Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-11-28
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds. Grain,
Cotton, Provisions. Etc.

L.
bought stocks on Thursday anu Friday
found the expected market for them
this morning, and avhiled themselves
of the opportunity to sell out to q large
extent. The sub-Treasury operations
last week made It sufficiently obvious
that strong bank statement would be
Forthcoming on Saturday, and the new
strength In the market OH account Of
saturdays bank statement had there
fore, been discounted. Prices were
opened high and the advance IN Ameri-
cans Ill London Ind the appearance of
being manipulated from New York for
The sake of influence on the opening
here. At all events the London market
was depressed generally on the rise In
the money rate, and sold stocks here
from the opening Until long past the
usual hour for cabling. Pennsylvania
was an execution and was eagerly
bought by London. This demand was
largely responsible for the stocks rise
OF AZ over Friday during the first hour.
1t subsequently reacted and saved only
"a of the net gain
The high prices at the opening were
the Signal for very extensive realizing,
which was most marked In the Balti-
more and Ohio issues. The opening
price In the preferred ran all the way
from S5 down to S3%. There were
occasional rallies in these stocks but
the pressure of profit taking was re-
newed and their CLOSE was near the
5 lowest at net losses OF az and 1Ts, re-
speckiVely Union Pacific showed the
effect of profft-taking and Sugar was
obviously weak from the start. These
We're sufficient powerful factors to de-
eide the general course OF the market
downward. The heaviness became quite
widely disseminated as the day pro-
crossed, and many net losses OF a point
or over will be Observed
While The general course of the mar
ket was reactlonary some points of
strength persisted. Manhattan Federal
Steel, American Hoop, Chesapeake and
Ohio md Peoria, Decatur and Evans
vile rose from l to z points, without
maintaining the full. advance. Leather
continued very cratic over a range of
Oh points below Fridays close The
late break III Sugar To 154 and the ST
Paul statement for October, showing
decrease In net earnings of nearly
S230000, emphasized the late weakness.
ST. Paul increased opera ting expenses or
improvements charged to that account
now have wiped out all OF the increase
III gross earnings since July land
established 4 net decrease for that
period OF nearly 100000.
The condition of the money market
was not grenty affected by the i'm
proved showing of the banks In Sntur-
days statement. The fact was pointed
out that, while the statement OF all the
Clearing house banks showed de-
crease In loans of s3125.S0 and an in
crease in cash reserves of $0,964,225 q
single bank In the association reporting
a. decrease iii loans of $4.1S6,0O0 and an
Increase in cash of SS.22500 With this
single institution withdrawn from the
showing the average condition OF tho
remaining banks, therefore, has not
been improved. The majority of the
days loans were made at per cent,
and the rate for Sterling Exchange ad-
vanccd sharply III response TO the money
pressure in London.
There was a good absorption of rail-
road bonds and prices advanced. Total
sales. par value, S2.9G0.000.
United States rs advanced &c, and
the 3's and new As sc. in the bid price,
the 6's declining lac. The total sales
OF stocks were S2S,S00 shares.
. New York, Nov. 27.-Standard OH,
4.56G4.5S.