. er E-- ,4l
 Railway bonds strong.