The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-11-28
HAVEN & SHOUTS WEEKLY MAR
KET LETTER.

ing apparently for the meeting of Con-
gress, and developments in connection
with the currency and Cuba. The I'M
dertone is distinctly strong, and more
attention is being paid to earnings and
dividend prospects, although narrow
speculative conditions prevent such fac
tors from having much effect. 1t is
scarcely believed that the Supreme court
will take action on the Nebraska case
until January, but in the meantime the
idea that the decision may he handed
down acts as a speculative deterrent.
While tn re may be developments in
Congress core ming Cuba to depress the
market, Cuban matters are progressing
in satisfactory manner. The Spanish
government has certainly adopted line
IF polcy calculated to hold our Jingoes
in check. Interest in the Presidents
message centres largely in the portion
| referring to the currency. 1t is under
stood that Mr. Mckinley will take
| grounds satisfactory to sound money
sentiment. The recent utterances of Sec
| rotary Gage certainly suggested this, and
MS speech IN New York this week, in
which he stated that it is case in
which agitation, instead of being detri-
mental, is necessary and beneficial. and
hat safe currency basis can be reach
I'd at tritling cost to the government.
las produced good effect 1t is even
aid that Congressman who are now
Gathering at Wa h.ngton generally show
much more houcful feeling in regard to
currency legislation, and similar feel
ing undoubtedly influences the stock
market.
Northern Pacific preferred has been
| a feature on expectations of dividend
1t seems to lie only a question whether
| its dividend will be ~ per cent semi
annually or 1 per cent quarterly. 1t is
| intimated that the management would
| like to delay action until March, but
| there is considerable pressure from
| financial interests connected with the
| company to have it settled at once.
There is great deal of bear pressure
| upon Peoples (Chicago) Gas, for which
it is difficult to find an exact basis. al
though rumors are plentiful that the
stock will sell lower. Sugar has been
| irregular; and in spite of certain
amount of strength due to the short
interest and the expected decision in
the Netherlands Sugar duty. people in
he trade think it better sale than pur-
chase on the competition of the new re-
tnerleS. The weakness of Consolidated
Gas apparently confirms the report that
the deal is off for the present A house
that was prominent in the prelimnaries
was the largest seller of the stock
The last instilment has been paid on
Union Pacific and the price of that
stock represents an advance of about
two points since the movement in it
began. 1t will be recalled that just be-
fore the first installment was paid it
sold around 6. and $15 has since been
paid. The next fortnight will determine
the outcome in regard to the Kansas
Pacific division. which will have very
important effect on the value of the new
stock. Notwithstanding the appearance
Of cold weather and the evident desire
Of the anthracite companies to restrict
production, speculation sentiment on
the coal stocks is bearish and Jersey
Central, which is left without effective
support, has been more or less of a tar
get.
The short interest in the general mar
ket has increased this week and a rally
is not unlikely at any time.
COtton.-There has been little change
in the situation. physical, statistical or
frosts have occurred throughout the
South and receipts have been record
breaking. Apart from some further
moderate investment buying the option
market has been in the hands of traders
With prices at the present low level,
there is little encoura cement for this
element to sell short, but on the other
hand the general influence has been
so bearish that people are still inclined
to watch for lower figures and thus
postpone buying the result being a stag
nant market.
Grain and PrOvisions.-Wheat r~,ooI-
lation retains its strong taue. The
features are the cont;orance of the
good demand from Europe, the premium
for cash wheat and the apparent control
Of the bull clique over the December
option. Reports from the Argentine are
less favorable. Experts insist that our
winter wheat crop is making a very
unsatisfactory start On the other hand
receipts at the west are larger than last
year, and have held so for a remark
ably long time. This is explained, how
ever, by the large offerings by farmers
during the autumn and the inability of
railroads to transport the total amount
gathered and stored in country eleva-
IoISs 1OOu are OF Tile Opln-
ion that in response to high prices farm
ers have disposed Of IS to so per cent. |
of the crop. If this is correct it would
be about as much as they have to sup
ply. Taking all the factors into con-
sideration, the outlook for wheat is as
bullish as at any time since the present |
crop year began.
The corn market has been almost de- |
void of speculative interest. Receipts |
are still large, and the sitpation does |
not encourage activity in corn at he mo-
ment.
Oats continue very strong, and ar still |
the object of considerable attention on
the part of the big people in the Chicago
and other markets. The factors in this
connection are the constant demand and |
the small stocks.
Provisions are steady, and have even |
shown a little strength on light trading. |
The receipts of hogs are, however, large, |
and the inactivity of corn is diso dvan