Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-10-10
REVIEW I:|:|lIlij[ MARKETS
FINANCIAL I'M! TAI AND COMMERCIAL
Stocks, Money, Exchange, Bonds, Grain,
Cotton, Provisions, Etc.

tiyS5NeW I DIX SOCtoper "S
nrbttrage houses for London account
made the higher prices of the day IN
I tho general list at the opening. AS
soon as that demand was satisfied the
4 market began to drag. There was some
support when prices Of the iron anu
steel stocks were bid up, but the iac,
was obvious that there was no VIA
demand for securities and the down
ward drift was renewed. BY the Close
/ OF the day the gains were wiped out e&.
4cept in a few cases., and 4 number Oh
Industrial stocks showed quite large
losses. Steel and Wire was a notaoie
exception and rose points on reports
OF new properties acquired, most OF the
gain being retained MT the close.
s Sugar and Tobacco enjoyed their pc.
I rlod Of strength, but both OF them closed
at net losses. There was some large
I buying OF United States Leather, but
its gain was not maintained. Omaha
preferred. which last sold 1856, was OF.
fered at 1s3 and from that down to Ito
without finding takers st. Paul pre-.
ferred sold early at Ill and later Al
1853. The bond market also was rather
weaker than has been the case up to
this time, rejecting the high prevailing
rates for money.
The situation in the local money mar
I ket showed very little change, loans
being made as high as 10 per cent and
+ as low as per cent.
sS The majority of loans were made at
from ) to 10 per cent. Predictions were
heard that money was to be easier this
week, but no evidence was Forthcoming
to corroborate the prediction. Gold
shipped from Europe Is now in New
York vaults, and no more Is to be ex-
pected for the present from that source.
1t was reported that the Treasury
Department had decided to anticipate
the November first payment of inter-
est, as was done last year, but no an
nounccmcnt Of such q decision came
Z from Washington.
Z The detailed statement of New York
banks on Saturday showed that consid-
erably more than half the members Of
the Clearing House are still below the
legal reserve limit, and the necessary
consequence was a further calling OF
= loans. Banks In the West and even in
Canada are reported to be placing call
loans on the stock exchange. 1t is evil
dent that Western banks are drawing
u on their deposits in New York banks
TO meet demands upon them for moving
the crops and for regular commercial
uses. The calling of loans by New York
banks, which Is thus made necessary
rushes up the call loan rate i'm New
Va n dIiu Tic w CSlcTn DunKS are gel
ting the advantage of the higher rate
for their surplus funds, which are
placed In Wall street. Earlier in tho
season Wall street expected to be re-
lieved frtm the usual pressure for crop
moving money on account of the large
reserves In Western banks. But the lat
ter have found 1t more profitable meth
cd or conducting operations. London
TOOK more cheerful view of tho out
look to-day, and the open market dis
count rate fell below the banks off,
clad rate.
Sterling exchange rate eased off in
sympathy at Paris and Berlin, hut held
gstit In New York for demand bills and
cnbles.
The bond market was dull and weak;
total sales par value Sl,51o,O0O. United
states bonds were unchanged In bid
quotations.
~ The total sales of stocks to-day were
1892, 900 shares.
New York. October 9.--standard Oil,
=