The age-herald., 1897-10-03
0 otton L ter.

Cotton L ter.
 New York, Oct. 2.-The cotton market has been quiet during this week. Fluct- nations have been within narrow limits. The most interesting feature of the week has besn free buying for the continent. Cotton merchants there are noted for their ability to resist the impulse to purchase when prices are high shrd purchase heavily when prices are high, and for buying freely when the prices of the staple is at a low level When once the continent starts to buy on the theory that cotton is cheap it usually pursues this policy to an apparently unlimited extent and to a successful conclusion The appearance of this buy ing is. therefore, encouraging. Liver pool ths morning was one and half siNty-fourts lower. The market here opened three points down. The busi- ness was small and after the opening the market was stronger. The Chroni- cle reported deterioration in the crop in Texas and Tennessee and poor aocduhts from Alabama and Florida sJanuafy opened at 6.32, f1uctuated between this figure and 6.S4 and closed at 6.3SQ6.34, with the tone of the market steady. Although sentiment in the tradesis still generally against the market, the in- tensity of this selling has been modified A comparatively moderate movement during the latter part of the week is largely responsible for this.
 The bears insist, however, that the lighter movement is due entirely to quarantine regulations and does not at all reflect indisposftlon on the part of the south to dispose of it's holdings at current prices They claim that when the quarantines are raised the near fu- ture supplies will pour upon the mar kets n such enormous volume as to ire sistibly force prices lower Upon this and upon gloomy trade reports and pos sble labor troubles in Lancashire thsy pin their faith They may be right and prices may go much lower. We cau- ton our friends. however, before sell ing short to observe the continued char acter of drop accounts to remember that the whole world is awaiting to buy cotton at the bottom and that prices sell dom go as low as universally expected. Also to remember that the contingencies of the season from now on are more apt to detract from than alls to the size of the yield. On the strength of our south ern adviceswe are frie ndly to cotton.
 RIORDAN & co.
 Tn Wall Street,
 New York, Oct. 2-The market strength in stocks which developed in the late trading yesterday was resumed this morning in full force and continued with only one momentary pause from the opening until the close of the short ses- sion. The buying was eager and the covering of short contracts put out dur ing the two weeks reaction in the mar ket appeared to be urgent. There was every indication that the reaction had run it's course and agents employed by the leaders of the former bull combina- tion were buyers on a large scale The stocks that have shown the sharpest de- clines recently were foremost in the re- covery. Prices of Americans were ad- vanced in London before the opening here and arbitrage brokers bought for London accout. The stocks which were favorites in the London buying were those that have recently suffered most severely from liquidation of foreign hold ings, refiecting a marked change in for eign sentiment. The various trade re- views blished this morning all report Improvement in trade and industrial con- ditions and in addition to the statements of railway earnings showing increase, contributed to the desire to buy. A fall in the rate of sterling exchange of 1sc for demand bills to $4.S41a made it evil dent that additional gold imports can be long della yed and probably helped the market, though gold is so plentiful at this center at present that some of the banks are settling their balances at the clearing house in that metal. The week. 1y statement of the clearing house banks were also interpreted favorably The statement clearly reflected the pains the banks have been alt to prevent any fur ther heavy shrinkage in their surplus re- serves. The withdrawals of deposits of $6,0O2S00, is practically offset by a con- traction in loans of $4,9S2,0OOO making total contraction for two weeks of ST. 32O, 300.
 The withdrawals of deposits find an additional reflection in the decrease in legal tenders of $2,442,3OO, which were offset by net increase of $495,500 in specie, so that the actual decrease in cash was only about $2,000,000. The more profitable rates for money have induced an increase in circulation of $321, ,00O. There is no doubt that with darwals of deposits would have been much larger had it not been for a falling off in the demand for culrency ship 1nents to the south due to the interfer- enca with the movement of tlle cotton crop due to the yellow fever quaran- tines. The deceuase to the south has been offset by demand from the eastern and middle states to meet October in terest and dividend payments and by New York requiremets for payments of taxes.
 Today's met gains in prices of stocks ran from to per cent, sthe advance beEng in full tide when the market clo1sd The stock market has been highly tech ncal and professional in 9rs character all week, and the reaction, which was the feature of the week before, continued up to hate on Friday. The bears have been masters of the situaiGon and there has been mo aggressive effort in oppo-