The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-12-05

visible proof Of the abundance of capital
and of the thirst for investments.
The influence of railroad earnings had
fresh illustration this week. The Octo-
Der net returns produce an impression
which becomes more favorable the closer
the figures are analysed. Perhaps .the
most important statement was that Of
the Pennsylvania. The returns of the
whole system for the ten months ending
October 31st display a gain of nearly
So, 100000 in net earnings. Figures like
these captivate the imagination of the
public, and are the most forcible illustra-
ton that can be furnished of the differ
ence between bad times and good ones
1t may be added that the November
gross earnings Of a large number of
companies leave little doubt that we shall
have, during the course of the current
month, a mass of equally encourag ing
figures on which to base expectations of
increased dividends.
The important feature in the Industrial
market was the decision of the Treasury
Department, imposing, as was expected
a countervailing duty upon sugars i'm
ported from the Netherlands. Sugar
stock was advanced very sharply in anti
cipation of this result, but it's course
oughly discounted before the actual
announcement.
The Southwestern stocks are attract
ing considerable attention, Missouri Pa
ciic having been one of the strong feat
ures of the week. Few roads have shown
proportionately larger increases in earn
ings. Since 1--WE first its gain in gross
has been well up to $2,500,00O, and ev-
cry week adds to the total. Under these
circumstances, what Missouri Pacific
chiefly needed was effective support in
the market, and its course this week
would indicate that it has at last found
friends.
Cotton.-The market this week has
been Of the dull and dragging descrip-
tion 1T might, in fact, encourage the
belief that it is in speculative parlance
"scrapng bottom" and that the dis
counting of unfavorable factors has cul-
minated. While it is easy to draw such
differences, the absence of speculative
interest and the limited character of the
market in the face of a general feeling
that cotton is too cheap, create timidity
and check the growth Of confidence. The
statistical developments Of the week are
without any new features; there is, how
ever, renewed agitation for a reduction
of acreage. A somewhat cheerful indi-
cation comes from Lancashire, where
threatened labor troubles have subsid-
ed, whereupon better buying of cotton
has appeared in Liverpool. The heaviest
pressure of the crop on the market
comes in the first four months of any
crop year. We are now entering on
the last month of this period and any
change Of conditions is likely to be to-
ward improvement.
Grain and ProvisiOns.-Speculativ
causes have governed the wheat mar
ket, which has been dull and depressed.
Large receipts at the West continue.
which is natural at this season just be-
fore the close of navigation. The cash
demand for wheat continues on fair
level, but Europe, of course, holds off,
while the market here seems inclined to
go down. An advance would certainly
bring in an increased foreign demand.
1t is a curious comment on the situa-
tion that not a single bushel of either
wheat or corn was delivered in Chicago
ON December first-sOmething unparallel-
ed in the history of that market. This
indicated the low states of supplies, and
would show that elevator men are hold
ing on vigorously until after the close of
udNISduIOu. reports ITOm huSSld dIS
not favorable, and every account from
the Argentine seems TO decrease the a.
mount that it will have for export. At
the end of the week Thomans report,
which was very bearish, had some effect
on small traders, but the larger people
apparently take little notice of his prog
nostications.
Corn is weak owing to the liquidation
in December; the large stocks and con-
tinued receipts, and the absence of any
particular speculative interest. At the
time there is a good cash demand for
corn and fairly large exports.
Coarse grains have been quiet, but,
on the whole. firm. The recent excite
ment in oats has subsidized, but the posi-
ton of that market is considered very
strong, with the possibility of future i'm
provement.
Provisions cannot do we'll as long as
corn is at such a low price At the same
time receipts of hogs have been on a
scale calculated to check bullish specula-