The age-herald., 1897-09-26
Cotton Letter

ht0S-sl'i DShstI HiNoiI a HDM6T IEASl u prices is almost contain 1ias proved too much for the cotton market this week, and a loss of 20 points in values has been reported. Liverpool today was ua- Favorable. That market declined two and a half sixty -foueitfs. Our market opened to points down in symra tiny with uhe Liverpool dispatch. The Chronicle crop fepoIt spoke of fur her deterioration in Arl0ansas and Ter1rets- see, but had no effect. The trading was without any marked feature during the day January opened at 64S, fluctuated between 6.41 and 644 and closed at 6.4l ito GAP, with the tone of the market easy. After the close the feeling was bearish. Reoslpts Will be heavy next week. The immediate outlook for the market is certainly mot encouraging to uhe friends of cotuon. 1t seems reason. ably certain that plauitecs are not com- ling in to stop the decline, and prices must seek a level at which the demand flor consumption will be great enough and sufficiently sustalnsd to absorb the daily receipts and prevent their being Thrown upon the future markets The most discouragfng feiaaune in the wheel situation is the trade outlook abroad,
 
 tude of operaltcgs ihere, which is even more marked than that of those on this side of the water. As long as the worlds spinners persist in believing in a nron- sten crop and lower prices and in buying only tbdfr imrn edTa te necessities there can hardlfy be any permanent rise in values. 1t must not be forgo ten. hcw- ever, that the tenor of crop reports for Ule l9Sr 1IhTHa I, Whatever lthe markel. may do in the near future. we believe that recent weather condi tions in the south has ma ter.alGy reduced the ohla1res for an enormous crop. The contingency of an early fposl. is also before us. If uhe bulls would fight the market from this level with the same vim and erthus,asm that they display when cotton is above cents, we believe fIhalt in the long run they would not finid Iheir efforts enf rely unWarranted. RIORDAN & co.
 In Wall Street.
 New York, Sept 25-There was no large and aggressive element in the stock lnarkelt today and the trading was Qargely in the hands of the relactiomists. uhere were few feeble rallies during the day, but Ithe siagging tendency was HOT the most part un1itenrup ted Deal- Ings were not on "a large scale, nor were dhey a5 widely distributed as of late. The rise at the opening in sympathy W1ih London served to re5trct the net decline in the international stocks. and uoHdon was buyer of some stock dur 1ng the day. There was no fliny in fhe generai news to cause a recession in prices, and the heaYinass of the mar ket has no other explanation than the Wlthdhawial of support and the continu- ance of some offerings ito realize prof. its. The bears did some short selling in nheir effonas to cover stop loss orders, Out tfere wlas no aggressive sslling man. Mest, aIrId much caution was apparent in putting out shorlt sales. Trading halt- ed after Il o'clock alnid waited until 12 o'clock. 1.-The response was net imme di- ate when the statement appeared show Ing some heshtancy about comsItru.ng it's character. An unfavorable view was finally adopted, and prices drl1ted down. ward again, closing in many eases at 'dhe lowest of the day. In some stedcks, howeveb there WaS a final rally of a Fraction. Sugar covered range of over 2 points, but closed unchanged. Omaha lost points, Consolidated Gas 2b and many other shares from 1 to 2 points. Interest today ceinteled ip the weekly statement of the clearing house banks. The most no,aIbhe feature of it is the decrease shown in the deposits of s1O,- 6O2,500. The actuall loss in cash was s6.- 4SO,00O. The heavy decrease in deposits protialbly represents the demand from interior banks. The propoltions of the withdrawals accounts for the sudden calling of foanS during tlhe week, which wals attributed in speculative circles to a concerted effort to manipulate the money maIrket. The contraction in loans Us sba'ed at $2,72s, 300, and this reduced by so much the loss to banks in actual cash. The contraction of loans in the riace of the active cooperative demand preNaBant amply accothNs for the stiff ening of a11oney rates and for the failing off in speculative activity on the stock exohange. It demom tnates that the sud den rise in money rates on Monday aft ernoon was nIclt a manpufal i've move menit in the bear interest, but was mat ural reflection of adbuaQ conditions It points to a speedy further fall in ex- cht 'nge and @ large additional sm- port of gold unless the money rates in London and Paris rise to point where tt win be more prof lable for creditors here to leave their funds there. IThe calling and consequent shifting of loans alt the higher rate of interest has been the predominant infiuence in the slock market, which has been re-aolt!cnary all tlhe week, with the exception of one day. The only recovery was that of Wednes- day on the news of the beginning of the gold import movement.
 There is feeling that the reaction is a healthy one and was in fact over done. It has served to shake out many weakly-margined holders of stock and has left them in possession of holders less likely to succumb to a casual re- action. It is felt also that the advance in prices had rather more than discon- tinued the improvement in business and tf ' increase in earnings of railways, a notable evidence of which was afford ed by the increase during the week of the Rock Island dividend from a 2 to per cent. basis. Therefore, with all