The age-herald., 1898-02-12
Cotton Letter.


 New York, Feb. 1.-The cotton market has at last broken away from dts weari- some period of stagnation, and the trading this week has been very animated. Prices have enjoyed an advance of about a quar- ter of cent since last Saturday. The rise has occurred in the face of volume of re- cedpts, compared to which all former movements at this time of the year look insignificant. Today the trading had plen- ty of vim and snap. Liverpool declined two and one-half ssxty-fourths and the opening here was practically unchanged. But the south reported no stacking in the demand there. with offerings meagre. En- couraged by this there was considerable fresh buying. As result prices advanced sharply Heavy and continuous selling by Liverpool during the day caused several set-backs, but at the end the net loss es- tablshed yesterday had been recovered. May opened at 6.06, rallied to 6.10, eased to 6.05. shot up to 6.15, again eaSed and closed at ell to 612 with the tone of the market steady. Tomorrow being legal holiday the exchange will be closed It is undeni- able that, warranted by the situation the market wears at the moment. the un- doubted ear-marks of a bull market. The strength in tine situation Is furnished by the fact that the demand for actual cootoh
 
 ing to follow the high prices. Having dem onstrated its ability to advance, In spite or what now seems to be the practical cer- tainty of an eleven million crop, the mar ket has given the bulls great confidence. and will hereafter probably Invite two speculative buyers on declines. where for merly tl1ere was but one. Such being the case it is possible that the worst or the depression is over, but rise such as tnls has largely decreased the chance of Voiuh-
 
 have seen it aptly put, if cotton IS good thing to buy at these prices, 1t IS aNso good thing to plant. A speculative buying fever may carry prices higher, put III ous s opinion 1t will take some accident Vo uie next crop to justify a. big advance. That if if comes at all. is a long way off, and we are not inclined to look favorably upon the market. RIORDAN & co.
 Tn Wall Street.
 New York. Feb. 11.-There was profit tax ing on quite heavy scale III stochs 'o day, said to be Tor the accoulr. l, VI ,x',au,,oi the principal bull operators The interVai of two days before trading will pc re- sumed on the exchange was the motive TOT closing up some accounts, as IS always tue case on the eve of double noiioay' Ahe sharp advances in some stocks at the open ing afforded the more faVoraole oPpoi'uAi'S for realizing profits
 The opening rise was largely influenced
 
 by the higher quotations for Americans sent from London and was also helpeu py the marked strength of one or two special ties, notably Metropolitan Street Hallway and Peoples Gas, the latter on the pup lished reports of the companys hnance bought here on a considerable scale and helped to sustain prices to some extent but offerings were not well absorbed ana the support was largely withdrawn. The weakness of stocks encouraged the put ting out of short lines. The covering or some of these before the close brought them to A level materially above the low point. but still left net losses as a general rule.
 There were some very striking move ments of prices in special cases. Metropon- ftan continued it's remarkable advance, ris- ing at one time 6 points, but closing points below that. Third Avenue was up at one time 6b points on the announcement of the acquisition of large connecting system. The stock reacted points before the close. Some of the notable recent advances were due to the rumored pendency of plans for the distribution of the surplus resources to the credit of some of the gilt-edged properties. The prevailing abundance or money is said to make the care of the surplus funds increasingly yAburdensome. Such a property is Pullman, which ad- vanced an additional point today put re- acted 2 points on the closing dealings Ad- ans Express was ex-dividend of per cent. today and ex-100 per cent. in bonds to be exchanged for. stocks of the company. The closing bid yesterday on the stock was s1S7, and today's closing was 100 bid ana l4o asked. The days dealings in bonds con tinued on remarkably large scale, single lots of par value from s5o,QgO up to s15oo 900 changing hands frequently. The par value of sales for the day of Atchison ad]ust- ment As alone were $920,00O. Some or the speculation bonds reacted quite sharply Ill sympathy with stocks. but the general tendency was upward.
 Total sales of stocks today 6,9Oo snares' ;ncuding Atchison preferred, 12,794; C. x O. 3.635: Burlington 32.92O; Northern Pa cffic. 6.625: do preferred, 6,922; Rock Island, 6gO5: St. Paul. 12,635; St. Paul and Omaha, 5.2so: Southern preferred, 9,196; Union Pa cific 9674; Tobacco, 22,540; Chicago Great Western, s115; Peoples Gas, 1a,940; Con solidated Gas, 5,S37; General Electric, b,5oo; Sugar. Il ,536; Rubber, 4,O40; Rubber pre- ferred. 6,027.
 Money on call closed easy at 1A per cent; last loan, 1A per cent.
 Prime mercantile paper, BOA per cent.
 Sterling exchange easier with actual bus mess in bankers bills at $4.S5% for demand and at s4 S3G4 s3A for sixty days.
 Posted rates, $4.S4Gl4.S51
 Commercial bills, $4.82.
 Silver certificates, 561kG573s.
 Bar silver, 5eas.
 PAINE, MURPHY & GO.