Birmingham state herald., 1897-06-13
Cotton Letter .

 New York, June 12.-(Specia.,) ,)-The cot ] ton market has broadened this. week. Neither the fluctuations nor the dealings have been sensational but the market has by no means been an uninteresting one. The various reports that have been pub lished favored the bulls and in the early part of the week the bears were in fllh re- treat. Recovering by them caused a sharp upward movement, and a good advance looked iminent. but 1t was not to be. The demand for actual cotton was limited and the speculative demand still more The bulls in their turn finding that prices re- fused to go higher, liquddted freely and the whole advance and more was lost. To- day Liverpool was a shade lower, and our market opened slightly down. The trading was only interesting because of good buying on the part of the leading bear.
 August opened at 7t2 advanced to 7.16 and closed at 7.15 to 716 with the tone of the l market steady. The weather in the south has become seasonab2e, The sentimental effect of this has been marked. The ma jority of operators feel that cotton will de- cline. They argue that a late start does not mean a small crop. That the plant is doing nicely now. That the month of June almost invariably is favorable to the growth of cotton. That with good reports being ceived from the fields the already small speculative demand will dwindle away al- most to nothing and that lower prices will result. The argument of the bulls are worthy of consideration, They claim it to be folloy to sell cotton, very small stocks everywhere and what the undoabted signs of business revival staring us in the face they point to activity of the stock market, the barometer of the business world, and assert that it indicates good times soon to come. They lay great stress upon the fact that with the iateness of the crop assured the movement of supplies in August and nlx dict that those who wish cotton between this time and the late fall will certainly be compelled to pay much higher prices for it. To us it looks a weather market for the present. RIORDAN 6 co.
 InWall Streer
 New York, June 12.--The coal stocks were quite notably strong in the early dealings. II is noteworthy fact that these stocks any short interest left after the recent con linueEs advance of prices. This fact has had no small part in today's strength of stock, but did not save them from feeling the effects of the late selling movement, but not to an extent to wipe out the early gains.
 The week just closed is the third showing continued aggressive strength in the stock market The market has been sustained all gar, growing out of t6e agreenent of inc senate republicans upon the sugar schedule which is viewed with approval by the the case 1t was natural that the whole mar ket should give way to the break in Sugar whole nevertheless reports a step toward a higher range of values. which has been going on ever since the senate took up the tariff bill and demonstrated that it could dispose of it with reasonable promptitude. This, with the decision of the, supreme court against the right of the interstate com merce commission to fix the rates gave sthe impetus to the marketa'A most striking feat feature of the week has been the eompara- .stocks which strongly led the early improve ment. They have halted during the past week. while other groups were taken in hand and led up to the value. The net changes in the Changers have been trivial, part showing gains and part losses. The declaration of the usual quarterly dividend on Western Union of per cent solved long standing doubt in Wall.street, and this. the comnany and the interested earnings Of Manhattan served to take these fayorites of the bears out of thsir hands and r then drive has been the aggressive strength shown by the lew. priced shares especially these of Tosa sses today Mer sras n cluding Sugar, 13,f0O; Burlington and s.ooo; 1 Western stern Union, Tr 52oo; New Jersey Cen, tral preferred, 6.200 ...,...,
 The bond market displayed a very strong increased in considerable volume. The mar ket was governed to a considerable extent share values. Purchases by leading inter ests imparted decided impetuous to the gen. eral tendency with the inquiry for the liens of reorganized properties very brisk. Transactions for continental account were in large volume and included purchases of the more permanent international mort gages. Some of the middle grade bonds were marketed, but the offerings were read- fly absorbed, and a more general disposf- tion was evident to carry lines of the low priced speculative issues. The usually &C., tive securities were conspicuous in the operation and sustained material advances generally.
 Gilt edged securities were rather narrow.
 Money call easy at 1M1A per cent,
 Prime mercantile paper, 3Q4 per cent.
 Sterling exchange, dull and steady. with actual business in bankers bills at SiS7-for demand and at sts524 @S4.S6 for sixty days.
 Posted rates, As6i@TS4.7 and $4 SSd$4. .SS1R. l
 Commercial bills, $4S4. '--.
 Silver certificates, 5ia; -xl,rupfIn Wal s
 Rar silver, 476i4Sc. M +.'s'-
 Mexican dollars, 47isc. ..' -F-*
 State bonds dull. ..,-
 Railway bonds firm. 1
 Government bends firn |
 Closng stocks. ..a-.lc Atchson .......,'s..-.'.-....'--sr !2h Alton, Terre Haute...';.....- ......-......=lt60 American Express .....s..... ..s ..-.-.. .1jt
 Baltimore and Ohio. :...-....- .s..-..... 1Os | Canada Pacific. ........... ........ 629s Canada Southern. -... .................. ,..50s Central Pacific. z. .......................... n
 Chesapeake and Ohfo..................... f7S
 Chicago end Alton. .................... 14S
 Chicago, EurliDR ton and Quincy. ...... 79is
 no 1aa