The age-herald., 1897-09-19
Markets by. Telegraph.
Cotton Letter.


 Cotton Letter
 Now York, Sept. 1S.-The movement in l cotton this week has again been very heavy, exceeding in volume all previous movements except that of last year. It has haid a crushing effect on the mar keE, and prices have broken sharply Liverpool declined only 1k-e4ths this morning, and prices here were points hsghea at the opening. January sold on the first call at 6.66 The chronicle was bulllsh for tine afeer the opening. Prices were steady, but receipts very heavy. Liquidation soon set in again. The market became almost helpless, rapidly dropped 13 points, January de- elining to 6.54. Liberal New Orleans buying and free short covering caused a good rally, and the market closed steady, with 6.61 bid for January The combination of heavy receipts, poor trade reports fdom abroad, yellow fever fn the gulf states and the throwing up en the market of a vast l.ne of long cot ton has more than offset the serious crop complaints which have been received daily from the south. The demand for early supplies, winch was so confidently expected to be enormous, has tulned out to be only moderate so far, and the selling here against purchases in the south has been heavy during the week. These prices, however, should prove at tractive to spinners, and unless receipts are overwhelming they should now buy freely. Advices from almost every sec tion except Texas claim that the yield this season will not greatly exceed that of last year. The trade does nor credit these reports, and the general sent ment
 aN.s .5S,4 ,1 mol share. RIORDAN & co.
 In Wall Street.
 New York, Sept 1S.-The feature of the dealings alt rodays brief session of the stock exchange was the extra ordinary gyrations of Consolidated Gas s.oczs The stock had been compara- lively steady about 240 since it's jump of 20 points early in the week. But it took a violent fall today of over 10 points from the opening. The variations in price on the down grade were as Hdigh as 8 points between consecutive sales. The stock closed at 239, net decline of G. Its eccentric movemenlts served to unsettla the whole market and discouraged trading generally. The mar ket sagged somewhat. There was an un- dertone of heaviness, the indications supplied by the bank abatement that rates for money would rise further in the near future served as a check on speculation and helped the decline in the final hour. Manhattan suffered the sharp decline of 23l. The coaler+s re- acted somewhat from yesterdays ad- vance, Delaware and Hudson rising 11a, but losing practically all the gain. Chi cago Great Western manifested strength in it's August stat msnt, and Burlington was carried above St. Paul, but closed a fraction below. Union Pacific was un- der pressure of London selling to real ize afi CT yesterdays heavy buying. Bal tfmore and Ohio rose a point and re- acted. Baltimore and Ohio Southwest ern preferred rose over points and retained practically all the gain. c. c. c. & St. L. rose 2 points The Northern Pacific stocks were heavy throughout the day. The close showed prces gen. eraly below last nights close. The con fidence of the bears that the long ex- pected reaction was due now has been augmented from time to time this week and short interest has shown itself in a somewhat aggressive mood several times. The bears were not much en- couraged by their efforts Monday and Tuesday; they were routed as result of the sharp fall In exchange and the prediction that gold import movement would immediately set in. For the rest of the week the market was extremely irregular, and sharp advances occurred fin different stocks through the list, while other leading stocks remained at an unchanged level. There was heavy liqui- dation in progness and the steadness with which the offerings to realize were absorbed is a striking testimony to the continued breadth and strength of the support.
 Some of the most remarkable of the advances have been well retained, and the level of the market is decidedly higher than week ago. Consolidated Gas is the only one of the stocks ad- vanced that has had a serious setback. The higher prices of many stocks are based on expectations of increased divi- dends, anything like in propor- tion to the increase which had taken place in the prices. There is ground there for the argument that prices have advanced to higher level than is war ranted The argument is made on the other hand that the rate of return on dnvesament has reached a permanently lower basis. The long continued stag nation in the money market has tended to the same conviction. Todays bank statement gives evidence of the rapid absorption of money by the growing needs of commerce and industry. It is evident also, from the action of the exchange market that the expanding balance of trade in favor of this coun- try sounds as a safeguard against any stringency in the money market. Net changes for the week in majority of leading stocks are small, but a few stocks show large gains. Quite num- Der of usually neglected and low-priced stocks have been carried to a higher level.
 The business in bonds has been heavy but advances were not so marked as during recent rises, some of the specu- lative issues showing slight reactions on profit takings.
 Dealings in government bonds have been dull and prices are unchanged ex- cept for the new fours, which are a half lower
 Totatl sales of stocks today were 246,- 017 shares, including Atchison preferred 10, ,320; Chesapeake and Ohio TITO; Bur 1ipotc,, 1e 1n0. T.oI1icr,iIIa and NaSbviIlo