The age-herald., 1897-09-28
Markets by Telegraph.
Cotton Letter


 very heavy. Our market opened Il points down on the near petitions. Be- fore the end of qhe call a good buying demand became evident, however, and the later months opensd only from to 2 points below Saturday nights closing figures. After the opening there was more for sale and The market adjus ed itself to a level of about points below Saturday night. at witch it ruled com parative1y steady until just before .he close. Heavy selling by one prominent concern then caused prices to go slight 1y lower. January opened at 6.S5, de- clined to 6.S2, advaced to 6.S7 again gave way and closed at 6.33, with the tone of the market barely steady. There ds no change in sentime1it here The gen eral expectation is that cotton will go lower Alth ugh the surroundings cer- tainly seem to point that way, we can no,t advise our friends to make short sales. RIORDAN & CO
 In Wall Street.
 New York, Sept. 27.AThe stock mar ket today showed a very marked failing off in activity, the total sales of stocks reaching only 37O,00O shares. The dimin- fshed activity was in part due to the ODS6rNdnce or Jne JeWlSn NSW Year holiday by many brokers and operators. But there was besides, a disposition on the part of many large interests which have recently been active in the market to stand aside for the time being and all low prices to take their own course. The professional element witch has ntow very generally espoused the bear side, were not active today. Prices rose after khe opening in sympathy with the quo tations received from London, and there was buying also for London account here. Later some traders profes5ed to be disappointed at the size of increase shown in August gross earnings of Oma- Ina, and that stock was sold down sharp ly. The decrease in the freight tonnage shipped east from Chicago last week was also used as an argument for de- pression of prices. Rock Island was one of the stocks under special pressure. The market declined below Saturdays close unll ghe decline in Rock Island extended to 1H, but only to fralctionaI amounts in other stocks. There was only a recession in the drop at the close, So that the extreme advance during the day considerably exceeded the net gains. All the general news continued to favor ad- yancing prlces, and, freed of profeS onal pressure, the market advanced in the afternoon to the highest point of the day. The money market continued to attract the greatest share of interest, as the future course of speculation is felt to largely depend upon the surplus of money. The money market was easier today, but owing to 0 lack of animation in the stock market there was little de- mand.
 Shipments of currency to the interior continue in large volume, and it is be- lieved that this demand will not be ex- hausted for some time yet. Several of the leading banks in the city already show thpir reserve reduced below the 25 per cent limit and several others have already exhausted their surplus reserve. It is a believed that further contrac- tion of loans of a considerable amount will be necessary to provide against withdrawals for use in the interior. In looking for relief from possible strin- gency to imports of gold, it is felt that the comparative ease of the London money market must be considered as in some sort of fictitious, the rate being kept down with the purpose of aidng the Indian government in floating its aoan. Russia and Austria Hungary con-
  and there is large balance in the Bank of England which Japan has the power to withdraw. London, in fact. fears dear money. and it is believed with drawals of gold on large scale for shipments to the United States will pfecipitate a sharp rise in the rates for money and would thus induce the leay- Ing of funds there by American credit prs, unless the increase in money rates H1nin condition. The foreclosure sale of the Onon Pacific and the withdrawal of $So0OO,0OO or $40,0000 GOO of cash which 1t will necessitate, is a matter that looms into the perspective of the money mar loet situation. Under these conditions at is believed there will not be i'm mediately any such resumption in stock speculation as characterized the market dor many months past.
 The total sales of stock today were Sf2,S6o shares, including Atchison pre- fefred 1,273; Chesapeake and Ohio 6.72e: Louisville and Nashville 14355; Manhat- tan GAO; Burlington 26,72S; M. K and T. preferred 7.020; New York Central 6,220; Northern Pacific preferred LOTTO; North western 6,620; Reading 11,920; Rock Is- Hand 21,27S; St. Paul "A, 150 Southern Rail- way preferred 7,440; Chicago Gas 15,5SO; Sugar 37,550; Western Union S,780; Chi cago Great Western 8,85O
 Railway bonds declined early in sym- pathy with stocks, but recovered latter. Total sales $2,500,0 900.
 United States coupons of 1907 advance 113& bid.
 Money on call easier at 2@3 per cent: aast loan per cent; closed 21s@3 per cent
 Prime mercantile paper 4A@5 per cent. Sterling exchange strong with actual business in bankers bills at $485h for dsmand and at $4.S2A@$4.S3 for sixty days.
 Posted rates, $4.S31s@4.S4 and $4.se1a.
 Silver certificates 56058c.
 Bar silver 56c.
 Mexican dollars 43Hc.
 Government bonds firm.
 State bonds dull.
 Railroad bonds firm.
 Petroleum, Pennsylvania srude, nomi-