The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-17
HAVEN AND STOUT'S WEEKLY
MARKET LETTER.
THE FINANCIAL OUTLOOK.

twenty active railroad properties in the
same period gained about 10 points. The
decline from the high level to the middle
of the present week, when the reaction
seems to have been checked, was about
Z points in each class of stocks. Con-
slderlng the extent of the rise, the reac-
ton, except in some few instances, has
neither been excessive nor unwholesome.
On the contrary, the developments in the
market indicate that the liquidation of
the inflated speculation and weak hold
ings has been pretty thorough.
The stories of rate cutting in the
West are not apparently well founded,
nor did the Cuban complication rumors
which were set atloat have much Of their
former effect.
The uncertainty regarding the coming
election in the Greater New York is
given, perhaps, an exaggerated import
ance, but it must be admitted that it
serves to keep the public out of the
Street" and to maintain the profess
slonal character of the present market.
AT the moment, speculat ton is unset
tied, and for the past two days the fluct-
uations have been irregular within mar
row limits; and while the prevalent inn
preston is that the reaction has run its
course, the conclusion would be that
improvement in prices is likely for some
time to be of spasmodic character and
to find its material in particular stocks
influenced by individual causes.
The general situation throughout the
country is unchanged, and is fully as
favorable as at any time since the early
summer. The yellow fever at the South
is about the only drawback. Activity in
development is found in the state of the
iron trade. Authorities on that subject
state that the production of pig iron at
the present moment approx:mates near
ly to the full capacity. Notwithstand-
ing this, the consumption has been suf-
fcient to absorb it, and to reduce the
accumulated stocks as well. 1t is well
to bear in mind that in former days the
condition OF the iron trade was consid-
cred the barometer of stock values.
Chicago Gas, after serving as the prin-
cipal bear feature Of the decline, rallied,
but has not acted in a satisfactory way.
lt may, however, be noted that the
break in Chicago Gas has had one good
etfect-it has checked what was fast
becoming dangerous and inflated spec
ulation in other gas securities.
We are under the impression that the
markets activity will for some time run
into particular stocks; and, as examples
of the kind of influences that will affect
them, would mention the current rumors
that New York Central will increase
its dividend rate and that dividend will
he paid on Reading first preferred. There
will doubtless be other developments of
p similar kind. Railroad earnings con-
tinue to increase in very satisfactory
way and the ability of various corpora |
lions to pay dividends or increase their |
present ones will be a factor in the mar |
ket. Should such matters materialize, |
hey would naturally affect stocks. and, |
t might be added, that in following the |
market from this time on. & course of |
scrutiny, selection and attention to cir
like those just mentioned |
would be the advisable course.
COTTON.
The cotton market has been disap-
pointing one for the past week, a sag
ging tendency prevailing in spite of the
act that the government crop repor!
vas bullish in its bearing. The attitude
If spinners has been adverse and the
Oreign cables were generally bearish.
crop estimates in the interest OF spin
lers are making their appearance and at
ract some attention on the part of the
speculative element in the market, al
hough there is plenty of room for diver
,ency Of opinion as to their correctness.
Neil, the Liverpool expert, fignres the
rOp at about 10,300,GG0 bales, and one
# the dry goods papers in New York,
which last year made a very good guess,
)uts the yield for the present season at
100000 bales less than the above fig
Tres.
he course of the market has in the
nam reflected Encouragement on the |
BART OF longs" rather than any very
angible bearish influences, and the pre-
ralenr opinion in the market is that at
hese prices cotton is a safe purchase.
GRAIN AND PROVISIONS.
The drought at the West has been
broken, and the Chicago spectators in
he wheat market have been bearish. On
he other hand Europe's purchases of |
cash wheat have been on the largest
'cale possible, and acceptances from that
quarter seem to meet all offers. In fact |
t is reported by export houses that the
>nly limitation upon the foreign trans
actions is the lack OF vessel room. In
he early part of the week the market |
was, consequently, steady in the face Of |
he bear speculative pressure, but on
Thursday considerably more weakness
developed. The opinion in grain trade
:ircles is that at all concessions wheat
s purchase. On Friday better tone
asserted itself.
Reports from abroad indicate that the
Russian crop in many sections is only
lalf that Of last year, and that its gen.
'ral result is startling deficiency. Al
ogether, conditions in wheat continue
Dullish.
Accommodating stocks OF corn have
weakened that market, and give bear
sh tone to speculation in it. December
$ now nearly nine cents below the elvel /
If six weeks ago. but with the enormous
stocks and moderate export demand. the
rs regards corn is not at the
favorable to the bulls
A a q q a M ~ ~ -