Birmingham state herald., 1897-07-02
Cotton Letter .

builish. Continuance of dry weather, in- eneased the alarm caused by fear of drought. Liverpool reported large spot sales ''this morning, but prices there were unchansed' Our opening was quiet and but snshtly higher The prevailing bullish feeling was still strong but during the morning con stant and heavy selling for Liverpool Kept prices down. No important rains were had in the south however, and the nervous shorts absorbed all offerings. Early in the afternoon the bulls became aggressive. New Orleans sent heavy buying orders here, the leading bear was covering and prices shot srnartlY upward Indispositlon to be short over the holidays of Saturday and Monday contributed somewhat to the volume of short coverings. s.
 August opened at 7.33, advanced to 7.30 and declined to 7.SS, advanced again to 14S and closed at that fgures with the tone Of the market firm. Although the most relia- ble information is that the dry weather has yet done no real harm, the market is extremely sensitive to bad crop news, and its immediate future will most probably depend upon the rainfall in the south.
 RIORDAN6 & co.
 Inwall stree\ >>@ 33sT '
 New York, July 1-Teday's market was somewhat cratic the earlier hours of the day inclining to reaction, but a stronger tone developed afternoon which carried prices all through the list above last nights closing. There was news regarding the general situation to account for the early decline and it must be attributed to gen eral apprehension among the professional stripped conditions. The after strength did not develop until after period of feNeTisf uncertainty. and hesitating and somewhat timerous effort on the part of the bears to take control of the market. There was decided falling off in activity and the out side interest in the market all day. Nor tberp general hrpaVV selling to realize apparent. The decline gave every appearance of being purely manipulative it as promising benefit to the tone of the market. It was not of character to invite aggressive shorts, in fact the sales that were made for short account were covered before the end of the session. The feature of the market was the way in which prices moved both up and down on small trans actions. The later rise was accomplished without any very heavy buying. refecting the disposition of the heavy operators to cuperating the market and preventing it's too rapid advance London already reflect ed an increased confidence in the stability of values here and bought freely during the day. General news as to the outlook for business continued favorable. The transfer of S200000 in currency from the sub-treasury to New Orleans is considered an indication of increasing activity in that section. An order from Europe for $5000 900 in gold went begging in Wall street, there being no adequate proof in the final trade transaction at the ruling rate of exchange. The governments good showing Tor the fiscal year with deficit of less than Sl9- 000,000 against an estimate year ago of over s64B00,0O0, is looked upon as favora- ble factor. sn..,tl.
 Money on call easy at 11ad2, per cent; last loan, per cent; closed per cent. s-
 Prime mercantile paper 3a4 per cent.
 Sterling exchange dull and steady, with actual business in bankers bills at $4.S70D &.GA for demand and at $4.sS7s@s4S6 for sixty days. gsHT
 Posted rates s4.S61s@s4.s7lk and s48sas4 sS1s.
 Commercial bills $a.S5.
 Silver certificates 60AM60hc.
 Bar silver 60Mc.
 Wn~ican dollars 47
 Government bonds firm.