The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-10

1
week there were items of the kind
which less than a month ago formed the
basis for the advance of values. n
might, indeed, be said that at the nres-
ent moment many of the expectations
entertained at the beginning of the re-
cent rise are becoming realities. One of
the most important instances is the be-
ginning of the gold import movement
upon large scale and under c;rcum-
stances that seem to insure it's continu-
ance. Railroad earnings, too, are simplv
magnificent. The New York Central for
September presents gross earnings of
nearly S4OO0,000, the largest for any
week IN the company's history, the in.
crease being $515,000, or about 10 per
cent. Results in keeping with this are
shown by virtually every road in the
country, and it is particularly noticeable
that Louisville, for the month of Sen.
TENDER, shows gain of $13S,0OO gross,
in spite of the yellow fever and the
quarantine, a result directly traceable
to the increase of general traffic and the
activity Of the iron and coal industries
at the South.
With the exception of the drought al
the West, the effect of which on winter
wheat is, after all remote, most of the
bear arguments seem to us to be excuses
for depressing the market. In this cate.
CORY the alleged uneasiness over the
candidacy of Mr.. George for the mayor,
atty of the Greater New York may be
included.
1t should also be mentioned that in
the case of Chicago Gas, the stock
showing the greatest decline for the
week, the downward movement was
based upon the purchase of the opposi
ton companies in Chicago by an interest
which declares that the properties in
Iquestion will be run on a business basis
and in harmony with the Chicago Gas
Companies and not for the purpose OF
conducting a competitive war. There
are evidences that at the decline stocks
are passing into the hands of what the
Street" calls the large interests.
Cotton.-General conditions are moi
materially changed from last week. Spot
cotton has shown more strength at the
South, and the tone of the contract mar,
ket remains firm. There appears to be
no reasonable doubt that the crop OF
1S97-9S will be smaller than first esti-
mates, and the principal influence now
tending to prevent higher prices is the
unfavorable conditions of the foreign
cotton trade. Spinners at home and
abroad have shown no haste in provid.
ing themselves with the raw material
and speculation has Jagged. Against
these depressing influences, operators
for rise, cite the strong statistical DO
sitiOn, the decline of one and One-quar
ter cents in about a month, and the
present low price of the staple as com
pared with former years. These bull ar.
guments have been generally comment
ed upon by the press, and have resulted
in more investment buying than has
been seen here for some time and more
bullish talk on the part of the public.
| Weather conditions in the South have
remained perfect for the gathering and
marketing of the crop, but so far re-
ceipts have not been up to bear est
mates This may be partly accounted
for by the yellow fever embargo
The Government crop report for the
month of September, which is due on
Monday, is looked forward to with con-
fdence by the bulls.
Grain and Provisions.-There have
been two opposing factors in the wheat
market One of them is the bearishness
of the "crowd" in Chicago, who have
sold options vigorously in the face OF
large European purchases of cash wheat
land the continuance Of the heavy export
movement. On the other hand the
/ drought in the winter wheat region is
Unbroken, and reports from the Argen-
tine are to the effect that the crop there
is suffering from lack of moisture. The
English wheat markets have been weak
for the last two days or so owing to
large arrivals, but the Continent seems
to take all such supplies, and in addi-
ton has purchased largely ON this side
of the ocean. The situation in regard to
wheat is certainly bullish, but the Chi
cago bear operators cling to the belief
that rain would be the occasion of q
sharp break.
Corn has also been the object of pres
sure from bearish spectators in spite
of the fact that climatic conditions have
been bullish.
Coarse grains have attracted compar
atively little speculative attention, al
though there is a continuance of foreign
buying of oats.
Provisions have been weak on the vel.
low fever situation and the bearishness
of the speculative element, but prices
are out of proportion to the cost of corn
and this alone would create a bullish
outlook in regard to provisions
LONDON MARKET.
New York, Oct. 9.-The Evening
/ arfte II