The age-herald., 1897-09-12
Cotton Letter.

0OttOH Lctttff
 New York, Sept. 1.-The movement
 of early cotton has exceeded all. expec-
 tations and has robbed the bullish news
 of the week of anytelling force. Specu-
 lation has continued on a very mod
 crate scale, and there has been no im-
 portant change in prices. Liverpool
 bitterly disappointed the bulls today
 instead of responding to our advance
 of yesterday that market actually ig-
 nored the buerau report entirely and de-
 clned one sixty-fourth. The weakness
 there was due to heavy offerings of spots
 by the south and to bearish cables to
 this side. Our market opened weak and
 to 10 points down. Liquidation by
 tired bulls and free short selling was
 continued during the day but the de-
 mand was fairly good and after mod
 crate il .ctiidtions the market closed
 steady at about the opening prices Jan
 uary opened at 6S0, fluctuated between
 this figure and 6.S3 and closed at 680 to
 6.S1 The friends of cotton, Instead of
 being discouraged by the heavy r.-
 ceipts, claim that the hct ard forcing
 weather, which by causing premature
 opening has made this early pov5ment
 possible, has done great injury to Lhe
 plant, If crop adyices public and private
 are to be relied on, then the crop has
 SCAldRii1y liHusASOIlS ueIeTFOId--
 tion. The sentiment of the trade, how
 ever, is bearish. and spinners are con-
 vinced that cotton will go lower, and
 ate buying only their inm .siate sad
 pressing wants. Then those who be- lieve in lower prices are relying upon
 the actual weight of the bales upon
 market practically bare of speculative buying to cause a realization of their hopes. This Is about their only argu-
 ment, but is is certainly very yeighty nxrrt1 mi ic t6af hn on has undoubtedly been hurt, and unless there is a marked Improvement soon we think that any decline will be but temporary. RIORDAN & co. In Wall Street.
 New York Sept. 11.-Ths general tone of the market for stocks was strong today and there was no heavy pres sure of realizing sales. But there was
 more or less weakness at different ponts scattered through the list The North ern Pacific issues were heavy on the con- tinued bad showing of earnings the | fourth week in August showing a de 1 crease and the months decrease in | gross earnings amounting to $12194. This 1 showing is in marked contrast to the | heavy increases which are shown by | other railroads almost without excep- l ton. Some of the roads in the south- E | far that the yellow fever quarantine would interfere with their traffic and l also by the government bureaus report of the unfavorable condition of the cot- ton crop. The effect was noticeable in Louisville, Southern preferred and Mo- bile and Ohio. Missouri Pacific was under more or less pressure of profit taking. The coalers were also weak, the Reading issues being under pressure to marked degree.
 ,t,s tered fin the gIrangers and Kansas asd | Texas, and these were strong, with 'he 1 exception of Chicago Great Western l and Northwestern, which closed at a 1 fractional decline after having risen a l point net. Kansas and Texas preferred
 closed at a net advance od 11a per cent. l All of these stocks closed fractionally | below tho best, but at net advances.
 The resule in the list generally was 1 somewhat mixed. Outside gas stocks,
 especially Bay StaIte Gas, were weak,
 and local gas stocks were strong. Brook 1 lyn Union gained points. Consolidated l Gas advanced at one time 3 points, but | closed at a fractional decline Manhat- | tan ranged freely over points and lest fraction met. Toledo and Ohio Central | rose over points and Pullman poin.s. | A feature of the day was the sharp re- | covery of silver to 11sd to 25d in Lon- | don and 1 cent to 55c in New York This 1 was due to the decision of G1fe Bank of | England authorities to hold one-fi1th of | 'tIhe banks reserve in silver. Today's | price is 2d above the lowest in Londo m | and 31zc above the lowest in New York. | The weeks speculation showyd re- newed activity Il railroad securities, while the industrial specialties were less l prominent, The manipulation 'boost- | ng' of an individual stock, which was a | feature all last week has been absent l this week except on Tuesday the first 1 trading day, when Northern Pacific | preferred was thus employed. The de- | velopment of new factors of strength | in the general situation has done away | with the necessity for this daily bracer or artificial splmulant to the market. l One of the most notable development in | the general situation has been the grow | ing interest Americans on ths part of English and continental capital As the London market is nearly stripped of American securities much of this buy ing has been the New York market di- rect for the foreign account.
 New York Cotton Market.
 l New York, Sept. 11.-The cotton mar 1 lost opened easy at decline of six to ten |