The age-herald., 1897-11-14
Cotton Letter.

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 Cotton Letter. 'a%
 New York, Nov. 13-Th, trading in cotton this week has been quite broad. Although the market has shown some Inclination to rest the downward ten- dency, the efforts of the bulls have proved futile, and the week closed with prices at almost the lowest level. Liver pool broke sharply today. The deelina there amounted to four and half sixty fourths, which was rather more than had been expected. In consequence our market opened to points down. The pressure to sell disappeared soon after the opening, and on liberal short eov- eriug part of the loss was recovered. January opened alt 5.61, advanced slow ly to 5.66 and closed at 5.64@5.65, with the tone of the market steady. The opinion among the common dealers, ex- porters and speculators Is almost unan- imous that prices will surely go lower, but everyone is afraid to be short, and no one has the courage to be aggressive on that side. The labor troubles in Lan- cashire sem to have been adjusted, but the trade in common goods continues of discouraging character. The move ment of supplies Is simply crushing. Crop estimates, both on the part of pro- fessional statistic,ans and the trade g:n- erally, have been raised recently to very large figures. It must be admit ted that every day which passes without g. killing frost is fighting for the bears, and that everything at the moment seems to a point ito a further decline Whatever the size of the crop, how ever, it is certain that if cotton goes much lower the demand for it by the pubic as an investment will be simply enormous This class of buyers do not app.ar ready to take hold yet, but they will certainly do so at any material con eession. Those who sell the market around these prices and derive much benefit will be making history, and we cannot advise our friends to join this class of pioneers. RIORDAN & co.
 In Wall Street.
 New York, Nov. 13.-The bear element was today wholly engaged in buying stocks to cover short contracts over Sum- day, the general fiInness in the tolnle of the market admonish hing them to protect themselves Thus relieved, prices moved quite uniformly upward. There was no great animation to the trading, but some of the buying was called of substantial sort. The coalers continued to display strength on repoitts of a pending agree ment to restrict the outpu. and more seasonable weather. New Jersey Cent al and Delaware and Hudson each rose points at one time, but more reacted, the latter loshng all of iis gain. The grang- CHS also showed gains, Rock Island be- lntg especially strong. The buying of these stocks was partly in anticipation of Favorable decision by the supreme court on Monday in the Nebraska freight rate case. The days gains in this group of stocks are near a point. Sugar made furlaher progress towards recovery and rose at one time 2% above last nights close, its net gain being 1%. This stock again absorbed about one-third of the days total transactions, with sales aof over 5000 shares. Rock Island was the only oiher stock on the list to show over 10000 shares The bank statement created qittle impression, as it indicated no sub- stantial change i'm the money market. Notwiths tanding sllanp reac ions on Mon day and again on Thursday, the level of prices for stocks is substantially higher
 
 over 3 points i'm large number of the leading railroad shares. The industrials shares notably Consolidated Gas and Sugar, thave ncl.i dome so weN and the fonmer is SA points lower. Sugar shows a net decline of 1b, which is a recovery of 3ss from the lowest of the week. The recoveries shown i'm the general list are the more noteworthy in view of the &C., tivfty and weakness of Sugar. The coal- CTS were also quite conspicuous features, breaking heavily on Monday on reports of over-produddon and price-cutting and the continued mild weather with small demand.
 On Wednesday, came the decision of the appellate division of New Yorlx's sl1- preme court, affirming the decision of a lower court that the attdrney generals petition was insufficient to warrant m order for the pr: :sidents of the coal roads to appear before tine commissioner for a nearing for violating the trust law of the state. The impression prevailed in Wall street throughout Wednesday, that the courts decision had been that the antitrust law was unconstitutional, thus overthrowing the law a. a whole This law was directed not only against the coal companies. but also aga.n the great industrial aggregations of cspitai ard tn stocks Of all these corporate in ststutions mounted strongly upwards in price on news of the decision Much stress has been laid also upon the decis- ion of the supreme court of the United States delivered last Monday w.,ich de- nies the right of the interstate commerce commission to enforce rates absolutely under the long and short hari clause. wfere water rates are in competition.