Birmingham state herald., 1897-07-13
c ,tton Letter.

rains in Northern Texas and fair rains throughout the state generally. The weather man when posted confirmed these dispatches and also showed rains in Ar kansas and the rest of the cotton belt. Liv- erpool cables this morning were bearish. The spot sales there were small and prices were one to two sixty -fourths lower. Our market opened from 1 to points down. New Orleans sold here freely after the opening and the market declined still fur ther. The interest in cotton on both sides is very small and therefore the pressure to sell was not great. Later in the day, under the influence of a good spot demand the summer months rallied sharplysx Au- gust opened at 7:4, declined to 7:29,s ad- vanced to 7:S6. and closed at 7:34 to 7:35, with the tone of the market steady. Now that the question of drought is apparently settled for the present the bulls are relying on the strong position and good business to sustain prices We fear the market will go lower. RIORDAN & CO., 7,
 1nWall Street.
 New York, July 12-Sugar occupied the largest share of attention in the e-stock mar ket today and its buoyancy was a sustain ing factor throughout the whole list with the exception of such stocks as were sub Ject to special depressing influences. The course, of Sugar was directed by the gossip from about the rooms of the tariff confer ence in Washington and thep rice suffi- ciently indicates that this pointed to action that would insure profitable protection on refined sugar. The outstanding short in- terest. which has been reputed to be large showed nervous apprehension under the persistent strength of the stock and exten- and bounds. The close was steady at 135s the high point and points above the tow point. The movement to cover be- came something like a stampede at the close, large blocks changing hands on the rising price. The sales of this stock reached total of over S2 900 shares, which was over one-half the aggregate of all sales. The price reached, 125, is the high est on record for the stock. On June 29 the price touched 130 and has since ruled below that figure until today. Outside of Sugar the market dull, the varia- tions of important stocks being small and important stocks. The opening was high CT and quite distinctly dsregardfpl of sfhe tone of the London change oIrswhieh ppiees were lower. The fnterna tionaf- shares were, however, comparatively neglected. q
 Louisville and Nashville was heavy on the preliminary statement ten slowing de cific preferred was also offered quite freely. but recovered it's loss. The. Rubber in the directory thy, preferred stocks los ing 2s4. Pacific Mail advanced to S2h, but lost the gain. The grangers showed marked depression during portion of the day. receding an average of about point below the early gain, but they recovered the loss. The anthracite roads were firm
  Valley in Philadelphia and on belief in benefits to accrue in the nathracte trade from the. soft coal strike. Des Moines and Fort Dodge, Chicago Greatwestern, Brook lyn Rapid Transit, and Rio Grande Vest ern were quite strong. Features of the day were the appearance of grain and cot ton bills of exchange on the market and some short selling of some long bills of exchange. There was no further hardeu- ing of exchange rates manifest and indf- cations are strengthened that gold ship ments for the season are over.
 The bond market fairly active with fractional higher values prevalent in the speculative issues. Some of the lesser aecurities displayed aggressive strength and a good demand wa apparent for the middle grade issues. Fluctuations gener- ally were extremely narrow. The aggre- gate sales were $1.075,00 s Money on call nominally 1@1A per cent; last loan 1A; closing offered at l01A per cent.
 Prime mercantile paper, 3Q4 per cent.
 Sterling exchange steady with actual bus mess in bankers bill at $4S7@$4.S7N for de- mand and at $4.S6Ql$4 S6A for sixty days.
 Posted rates $4.861kQ$4S7 and $4.S8D$4S8h.
 Commercial bills, A.s5A.
 Silver certificates, 60asQ7 7s.
 Bar silver. 60h. FX
 Mexican dollars, 47c.
 Government bonds strong. kf
 State bonds dull. T
 Railroad bonds firm. r
 Closing Stocks: