The age-herald., 1898-01-01
Cotton Letter.


 Cotton Letter.
 New York, Dec 31-The last week of 1897 has been an appropriate one to close year remarkable for the dullness and depression in the cotton market. Prices have fiuctu- ated only moderately and show no impor- tant net change Liverpool sadly disap- pointed the bulls today by refusing to fol- low our advance of yesterday and by ca bling small decline there. Our market opened to points lower. After the open ing it was very dull. The movement for the week was full. May opened at 5.93, fiuc- tuated between this figure and 5.95 and closed at 5.94 to 5.95, with the tone of. the market steady. The new year will open with the greatest uncertainty prevailing concerning the future course of prices. The wonderful demand for cotton everywhere has enabled prices to hold their own with remarkable stability during the past two monts. This and the fact that there is no indication of any diminution in this de- mand has led many shrewd judges to the opinion that the worst Is over. They ad- init, however, the possibility of some slight decline in the event of a January move- ment sufficiently large to justify n,ooo,oVo bales estimates. Low prices and big de- mand largely increased consumption, prob able heavy reduction in acreage and the contingencies of the next planting season are all factors in favor of cotton, and worth considering. The bears must rely upon a yield of approximately 100000 bales and possible fighting in Europe incident to the carving up of China. To break the mar ket this array of factors is not so great, but either of them. if true. would be suf- ficient. We do not believe in such a crop, and we are not fearful of a European war. The exchange will be closed until Tuesday. Wishing you prosperous New Year, we remain. RIORDAN 6 co.
 In Wall Street.
 New York, Dec. 31.-Todays market for stocks was very dull and net changes for the most part are trivial and are divided amongst gains and losses without much semblanee of consistency or order. The local traction securities were the favorites, as has been the case for many days past, and they rose at one time sharply above last nights level under the belief that they would benefit even if the proposed rapid transit project was consummated. Brook lyn Rapid Transit enjoyed a special ad- vantage from the reported judicial deci- sion denying an injunction against the use of the western bridge terminus for loop. This stock was at one time 1% above last nights level and held over a point of this gain. Sugar was also a strong feature and rose at one time 11s, but held only a frac- tion of that amount. The Vanderbits were traded in ex-dividend today, Lake Shore gaining a point. Other stocks which were notably strong were Buffalo, Rochester and Pittsburg preferred which rose 23l, and do common, which gained 2 points Ameri can Spirits preferred also gained points. There was considerable activity in the Changers, with the early strength Burling ton crossing par, but later recessions car ried prices below last nights level. News this morning from foreign exchanges dis sipated all apprehension caused by yester- days reports that the British naval re- serves had been ordered out. British con sols advanced fraction in London, an un- failing barometer of a peaceful outlook. The firmness of the wheat market also re- lieved the uneasiness in speculative, circles over the outcome of the great December deal The bank statement was disregarded as it is so involved with the Union Pa cific operation as, to offer no indication of the drift of, general conditions. gThe sub treasury had $1 144s,742 to pay at the clear ing house today, again reflecting the re- plenishment of the money market from that source, There was a disposition to make much of the exceedingly favorable November statement of the Pennsylvania system. The increase in gross earnings for the whole system over November last year was $1 492. 400
 
 The week has been one of dullness in the stock market and outside of few special ties of a highly speculative character all most apathetic. Trading has been in the hands of professional room traders, and outside interest in the market has been in- sufficient. Various causes have contributed to the dullness The holiday season has kept many operators out of the market
 Dealers in stocks have thS habit com mon to all business men of closing up accounts with the end of the year as far as possible. and of taking account of condi- tions before entering upon new ventures There has been liquidation of speculative accounts during the week in accordance with this custom, the effort of which has been especially manifest in the specialties recently the favorites in speculation Profit taking it. the stocks of local corporations, sharp reactions in value, but later develop ments have resulted in recoveries. The de- cisive factor in restricting speculation, however. has been the stiffness of the rates for money and the apprehension of a squeeze at the close of the year, an ap. preciation that has grown less and less as the week progressed. Mondays pay- ments to the government by the Union Pa- cific syndicate of almost sS, ,50O, ,0oo necessi- tated an extensive shifting of loans and consequent disturbance of the money mar ket. which even elaborate precautions of the banks and the government were not wholly effective in averting. The money market has been replenished by the re- demption of Pacific bond redemptions this week, and, although rates for money have been pretty stiff, there has been no strin- gency. The hardening of exchange. which became pronounced on Thursday, reflects