The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-09-21

with a stead;ness that promises to make
| the good times" permanent, while cur
trent railroad earnings leave little t. be
desired, and to very large extent i,sti-
fy the expectation that dividends will in
many instances be increased materially,
and that number of roads will re-enter
or for the first time be able TO get into the
Idiyident paying ranks.
Other circumstances have, however
developed which, while they do not affect
the leading bullish factors, have to be
taken into account since they modify the
general situation. The yellow fever cpl
demic is a serious matter for the South
ern section of the country, and it is also
pretty well settled that the corn crop will
be from one-quarter to one third less than
the average. This last may be disregard
ed in a speculative sense on account of
the large surplus of corn left over from
last year, and the further fact that high
prices will be obtained for corn and an
products into which it enters.
| The money market is, we think, becom-
ing the principal speculative factor. The
crop movement and the Improvement in
business are taking a great deal of
money and putting it into actual use. The
| big accumulation of idle funds at New
York is being rapidly reduced Last week
the banks los 100000 in currency, and
will probably show larger drain for the
present one. Already the call loan rate
has hardened, and while money is in
good supply for all legitimate speculative
purposes, such a tendency cannot fail to
influence a situation where, ms in the
nrncpnt nEfa q
stocks are being carried for the public.
There is nothing in sight to justify the
fear of positive stringency in money or
an enforced decline from that cause, but
higher rates for money after such a long
experience with abnormally easy ones,
would certainly tend to create a more
conservative feeling in many quarters.
These OBSERVATION-DISCLOSURES, it seems, af-
lfected the large interests in the street.
and while the leadership of the market
is in the hands Of the bulls. it became ev-
ident several times this week that such
people will not neglect opportunities 10
act on the bear side when they present
themselves.
The coming week will be an interesting
one. not only because the situation with
regard to money and it's relations to spec.
ulation will become more clearly defined
but from the fact that n number of other
important matters are likely to material
ize. We should place first in Importance
the possible beginning of gold importa.
tons. The hardening of the money mar.
ket here has. of course, tendency tc
hasten this, and has been effectual IN de.
pressing the foreign exchange market
London has also shown a disposition tt
buy certain of our stocks. though it con,
tinues to sell others. mainly the invest
ment securities and dividend payers that
have scored large advances and probably
represent handsome profits to English
holders. The stocks they have been buy.
ing are principally cheap. low grade ones
that have presumable speculative fu-
ture. Union Pacific being a prominent
example. This change of London's atti-
tude so far rs it extends has been of as,
sistance to the exchange market. and the
feeling among international bankers is
that the gold import movement can
hardly he delayed much longer.
/ Another matter of considerable interest
is the Rock Island dividend which VIII
he acted on in few days. The inside in
terpsts have given every assurance that
the rate for the quarter will be made one
PER cent instead of n half per cent. This
is also calculated to reinforce the rumors
ahout the resumption or commencement
Of dividends by many roads. the "street"
showing itself very ready nowadays to
accept such reports. 1t may also be men
toned that the decision of the national
administration as to the course the At
torney-C eneral is TO pursue with regard
to the Union Pacific reorga nization will
he awaited with interest. The price OF
Union Pacific securities would indicate
that there will he TO appeal from the de-
cree of foreclosure
| HAVEN & STOUT.