The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-11-21
THE NEWS AND OBSERVER, NOV. 81, 1897.

LIMOGES to disturb them may be headed
off. This has certainly had considerable
effect upon speculative sentiment of the
market.
A more tangible reason for the firm
ness with which stocks are held is
found in the favorable character of rail-
road earnings. Some falling off was an
ticipated during the current month, but
while grain traffic at the West has de-
creased, its place is more than supplied by
the increased movement of general mer-
chandise. The Missouri, Kansas and
Texas Railroad, for example, in the sec
Ond week of the month shows gross
earnings which are $4,000 in excess of
any weeks receipts in the cOmpany's
history, and this is hardly an isolated ex-
ample. The October net earnings of a
number of roads due next week will
also be favorable. The declaration Of
the BurlingtOn's quarterly dividend was
a matter of some interest to the market,
although the directors did not see fit to
increase the rate at this time. 1t is, how
ever, stated that the company's cash
| surplus is now in the neighborhoOd of
! $5,OOO,0OO, and with the steady increase
| Of earnings there can be little doubt that
| larger dividends will be paid on the
stock next year.
| Sugar has been strong all the week on
| the belief that the government will i'm
| pose the extra duty upon refined sugar
| imported from Holland. Granting that
| ,his belief is well founded, the matter
of countC;yaI,ng duties on a limited
amount CT f. ign sugar is of much less
importal 20 An the approaching COM
petition OF Ins new Arbuckle and Does
/ ,I.a pn1.ioc ,Ie I,,, 4
! that the support on which Sugar add
vanced this week apparently comes from
traders, and not from the Sugar in
siders.
! More or less interest is taken in the
proposed gas deal in New York City in
! yolying the combination of Consolidated
Gas with the Standard and other COM
| panies. Varying reports as to the atti-
tude of various interests in these pro-
| perties have caused very sharp fuctua-
tons in their stocks, although their Aigh
| prices make them rather dangerous for
ordinary speculative purposes.
| The large demand for high grade bonds
| is Il noteworthy circumstance. At times
| during the week the transactions in
bonds on the Stock Exchange rivaled in
volume those in stocks, and dealings in
| large scale. This is important us an in
dication of renewed confidence on the
| part of investors, which may in time de-
velop into an interest in the more specu-
latiVe classes of securities.
The general impression at the mo-
ment is that the market is freed from
the weight of unfayorable factors, and
| that unless something adverse develops,
| moderate S+rp14 arl oc+iyityr ~ 70 lilo
| ly to prevail up to the meeting of Con
gress.
Cotton.-Frosts at the South have
| been pretty general this week. and all
growth is now at an end. The cold
weather, however, came too late to do
any harm to the crop. and making every
possible allowance, Il large yield is
certainty. The decline in the market
has efectually discounted the situation,
however, no matter how large the crop
| turns out. Indeed in the latter part of
this week there were symptoms of a
reaction from the excessive bearishness
that has prevailed for so long a time.
Among the favorable indications of the
moment we attach the grea test signi-
ticance to the increased investment buy
ing by foreign and Northern interest,
week. Another fact worthy of note is
the large export cIearances, while senti-
ment in the Liverpool market is decided
ly changed for the better.
While there is of course a possibility
that prices may decline somewhat furth-
er the outlook at present is more en-
cOuraging than for many weeks.
Gran and PrOyisiOns.-The wheat mar
ket has been dull and strong this week,
speculation at times being almost at a
standstill. The interesting feature of
the situation is the position of the longs
in December. The premium of 415c. for
December over May, and the large pre-
MUM for cash wheat have been import
ant factors. An enormous amount of
wheat is going out of the country right
along, and there is reason to believe that
every bushel we have to spare will be
wanted until the price reaches a point
where wheat becomes a luxury.
Corn has held firm and dull. Heavy
receipts at the West have checked bull
ish feeling for the moment, but the
price of corn holds firm, and any decrease
in the movement would be followed by
improvement.
Oats have been a feature this week,
the limited supply and the large short
interest resulting in very sharp adj
vance and considerable speculative eX-
element in that portion of the market.
The foreign buying demand continues.
| Provisions are very dull, partly in
| sympathy with corn, but the heavy re-
ceipts of hogs are a controlling factor
and check any activity while they last.