The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-12-19

feeling OF caution has made its APPEAR !
ance in connection with the money mar |
ket. Last week the surplus reserves If |
the New York banks were about SIS |
100000, and drafts on account of the |
growth of business enterprise have been
increasing, while the settlement of the |
Union Pacific purchase will require the
payment into the treasury of some 800
100000 between now and January &.
ne effect of this will be modified, Of
course, by the arrangement made to an
ticipate payment of the $260O0,0OO
of currency Us which mature January
first and there is no reason to fear a
squeeze in money. Banking interests
in fact rather welcome the prospect of
little tighter condition in the money
market. The mere prospect Of firmcr
rates for money has caused decline in
foreign exchange, which, while not sur
ficient to RI. = gold imports, shows Tint
a higher money market here would bring
gold from London. The November trade
statement shows an increase in the eX-
cess of exports for the month of So
100000, and for II months of ST, 800
900, the total excess for / months being
commercial history. demonstrating the
%2S3, 100000, the largest amount in our
commanding position of the United
States in the money markets of the
world About the only thing that could
seriously disturb the stock market won
be an adverse decision next Monday b.
the Supreme court in the Nebraska case
This, however, is improbable, and it !,
likely that there will TIE no action il
that matter until tie January term.
The Southern Railway and Big -Four
preferred Gividonds hear ont the idea
that the dividend on Northern pac:f
preferred was forerunuer of similar
action by other corporations Railroa
earnings are st'I on Il scale which Q,
courage such conclusions.
The Granger stocks have advanced o;
further satisfactory earnings and goo
accounts of current traffic. Burl;ngto
has this week crossed par, aud ther,
has been support in the stock based r.
the idea that TIE November net earning
are very satisfactory to tie inside III
terest. \ still higher level is confideu;
ly talked of for Burlington TIE
Southwesterns have tcen active and high
err, although participating in the reac-
tionary tendency at the close of the
week st. Paul has received assistance
toned here that London, or the large
proft ssionals there, take Il much better
view Of the American market than they
have been doing for many months.
The Coal stocks have been strong on
semi-official announcements Of new
agreement to restrict production and
maintaii prices in 1893. This has caused
covering Of shorts III Jersey Central and
other Anthracite shares, and gave a
basis for bullish manipulation. 1t may
be urged, however, that the Jersey Cen
trail management has yet to overcome
the unfayorable impression made on
the minds of investors by the revelations
the Lehigh and Wilkesbarre property
and its relations to Jersey Central 1t
is also still true that the weather and
the consumption of coal are after all
the controlling factors in regard to the
Anthracite stocks.
While prices have receded towards the
close of the week, the bond market re-
tains a full degree of strength. Some
of the more speculative issues have sold
down i'm sympathy with stocks, but in
vestment bonds, the kind that are bought
and paid for, hold their prices and are
in excellent demand. The fact that the
| $6,000,000 of New York City 31a per
| cent bonds offered this week sold at the
| highest price on record for such securi-
! ties, is Il sign of the times, and an indi-
cation of the depth and strength of the
| investment demand that is the basis Of
| Wall streets firm belief in the perman-
| eney of the bull market. While it may
/ pause previous to the Establishments in
! business incident to the end of the year,
any decline will afford an opportunity
| to buy cheap stocks.
! Grain and Provisions.-Decembe
shorts have to Il considerable extent
| switched into the May option. Tie
/ Letter party, who have charge of the
/ December deal, have thus far managed
! it beautifully. Nevertheless, as long
as the deal continues there is more or
less interference with the natural course
| Of speculation, although little doubt re-
mains that December viii sell cous.dtra-
| bly, higher and that May VIII advance
in sympathy, Speculative interests, of
course, are inclined 10 depress values
in order to obtain a favorable December
settlements The statistical situation in
Wheat is, on the whole, better. Clear
ances continue on large scale, receipts
son with previous weeks, though still
larger than last year. Estimates as to
the amount in farmers hands vary con.
siderably, and while some put it at 30
and 40 per cent of the crop, others figure
it as much smaller.
In Corn the tendencies have been
somewhat better, with larger demand
and somewhat smaller shipments, while
the export demand is on a large scale,
indicating that high prices for wheat
have produced an inquiry for corn.
Coarse Grains have been rather neg
lected in a speculative sense. The de-
mand for cash Oats has been somewhat
smaller, but on the other hand the sup
ply is still of limited character, and
should have an effect on prices later on.
Provisions are considerably better,
partly on the improvement in Corn. but
to greater extent on the remarkably