The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1897-11-30


New York. November gI-The stock
market did a lively business In the sec
oni hour of the saturday session. The
volume OF the dealings and the general
movement of prices were greater than
have been seen for several weeks past
The reappearance on the board room
floor of one of the principal operators
during the summer rise In prices and
the distribution OF large orders for his
account were undoubtedly the principal
causes OF the rise. THE resistance OF the
marke. during the week to pressure and
the gradual hardening OF prices IN spite
of the dulincss had laid the ~undatioI
for an advance In prices under any con-
fidant leadership. The strength mani
Tested alarmed the shorts and they hast
encd 10 cover. thus helping along the
rise. Ii was noticeable that the strength
and activity OF the market were trans
ferred from the speciaIiies and Indus
trials 20 which they have been largely
confined Of late. TO the standard railroad
shares. Gains OF about q point or over
were registered in the granger shares.
the ccalers and In a number OF tho
trunk lines. The southern lines Jagged
In n rather conspicuous manner. not
withstanding the strong statement OF tho
Atchison company for October showing
an increase In net earnings OF SIS. ss. No
small part OF the strength IN the rail-
way list was due to the anticipation
that the supreme court upon re-assembl-
ing or Monday. after its autumn recess,
Will hand down a decision IN the Nehras-
ka maximum freight rate case favorablo
TO the railroads. This decision has long
been looked forward TO give an upward
impetus 10 prices. and prices have In
fact been several times advanced on tho
assumption that 1t would be favorable
and have subsequently reacted. Sugar
was strong and easily led the list with
an advance OF is on reports that a de-
cision from the treasury department
J would G00n he forthcoming anniytng fhsS
coun~tervailins duty clause TO Dutch re-
fined sugars.
The condition OF the money market:
present and prospective. has been OF
greater interest all week than the stock
market. The heavy Union Pacific pay
ment made not the slightest Impression
on the market. or course the fact that
the government left the whole amount ON
deposit after its payment obvia,cd
actual withdrawal 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 accomplished that would inevita-
bly, have a stifening rate for money
somewhat, had the market not been In n
plethoric condition. Even the
Of business activity in the south with the
removal OF yellow fever guarantees has
failed 10 result in any notable demand
for money from that quarter. There has
: been some buying of long sterling for
investment during the week based on the
supposition that the balance OF trade
may have shifted by the time IL natures
and so have raised the rates for cx-
change.
1t is worthy Of special notice In that
connection that the imports OF drygoods
and general merchandise for the week
at New York show an increase OF ss.51S.-
4-5, or nearly As per cent. over those of
} last week, and they exceed those OF the
, : corresponding period OF last year by over
81, 900. 900. If this indicates settled ten
} iency of foreign trade. 1t 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
r domestic money market. but il marks an
: increase in the governments revenue on
= imports and consequent decrease in the
} deficit which is constantly running from
the treasury into the channels OF the
, money market.
; The foreign exchange market has prob
ably felt the effects OF the weeks sales
{ of American securities for London &C.
, count in this market. London has sold
quite steadily of the stocks which make
the bulk Of ordinary arbitrage opera
tons: but there have also been large
sales of high grade investment bonds by
= that center. owing to the high range OF
prices prevailing here. Rcmittances tc
, pay for these have helped TO keep tn,
= exchange market firm. The stock mark.
ct has offered almost no feature of inter
- est during the week.
> The feature of the bond market ha.
( been the larSe demand and the meagr,
offerings of high grade bonds. The
market has not been NOTABLY active, bu
prices are generally slightly higher. To
tai sales were Sc COO, 600. United States OLE
As registered are II higher bid. the ole
As coupon and the new As nc higher
: bid, and the SIS &c lower. bid. The tota
sales OF stocks were 137, 800 shares.