Birmingham state herald., 1897-05-18
Cotton Letter.

New York, May H.-(Special.)-There was a free liquidation in the cotton market to- day and a sharp break in the price of the summer months was the result. Liverpool was unfavoraAbly affected this morning by a poor Manchester market and by the reply of Turkey to the demands of the powers. The cables brought us the very discourag ing srepprt of a. deeline of 2-64ths there. cessheres opened-fye points lower, August selling on the first call at 733. For short time after the opening the market was steady, but disgusted and disappointed bulls were heavy sellers, and prices could not be sustained. August declined to 726, fiuctuat- ed -,hetween thiS-fsure and 7.29, and closed { at T27~to FPS with the tone of the market b steady.s The Hate months were relatively strong, losing only points for the day. Until outside conditions become more favor able Wf are not Hopeful of higher prices, but we advise extreme caution in selling kthis crop short. e# RIORDAN & co.
 In Wnll Street.
 New York, May 7-The presidents mes- sage calling for an appropriation to relieve destitute American citizens in Cuba proved far less hostile in tone towards Spain than the dealrs in securities had apparently persuaded themselves that it would and the market strengthened upon it's publication, recovering some part of ethe loss that en- sued upon early intimations that the mes sage was Forthcoming and its tone towards Spain. would be extremely perverse. With the exception, of a few weak spots in the market due to peculiarities of the stock affected, the market was strong today and even intimationS from Washington that early action in the senate on Cuban beliger- ency was probable did not weaken the tone of thesspeeulation The traders have ap- parently persuaded themselves that there is much less danger to values from action by the government In Cuban affairs than they have felt during previous agitation of the subjects Dealngs on exchange, however. stN continues almost wholly professional and exceedingly restricted in volume, and the movements of prices reflect little more than board room @manouvring. for short turns and no very definite opinion on gen. eral conditions. The renewed uneasiness apparent on the London exchange over the great powers was reflected here to some ex- tent at the opening, but the weakness was overcome early in the session. The easier tone of the exchange market, both on Lo4n- don and Paris, was factor in strengthen ing the market. It does not escape notice that the flow of gold into the United States treasury keeps up steadily and that the in- tervals between withdrawals for shipments from the treasury''s gold reserves tends inn mediately towards replenishment. The prospects of large grain crops, which had the effect of weakening the wheat market, tended the other way In the market for ing in excellent demand, notwithstanding the small eastbound shipments reported and rumors of rate cutting by western between the roads. The third of the trans actions on the exchange were in Chicago Gas and sugar, the former leading the mar ket in a buying movement which advanced the prices 2A on the day. Tobacco was weak on the Illinois decision denying the legality of the company, but inside support was forthcoming and the loss was mostly recovered. Early strength In the coalers amounting to rise of 1A in New Jersey Central was followed by heaviness and the gains were more than wiped out
 The Gould shares advanced on covering early, but developed weakness later in the day Fractional gains were very general through the list. London sold some stocks on arbtrage early, but later became a buyer and, estimated bought some 1,200 shares more than were sold.
 The total sales of stocks for the day amounted to 137 335 shares, including Ameri- can Tobacco, $500; American Sugar, 20. eco; Burlington and Quincy. 121o0; Chicago Gas. Consolidated. $500; St. Paul, 10,700; New JeIsseis Central 92G0.
 The bond market displayed little feature. but prices were well hN,d and firm under tone was apparent. Flucuations were un- usslallyenarrow and but little attention was paid to the prominent issues. The aggre- gate sales were $660, 900.
 Money on call, easy at 1A@lh per cent; las. loan. tN per cent; closet 1A11h per cent Prime mercantile paper. 31s94 per cent Sterling exchange. easier, with actual business ip bankers bills at $iS7AQ1$4as for demand and at s4.Ssts@s4SsN for sixty days. mercial bills, $4ssA@s4.S5h. Silver certifi- oates. s1ka611sc. Bar silver, 61hc. Mexican dollars. 47xc.
 State bonds, dull.
 Railroad bonds, firm.