The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1897-08-26
Markets by Telegraph.
Cotton Letter.


Cotton Letter.
New York, Aug. 25.-Liverpool slapped
the cotton bulls in the face today. Prices
there broke 5-64. The decline was unex-
pacted and induced a great deal of iqui-
dation here. AS a result CUR market
opened weak and to 10 points down
Continued heavy selling after the OPEN
ing caused more weakness. The nallis
however, were In no way disrnayed at the
drop. Wall street was a liberal buyer.
The very light movement and the uniysr-
sal signs prosperity encouraged buy
ing. The house most prominent in the
August manipulation was an ardent bid
der for the snsar months especially Sep
tember. Undsr the leadership OF this
month the market turned, became firm
and then advanced steadily: September
jumped up rapidly and advancedi2 points
alDO { -. ~. Il .tas Z N i = LIST " 3 IN
good demand also and closed at only1 to
4 points loss for the day. January opened.
at $50, declined to 694, advanced to 7.O6
and closed at 703 to 704, with the tons
of the market barely steady. We have
little faith in higher prices, and still less
in ths efforts of the bulls to. force large
premiums on the near propositions.
RIORDAN & CO.,
wqn Street ISIS
New York, Aug. 25.-The weekly crop
report of the agricultural department at
Washington was the depressing influence
in the stock market today as it was a
stimulating influence upon the price of
wheat and corn. The opinion exprs sad
in the government report of the unfavor-
able condition of the corn crop and of
impaired yield from the spring wheat
crop was of too serious an import to the
grain carrying roads not to have a mark
ed effect on the values. There were va
rious times during the day when strug-
gle was made against the prevalent de-
preston and when prices seemed en-
barlSed upon an upward course. But the
fact would recur that a large part of the
long advanced prios of the grain carry
ing roads had been predicted upon the
abundant grain crop which was expected
to be moved and then prices would turn
downward again. The cases where prices
were above yesterdays closing at any
time during the day were exceptional and
those where's they remained above at the
close are still fewer. The ia6t That set
tlement day on the London exchange de-
veloped no short interest or covring de-
mand was to some extent disappointing
to the. bulls. The heaviness in all parts
of the London exchange, growing out of
evidences of serious disaffection ON the
northwest frontier of the Indian empire,
exercised some sympathetic influence in
the local market. Commission house
buying was on a much reduced scale and
there WAS a lun in the activity on the
part of the more active which have been
prominent in the market lately. The sales
fell to a total of little more than one
third of that shown by the dealings on
some days of the recent period of t,ctiv-
ity The extreme dullness at the decline
indicated a healthy tone of the market,
the liquidation at no time being heavy
and the resistance at a given point be-
ing very firm. The market enjoyed an
occasional rally under the leadership of.
some individual stock which was fnf1u-
enced by development especially affect
ing it, Thus the publication of the EARN
ings of the Missouri Pacific in August
showed an increase over the correspond
ing week of last year of 100000, and gave
an upward impetus ito that stock and
helped the whole market The stock rose
over point and closed with a met gain
of nc. A simultaneous rise in Sugar, To-
bacco ard Bay State Gas at another time
rallied the market
GJaI.e i'm THE afternoon buying devel-
oped in New York Central on reports of
increased earnings This spread through
the Vanderbilt group and carried prices
generally 10 the best of the day.
la selling movement in the last hour
carried pieces to the lowest of the day
The losses extended 10 1h in Burlington
Lake Shore gained point, Norehern Pa
cific preferred was weight the mar
ket, owing to its poor showing of earn
ings
THE total sales of stocks today were
292, $50 shares, incluGl ng Atchison prefer
red 1880; Chesapeake and Ohio, $40;
Burhn gdon, 24,500; L. & N, $3.50; M ssouri
Pacific, 1900; New York Central 14,715;
Northern Pacific preferred, 1876; Read
ing, 5,540; Rock Island, Abs; st. Paul,
$780, Union Pacific, 9,490; Chicago Gas,
6,085; United States Leather preferred,
5,120; chicago Great Western, $3.50.
The bond marke- showed less weak
ness than stocks. Prices were general
SON and Northern Pacific issues led inAthe
activity. 81
Government bends were dull and slight I
1y flrmer. a
The total sal $ were s2,275,ooo. B&@
Money CIR call, easy al 1@1H per cent.
last loan, II; closed at 1@1A per csnts !
Prime mercantile paper, 81 GA per cart. 4
lSte ii g eXchl nge, wi h acLual busines =
in bankers bills a. s4.S5A@4. $50 for de-
mand and $4S3as "a S31s for sixty days
Posted rates, $4.S41s@4.S51a and $4.S61klD
4.S7 -
Commercial bills. $4S204.S2H
Silver certificates 50@51 cents.
Bar silver. 51051hc.
Mexican dollars, 391sc
Government bends, firm.
State borids, dull.
n Jroo1 fryr,dS fiyY,,