The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-11-21
first payment for which, nearly S13,-

600, 900 is to be made ON Monday. The
excess of the increase in deposits over
that in loans reflects the return from
interior banks which are depositing idle
funds in both the New York and Chi
cago banks in large volume. Outside OF
the special Union Pacific operations
there is no doubt that the loans of the
banks would show a substantial decrease
as there has been large liquidation Of
merchandise accounts during the week
and the money market has been intense
ly dull in all departments. Bidding for
choice grades of commercial paper has
been very active, but the market has
been almost bare of offerings. The mon
ey market has not shown the slightest
tlutter over the approaching Sl3,OO0,-
900 movement to the government ON ac-
count of the Union Pacific sale. This
payment will, in fact, amount to lit
tie more than series of bookkeeping
entries, the transfer or credits IN large
part being confined to the books of the
individual banks handling both ac-
counts. These banks have deposited IN
the Treasury at Washington, govern
ment bonds of the full amount OF the
payment as security and the government
has arranged to leave its funds ON de-
posit in the vaults of these banks.
The stock market has been a rather
trivial affair all week, trading being
Of small volume and the movement OF
prices slight. On Thursday the total
sales of all stocks fell to less than $780,
900 shares. This apathy of speculation
is the more notable in view of the am
/ plitude and the cheapness of the supplies
! of money and the large reserve Of money
! IL iln NV
! trade balance in favor of this country
The halt in speculation cannot be at
tributed to existing conditions which
! continued to be very favorable, but rath
or TO doubts regarding the future. II
| is usual for Wall street to come to d
| pause in it's operations in November
pending the assembling of Congress, the
| publication of the Presidents message
! and the perception of the temper and in,
| tention of the legislative branch. The
! tendency of the railroad earnings is also
being scrutinized with great atten-
| tion. now that the abnormal grain
movement has abated. The weeks re-
turns for the second week in November
show earnings well up to the best re-
cords in former years and in the case OF
some Southern and Southwestern roads
where arrears of traffic released from
quarantine restrictions are coming for
ward, the showing is the best
on record But the expecta-
ton is that the third week
earnings will not be fully maintained at
the recent high level. The net returns
from railroads for October which are
expected shortly are said to show very
'arge proportion Of recer> heavy increase
gross earnings ahs+~~axu by operating
e enSeS.
1t natural ATSss,me of cheap money
and speculative .-ncertainty, the market
! for railroad bonds has been relatively
active and the high grade issues have
been very stiffy held resulting in record
prices in some cases. Prices are higher
in nearly all cases. Total sales $780,
900.
The total sales of stocks were GA, 500
shares, including Burlington. $685.; st.
Paul. 5,1S4; Peoples Gas, 5,310; Sugar,
1905.