The age-herald. [volume] (Birmingham, Ala.) 1897-1902, 1898-04-17
Cotton Letter
Special to The Age-Herald.

Special to The Age-Herald.
New York. April 16.-Cotton has adj
vanced moderately this week. Liverpool
encouraged by good trade and apparently
alarmed at the possibility of having her
source of supplies interfered with by hos
tiities has risen sharply and this market
has followed suit somewhat reluctantly.
The political developments of the week
have been for war, although the probabili-
ties indicate further delay in the prelim-
mary steps. Spot sales in Liverpool this
morning were very large for a Saturday
and that market was one and one-half six
ty-fourth higher. In sympathy with these
cables prices here opened three to five
points up. After the opening business was
quite active, the shorts and Liverpool doing
the bulk of the buying and the opening
advance was well sustained. August op-
ened at GA, declined to 6.12, advanced to
GIG and closed at 6.14@6.15, with the tone
of the market steady. When some definite
solution of the Spanish trouble shall have
been reached and the extreme conservatism
of operators due to the present uncertain
ty shall have disappeared it is more than
likely that cotton will break away from the
rut of stagnation and have a substantial
improvement one way or the other. What
direction this movement will take is more
than usually puzzling to even the shrewd-
est operators The strength of the market
in the face Of everything greatly encour-
ages it's friends and they stoutly maintain
that this large crop has already been mar
keted, that its weight is thing of the past,
that the new crop is likely to have set
backs as favorable progress and that good
trade increasing yearly cOnSiIn1 ntion and
good prices all working for higher
range of values. While admitting the
force of these arguments we are not in
clined to sympathize with them. We think
that the present advance is artificial in
so far as it is based on an unusual iriflt-
ence and until some note of alarm con-
corning the new crop is sounded, we are
inclined to favor sales on all rallies. Some
complaint due to cold weather has been
made this week. RIORDAN & co,
In Wall Street. -tt
New York. April 16.-The tone of today's
stock dealings, while dull and depressed,
gave no very active indications of appre-
hension. 1t was rather a waiting market,
as for some time past. The transactions,
outside of operations by professionals, were
insignificant Selling by traders found new
seekers, and prices consequently yielded
very readily. On the other hand, when the
professionals turned buyers they found
very few offerings, and prices consequent
ly easily recovered Naturally the net re-
suits of this kind of juggling from one hand
to the other and then back again were not
large, though the days price movement
was pretty wide. The opening decline was
due to sympathy with London, where
Americans all showed a heavy tone, and
where Spanish fours relapsed after yester-
days recovery, closing within u of the low
est price made since Wednesday in the
bear raid European operators had appar-
emily lost their confidence in the efficacy
of the reported project for concerted me-
diation by the powers. The active prepar-
atoms being made by the United States
admonished observers that the congress-
ional differences over the technicalities of
the Cuban resolution was not expected to
interfere with the substance of their ac-
ton involving Intervention.
Some recoveries in the second hour were
due to covering by the shorts, but they
were not held, and the list showed net de-
clines in nearly all cases, for the most part
confined to fractions. Tobacco absorbed
large part of the dealings and suffered a
loss of 92s net on very large offerings,
brought out by the recent Jump in prices.
Sugar, the grangers and Union Pacific pre-
ferred were the most active features, but
the market was very narrow.
The weekly bank statement disclosed a
stronger position for the banks than last
week. The increase in surplus of 81, 600
is however attained mostly by a decrease
of $1,579 400 in the reserve requirements
by the continued drawing downfof deposits
which were 1900 less than olast week.
The actual increase In cash holdings is
only S53O,000 The condition of the New
York clearing house banks now compared
with the week just previous to the Maine
explosion throws an interesting light on the
processes that have been going on in the
money market during that period. Inn
mense Strengthening of reserves doubtless
accounts for the hardy resistance to the fall
in values, in face of the growing appre
hension of war The cash reserves of the
New York banks themselves are now over
80 per cent. of deposits against 29.7 per cent.
of Feb. II, the last statement before the
Maine disaster. But this improvement In
their own condition Is of small significance
compared with the evidence of what has
been done for interior banks. If the cash
items are examined separately it will be
found that tenders have decreased s46,445.-
800, while the specie increased 1872 700, the
gold from Europe coming in while legal
a result of the heavy receipts of gold from
Europe the specie holdings of New York
banks now constitutes about 70 per cent.
of the cash reserve against SO per cent.
on Feb. II. y"
The gold reserve in the United States
treasury in the meantime has increased
about $14,0O0,OO0. Clearing house balances
in New York and most of the payments at
the custom house have been made in gold
for several weeks and New York banks