The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-10-24

xiety. The revival of the Cuhan ouas-
ton, of the commencement of nm opita-
ton concerning the readiustment of the
currency are among the subjects talked
'of IN this connection. Allowing full
weight to such arguments, it would how
ever, seem that Congress can scarcely
become a factor Of real weight in a specu-
Iative sense until the latter part of No
yemher If the market by that time has
shown a substantial Improvement. de-
cine based on the possibility of Con-
2rcSsl0nal interference would be in or.
der, but at present such apprehensions
are somewhat premature.
One Of the bulish factors Of the past
week has been the expectatio that the
Supreme court Of the United States will
hand down a favorable decision in the
Nebraska freight rate case. If this de-
cis:on should correspond to such antici-
patiOns, it would remove a menace to
the prosperity of the railroads in every
part Of the country; but if it should turn
out to be unfavorable it would make
serious trouble, inasmuch as the various
States would be authorized to fix rates
at their own sweet will, irrespective OF
reasonabeness.
Regarding the Union Pacific reorga
nization, it may be observed that the
upset bid Of the reorganization syndicate
was fixed many months ago when prices
were much lower than are now. Mr..
Sage says there is so much feeling among
certain interests that some concerted &C.
ton may be taken to, at least, postpone
the sale OF the property till all the facts
are understood.
In connection with Chicago Gas, the
noteworthy features are that the break
that the stock had what was, in all
probability, the desired effect-it headed
off the McMillin syndicate from their
intention to float $14,000,000 Of securi.
ties on property which. it is general be-
Eeved, cost them S5,000,O0O. and that
the Peoples Chicago Cas- Company in
terests have secured virtual control of
the outside organizations. Whatever the
formal disposition Of the outside con-
Germs is, they are in the hands of those
who will keep them in harmony with
the old corporation and prevent any war
of gass prices.
The railroad situation so far as earn
ings are concerned is excellent. The cut
ting of Colorado rates has no effect on
the general situation at the West and
it is already known that September net
be surprisingly good. The September
statement of the granger and Southwest
ern railroads will accordingly be await
ed with interest. and if they agree with
anticipat:ons, the corresponding inn
provement in stocks in question should
have n considerable influence on the en-
tire market.
Grain and Provisons.-The situation,
50 far as wheat is concerned, has not
changed materially since last week. The
absence Of outside speculative buying
and further rains at the West have re-
suited in continued bearishness on the
part Of the professional operators at
Chicago and other Western cities. On
every rally they have sold prices down,
but recoveries have followed, so that the
market has been irregular rather than
weak. Europe continues to buy on a
large scale and the hullish character of
cable advices is confirmed by the testi-
mnny of various observers Of the En-
ropean situation, who agree that the De.
Eciency Of supplies there is very seri-
GUS The foreign demand. in short, il
sufficient to absorb I'll offerings. and
excellent buying Of this character con-
tinucs Mt interior points Of delivery. It'll
may be added that ocean freights are
scarce. and the demand for vessel room
continues good. satisfactory engage !
ments being made from day to day for
wheat and coarse stuffs.
Corn has been depressed on the liqui-
dation Of speculative holdings. 4 large
operator has closed ont a very consd-
cradle line Of December corn, hut it is |
the general belief that when tbs Equi-
dation is completed corn prices viii wear
n different aspect
Cotton.-There have been no impor-
tant developments in connection with
the cotton crop and the absence of good
buying is very noticeable Nevertheless
the impression in speculative circles is
that prices are at bottom. Receipts have
been fairly large. but the movement
compares unfavOraby with that of re-
cent years marked by large crops. In
1894, moreover, there was an enormous
stock carried over from the preceding
crop, while on the first of September
this year the stock was unusually small.
Taking this fact into consideration.
prices are now proportionately about as
low as they were in 1894, and this would
give support to a bullish view of the
situation at this level of values.
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