The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-31
HAVEN & SHOUTS WEEKLY MAR
KET LETTER.

The Financial Outlook-The stock
market has been a heavy one. For some
reason the larger interests are not giving
it the customary support, and speculation
left it in the hands of the smaller class
of professional operators has, during this
week, been irregular and generally lower
The influences that check activity are the
expectation OF the Nebraska freight rate
decision, the election and the allegations
that the Cuban situation may develop
into something serious, as well as Union
Pacific matters, have all, to a greater or
less degree, eXerted an influence. As
for the Nebraska freight rate decision,
the theory is advanced that if it is favor
able to the railroads, it would not have
been held back when the Union Pacific
matters are being adjusted. 1t is also
thought that when Congress meets in
December it can hardly be prevented
from taking up the Cuban question and
prolonging the agony, while the question
of the currency will also be brought be-
fore it. 1t is also to be borne in mind
that November markets seldom advance.
The whole market has been disap-
pointing; it drags along in a dispirited
way. Adverse news brings the level of
uONu, anu inc Oh
bearish reports fails to rally it. There
has been no considerable liquidation ex-
cept in Union Pacific, but the buying has
been half-hearted
While the course of events in connec-
ton with Union Pacific is definitely
mapped out, the developments of the past
week have been unsettling. There was
u good deal of liquidation in the stock
and other securities of Union Pacific,
and considerable dissatisfaction exists
about the outcome, since the underwent
ing syndicate does not assume any of
the burden in connection with the addi-
tional payment of $S,O00,00O, but allows
the whole of it to fall upon the owners
of the stock.
The arrangements in connection with
Chicago Gas are apparently progressing
as favoraby as gould be expected. SUI
gar is travelling in it's usual uneven
course, without any striking speculative
developments. The Granger railroad
earnings are quite as favorable as could
be wished, those of the Burlington road
or September in particular showing a
gain of $649,000 in the surplus over
charges. The stocks, however, do not
seem to respond to such influences.
The shares of the coal roads have been
heavy, and speculation in them is almost
dormant. This may be explained on the
ground that the weather has been ad-
verse to activity in the coal trade, and
that there is a corresponding feeling of
doubt about earnings and increased di-
vidend payments by these companies. 1T
should also be recalled that the anthra-
cite trade was benefited least of any
zI,,~ h. L..
general activity.
Cotton.-There has been no material
change in the general situation since our
last letter.
The market rallied few points on pre-
dictions of frost in the South. Later,
no damaging appearing from this source
and cable adviceS from foreign markets
being disappointing, prices receded and
touched the lowest point of the present
decline. The January option sold to-
day within sixty points of the lowest
price on record, made in November, 1894
the year of the banner crop of 9,000,-
900 bales.
An accurate estimate of this seasons
crop cannot be made until killing frost
has put an end to speculation as to the
amount of top crop which may yet ma
the banner crop of 1894 cannot, at most,
be exceeded, while the crop of 1897 may
fall much short of the 1894 production.
In this connection it may be remembered
that the visible supply carried over to
the banner year was 2,25S, 600 bales
against 1886, 900 of visible and invisible
stock on September LIST of the present
year. The visible supply ON the first of
September, 1897, also shows by COMPARE
son 100000 bales less than on Septem-
Der LIST, 1896.
Whatever the immediate receipts may
be land owing to favorable weather
for picking and marketing, they are like
ly to be large the statistical position of
the staple would seem to warrant higher
prices than those now prevailing.
The market is apparently in position to
recover sharply on the appearance of
frost in the Southern States.
Grain and PrOvisions-The bullish con-
ditions that have long existed in the
wheat market asserted themselves this
week with a good deal of force. Specula
tive interest at Chicago have turned to
the bull side, and, as usual under such
circumstances, are disposed to take Il
somewhat exaggerated view. Without
subscribing to the opinion that dollar
wheat and over in Chicago is assured
permanancy, it is nevertheless true that
all the real factors are bullish. They en-
brace doubts as to the adequacy of the
recent rains to assure a good yield Of
winter wheat; small receipts at interior
points: heavy and persistent foreign ex-
port buying and the confirmation of re-
ports us to both the unfavorable situation
abroad (among which is the drought in
Australia) and the light stocks in the
consuming countries. Under these cir
cumstances are approaching closing of
the Black Sea for the winter has more
than usual significance. Supply and de-
mand in fact, are making a natural bull
market, and any concessions are apt to
produce further buying and an increas-
ed export movement.
Corn seems to have gotten over the
heavy speculative liquidation, and has
been disposed to sympathize with wheat.