The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-11-28

the dullneSS nad la1u the foundations
for an advance in prices under any conf
dent leadership. The strength manifes-
ted alarmed the shorts and they has
tened to cover, thus helping along tue
rise. 1t was noticeable that the strength
and activity of the market were trans
ferred from the specialties and indus
trials to which they have been largely
confined of late, to the standard railroad
shares. Gains of about point or over
were registered in the granger shares,
the coalers and in a number of the trunk
lines. The Southern lines Jagged in al
rather conspicuous manner, notwith-
standing the strong statement of the
Atchison Company for October show
ing an increase in net earnings of Slo5,-
100. No small part of the strength in
the railway list was due to the antlcipa-
ton that the Supreme court upon re-as-
sembling on Monday, after its autumn
recess. will hand down a decision IN the
Nebraska maximum freight rate case
favorable to the railroads. This decl-
sion has long been looked forward to tol
give an upward impetus to prices, and
prices have in fact been several times
advanced on the assumption that it
would be favorable and have subsequent
" reacted. Sugar was strong and easily
led the list with an advance Ofl9S Oh re-
ports that a decision from the Treasury
Department would soon be forthcoming.
applying the countervailing duty clause
to dutch refined sugars.
The bank statement was about WHAT
was expected. Although thare was AMI
actual increase in cash reserve of 3d.
33S, 100 the legal reserve was raised by
more than that amount owing TO the
~ 4 IN, thA
deposits. The surplus reserve in conse
quence has fallen off by SS47.325. The
excess of the increase in deposits over
that in loans reflects the movement of
currency from the interior to this CEN
tire. The large proportions of the in
creases in loans and deposits are oil
course reflections of the Union Pacific
payment on Monday. The condition OIL
the money market. present and prospec
tive. has been of greater interest all
week than tie stock market. The heavT
Union Pacific payment male not the
slightest impression on the market. OF
course the fact that the government left
the whole amount on deposit after IT'S
payment obviated its actual withdra wal
from the market, but the fact remains
that the raising of an enormous amount
of cash was effected and an extensive
shifting of loans and credits accomplish
ed that would inevitably have IL etiffeniGg
rate for money somewhat bad the mar
ket not been in a plethoric condition.
Even the resumption of business actlv-
;ty in the South with the removal of
yellow fever guarantees has failed tol
result in any notable demand for money
from that quarter. Thu has been
SOL g buying of long sterling for invest
ment during the week based on the sup
position that the balance of trade may
have shifted by tie time it natures AMI
so have raised the rates tor exchange.
1t is worthy of special notice in that
connection that the imports of dry goods
and general merchandise for the week
at New York show an increase of 81.
573,475, over those of last week and
they exceed those of the corresponding
period of last year by over $1,000,000l
If this indicates a settled tendency Of
foreign trade, it will not only mark the
beginning of a settlement of the heavy
trade balance in our favor, which is a
potential factor in the case of the do
nestle money market, but it marks an in-
crease in the governments revenues IN
imports and consequent decrease in the
deficit which is constantly running from
the treasury into the channels of the
money market. The foreign exchan ge
market has probably felt the effect of the
weeks sales of American securities for
London account in this market. London
has sold quite steadily of the stocks
which make up the bulk of ordinary ar
bitrage operations. But there have also
been large sales of high grade invest
ment bonds by that center owing to the
high range of prices prevailing here.
Remittances to pay for these have help
ed to keep the exchange market firm.
The stock market has offered almost no
feature of interest during the week.
The feature of the bond market has
been the large demand and the meagre
offerings of high grade bonds. The
market has not been notably active, but
prices are generally Slightly higher. To-
tai sales S6,6OO0OO.
United States old As registered are III
higher bid, the old As coupon and the
new as "A higher bid and the SIS II low
er bid.
The total sales of stocks were 1877. 900
shares, including Chicago B. and O.,
1876: Manhattan L., 1928; North
ern Pacific preferred, 1886; Rock Is
land, 1884; st. Paul, 9,312: People's
Gas, 6,115; Sugar, 29,005.
NEW YORK CLOSING sToCKs-wEsT.
Atchfeon.. I2x ar Paul MD 1AaH