The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-12-12
THE NEWS AND OBSERVER, DEC. u, 1897.

rency. 1t, howevr, took the side of
sound money. and suggested measures
| for the improvement of the situation.
So far as it related to the Cuban ques-
ton it, was emnently satisfactory, and
seems to have quieted the whole Cuban,
agitation. This latter fact is regarded
as removing a powerful beariSh factor
from the situation, and has given lead
ing speculative interests opportunity To
take advantage of the otherwise gener-
ally bullish character of current deycl-
Opments.
One of the incidents of the week was
the movement in Sugar. THE break in
that stock from 1l5I5 to 1898 on the
declaration of the dividend, without the
much talked of extra one, had compare
lively little effect on the general list. II
would, indeed, seem that the market has
cut loose from the influence of Sugar.
The Sugar Company, at any rate, has
Il much clearer future since the decision
was rendered as to couuteryailing du-
ties ON Dutch refined, and it is under
stood that its surplus is much larger
than ever before The profits on the
immense impOrtations of raw, made pre-
viOus to the enactment of the Dingley
tariff, are now practically secured, and
that this may lead to some distribution
to the stockholders in the future seems
reasonable. Still with Congress in Sos
sion. and with the competition Of the
new refneries yet to he encountered,
hopes of extra dividends may be pre-
mature.
Northern Pacific has declared / per
cent. on it's preferred stock, as the COM
mencement of regular quarterly divl-
dends. The matter is important, not
only for it's effect on Northern Pacific
securities, but for the encouragement 1t
affords to hopes of extra dividends or
the resumption of regular ones by other
companies. The character Of railroad
earnings, it is needless to say, renders
such expectations far from seeming eX-
aggerated, and in many cases the inn
provement of prices hos been based di-
rectly upon the current figures. TRp
Southwestern stocks are notable. in
stances of this, ard the sane thing may
he said of the sustained strength of the
granCerS
Local traction interests have been
quite active. Manhattan has been one
OF t q features. and apart from other in
tere,ting rumorS, the idea of a Manhat-
tan-Metropol;tan combination is again
receiving aIFp1lIlOD, WHlle II Is UtlitNtt
that the consolidation of Brooklyn Trac-
ton and the Brooklyn Elevated system
is an accomplished fact.
The Southern Railway and the Sea
board Air Line have settled their diff
ferences. another dividend upon South
ern Railway preferred seems to be in
sight, and rumor makes it larger than l
per cent.
Bonds have been extraordinarily ac-
tive: in fact, the advancing tendencies
and large TRANSACTIONS in this depart
ment are regarded as a leading reason
for confidence in the stability of the bull
movement in stocks. All classes of bonds
have been strong, from Governments
down. Governments are always in de
mand at this time of year to avoid tax.
alton, and other gilt-edged issues are
at prices which yield exceptionally small
returns as investments. The inquiry
has therefore extended to the second
grade Of railroad mortgages, with very
effect on the whole market.
1t is also to be recalled that nearly
S100.000000 of interest and dividend
fall due January 1st, and that
prepare tions are being made on a very
large scale for the reinvestment demand
this will create.