Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-10-31
REVIEW u Y OF MARKETS.
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange. Bonds. Grain,
Cotton, Provisions, Etc.

New York, Oct. 30.-Priccs of stocks
moved upward In the early DEALINGS "
day according to the general ahuelpu-
ton, but contrary TO expectations " DC
rioue obstacle to the advance was liiI,
An the violent rise in the rate Tor can
money. The advance did not extend
far into the second hour when the mar
ket began to drift downward ana mt
no efrectual check until the close, wnlcn
was at about the low point ana with
prices still giving way 10 pressure. no
serious net losses are shown in the rail-
road list. but the earlier gains, which
amounted to Il point and upwards In
many cases. were pretty generally
wiped out The market opened with q
strong and animated tone, and q large
volume of outside buying orders invited
by the unexpected strength OF the Sat-
urday bank statement. The demand
was particularly large for the Changers
and Southwesterns and for some of the
Southern Railroad stocks. notably
Louisville, which was up TX at one
time. This stock resisted the later de-
preston with some success, but closed
q below the best Even the much
hammered Industrials had some share
In the early strength. Sugar rose an
extreme two points before yielding to
pressure, and the Iron and Steel stocks
had short lived period of vigor.
Pressure promptly developed against
Steel and Wire, and 1t was weak for
the rest Of the day affecting other
Federal Steel was exceptionally firm.
The Leather stocks continued to be
largely dealt in, but the gain in the
preferred was entirely lost before the
close The international Papers were
fercely attacked, the common being
forced down 31a and the preferred four
points. The latter recovered three
,fr,fc nF &C. 1pttt, tt,sr
from Holland of the fall OF Ladysmith
We're without much effect. rs London
seemed disposed to discrcdit them. The
September statement of st. Paul had
n discouraging effect on spectators,
showing as 1t did the large increase in
gross earnings obliterated by the heavy
Increase In operating expenses, so that
the net earnings for the month were
over $500. 900 less than in September of
last year. The effect was especially
marked upon all the grain carrying
roads. The days events in the cali
money market showed that the extent
of regeneration by New York banks
was grossly exaggerated In the first en-
thusiasm over the Saturday statement.
The rate opened Mt per cent, and aft
er dropping to ~. rose violently in the
late dealings to 30 per cent Bids were
made for 40 per cent. but the closing
transaction was ut 20 per cent. 1t was
n striking demonstration of the unfit
condition of tho money market to main
tain an active speculation. New York
exchange fell sharply at some Southern
and Western points to-day, although 1t
was harder nj Chicago ana Boston 1t
IS evident that the demands or the In
terror are not vet exhausted The sub
treasury has absorbed n considerable
sum from the banks since Friday, and
some extra demand is coming on the
market for November 1st settlement.
Wall street opinion upon the money
outlook fell quickly from extreme op-
iInism down into the minus figures of
Dcssirsm.
Bonds moved In sympathy with
stocks. but the early gains were not en-
tirely wincd out in the late reaction.
Total sales par value, s2lj5.1OO.
u. S. 5's registered advanced z and
do coupon and rs &c. in the bid price
The total sales of stocks were GS1 900
shares.
New York, Oct. so.-s,andard Oil,
466QD4.69