Birmingham state herald. (Birmingham, Ala.) 1895-1897, 1897-07-25

spring I1amDS-3dIac. lIOOu
Steers-Best quality, 3Q3lac-
Heifers-224 M3Ac.
Oxen--Good, 21b63c.
oxen-Rough, 1Q2c.
Cotton Letter.
New York, Julys 24-Nothing of inn
portance has developed to affect the cot
ton market this week and prices show no
net change of the moment. August con-
tracts have f1uctuated widely. In the
early part of the week they declined
sharply, but in the last two days they
have been very strong and have recover
ed the entire loss. The week closes with
the shrewdest judges more puzzled than
ever to determine what the immediate
future of the market should be. Today
Sthere was little doing. Liverpool was
practically unchanged, and the opening
here was five points lower on August and
about the same as last nights figures ON
the other months In the first hour there
was no pressure ard the market adj
vanced August was the leader. To-
wards the close local bulls were Selling
and part of the improvement was lost
January opened at 7.07, advanced to
40, declined to 7.0S and CLOSED at 7.0S to
100, with the tone of the market quiet
and steady. Although our crop accounts
dIt ilOl DIS uullOi idfoioplC 40 sAA-S
have been, they are satisfactory, and the
continued prevalence of dry weather in
Texas is the only menace as yet to an
enormous yield. There is no general
speculation and sentiment strongly
favors a higher market. The bulls are
confident and claim that very large
crop Will be readily consumed at higher
prices. Stocks and wheat have both
good bcoms, and thay predict that cot
ton will be the next TO enjoy one. 1t is
certain that with the world so bare of
cotton, the early rush of supplies will
fail to have its usual force as depress-
ing influence on prices. Good times and
good business are confidently expected on
all sides and this should encourage these
who are friendly to cotton. For our
selves we believe that whatever the
market may do between now and the time
that the new crop will be at its greatest
rush TO market those prices will not then
look cheap. At the same time we recog-
nize that sentiment is against any de-
cline, and we advise caution in selling
short except on coed advances.
RIORDAN e. CO.
InWal Street.
New York, July 24LThe foregone con-
clusion that the new tariff question.
would be settled today and the cereal
crops conditions continuing promising
lent the stock market strength today ex-
cept in the final half hour. when short
SAILS ON taking of profits diminished the
days rise to the merest fraction, while
trivial losses were suffered by Sugar,
Lead, Chicago Gas and the leading
shares. Commission houses bought heav-
lily in the early tradings, as did London,
although il was a holiday there. The
movement in the grangers was slightly
mixed
On moderate dealings, the southwest
erners showed some improvement, Mis-
souri, Pacific gaining a. The sques zing
of the shorts in Tobacco caused a rise in
that stock of a point and a half. Gen
eral Electric exceptionally fell off per
cent. from he initial price, but closed
with net loss of a point. Advances of
a point or more were scored in the fol-
lowing securieties:
Rio Grande and Western preferred, 9; +.
Central Pacific, Delaware and Hudson,
Denver and Rio Grande preferred and
Mobile and OHIO.
High record prices have been the rule
rather than the exception for the week
under the stimulus of he approa ching
tariff s4ttlemerit and that rare combina-
tion of good crops at home and shortage
abroad, for the week on tremendous ex-
ports-about 5000 900 bushels--nad made
an extreme advance Of 4A and "a net rise
off rs. With bu. three weeks before the
crops are absolutely assured. there being
ne unfavorable advces, stocks naturally
continued the advance of the past two
months and displayed irresistible
strength, and predictions were not want
ing that in 1S97-9S might be duplicated
the boom of 1SS0-S1. The policy of Sc
we're retrenchmenlr which many railways
underwent during the late period of de-
pression which forced soma roads into
bankruptcy and scaled dividend dis
bursemcnts in others would make posi-
BILE an eeofoEacal handling of the vast
tonnage expected with the coming move
plents of crops and staples which would
argue well for net receipts and for more
liberal dividend payments Exch anges
at the various clearing houses reflected
larger business, commercial failures
are decreasing and resumption of in
dCsrtfsl animation the ground with more
optimistic trade advices generally slim
ulnted the market and equally unsettled
inferenoes were disregarded, such as the
ensu ge,nenIu Of 81 100000 gold for export.
the strength of foreign exchange because
of ante tariff exports and the continuous
sale of American securieftes by London
Sterling exchange demand bills were
quoted at A.S71a in some instances but
the current rate was $f.s7A. The gold
export iicidenIi caused no alarm. the
treasury being fortified with large re-
serve already, and consta.t sCccse;o,,s,