The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1898-01-30
rnE NEWS AND OBSERVER, JAN. 30. 1898.


"ilalfs are quiescent at the moment, al
tnough there il undoubtedly a chance
that they may assume a more unsetting
FORM or at any rate be used to create
further scareS. The action Of the Sen
ave upon the Teller silver resolution is
taken with equanimity, and seems to be
regarded as little more than an express
SION OF individual opinions on the part
or the free silver Senators. The effect
or the developments i'm the Senate has
been to some extent offset by the Pres
ldent's emphatic speech on Thursday
night in favor not only of sound money,
but of agitation by business interests
10 obtain a currency reform measure.
he Vanderbilt stocks have been the
leaders OF the market. There is still
IA good deal Of mystery surrounding the
pans of the management, but the inn
preston grows that a consolidation of
the New York Central and Lake Shore,
and perhaps other roads of the group is
intended At any rate. confident inside
support would contrib the impression
that increased dividends are assured as
result of the refunding plans and other
contemplated economies.
lac announcement of the Rock Island
4 per cent refunding bond issue has been
accompanied by strength i'll that stock
which is reflected i'll the rest of the
Granger railroad shares. 1t would seem
that the Rock Island people had reserved
some of their most favorable intelligence
for use in this connection, the statement
beng made that for the current fiscal
year the road which IS now paying 4
per cent ON its stock, is earning fully
per cent
Reports of increased dividends have in
deed been a sustaining factor to bulliSh
speculation in various parts of the list.
Several of the December net earnings
statements would indicate increases or
the beginning of dividend payments by
roads which have not heretofore paid
ten. Missouri, Kansas and Texas is
a case in point. The statement is made
that for the half year ending Deem
Der 31st, the road has earned double the
amount required for a full dividend
on the preferred stock. This is consid-
cred preliminary to the actual begin
ming of dividend payments. and the fact
that the road is controlled by the pow
erful Standard Oil interest gives it adj
ditiOnal significance. Readings De-
cember statement also shows that the
first preferred stock, although the ques-
ton in that case is dependent upon THE
performance OF the property between
Jan. l and July LIST. which are usually
the lean months in the anthracite trade.
Cold weather has at last come to the
assistance of the coal roads, although it
may be too late to remedy the effects
OF the poor season thus far The set
I Ianl nf No in fha
trade will doubtless have a
favorable effect upon the fortunes of the
railroads.. interested in that industry.
Attention has been somewhat divert
ed from the so-caled Kl0ndike stocks by
the activity of the Vanderbilts There
has even been some speculative profit
taking in Northern Pacific and its fell
lows. but reports from the Pacific North
west le9ye no doubt as to the reality
and magnitude OF the KlOndike business.
and interest in Northern PaciGcs is a.
gain stimulated by reports of a declara-
ton of the second dividend on the pre-
fcrred stock somewhat earlier than was
General business conditions are mean
time expanding. There is more conf
dence in the situation and tangible evil
dences are shown of a general DISPOSE
ton to spread out and engage in new
enterprises. This has its influence upon
the speculative markets and while the
recent advance tends to drive stocks in
to the hands of speculative holders and
pave the way for a reaction, the princ-
pal danger, if not the only one of such
occurrences, seems TO be the revival
of Cuban scares, which the Street at
ba oh. T., III ,,,I
Grain and Provisions. wheat
market has been active, excited and
higher. The closing of the January OPP
ton develops the fact that there was
II large short interest, and that in spite
of the quiet which has reigned, the
of the past month have not
been favorable to the bears. At the
advance there was considerable selling
by the talent, who found themselves
forced to buy back, thus contributing to-
the excited bull speculation later in the
week. The most favorable feature of
the situation was the steadiness with
which the foreign markets followed the
rise i'll wheat here, and the large Eli
rOpean purchases at the higher figures
Early in the week considerable offerings
from the Argentine were noted, but
later on thcy Iell on alFhOugn III some
quarters there is disposition to consid
er the size of the Argentine surplus as
an unknown quantity and to look to that
source for the disturbing factor that
might put the market temporarily ut
least on a lower level after the force
of the speculative elements in the im
mediate situation have exhausted them
selves. The confident talk of the Letter
party regarding their ability to market
their cash holdings and the reports that
foreign offers have been made them ut
prices above the market may be taken
for what they are worth. The situation
in wheat, statistical and otherwise, con
tinues to favor the bulls.
Corn has been disappointing. The price
acted early in the week as if there was
little sympathy between it and that Of
wheat. Later Oh it responded to some
extent, but the situation in this quarter
still represents the pressure of enor-
nous supplies.
Oats have been dull with little to re-
cord beyond the presence of the same
good cash demand heretofore noted At
the same time there have been evidences