Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-16
REVIEW ZOE MARKETS.
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange. Bonds. Grain,
Cotton, Provisions, Etc.

New York Dec. 15.-The strength
manifested by the stock market in face
Of the engagements of gold for ex-
Fort by to-morrow's steamers was the
feature Of the day. There was consid-
tho early dealings on the recurrence OF
fears over the effects OF gold ship
mcnts. Yesterdays recovery In stocks,
1t will be remembered. was based on
the hopes TINT gold exports had been
averted for the time being. The fact
that apprehension over this develop
ment WAS still apparent this morning
made the strong advance in prices in
the Very face of the news of the gold
experts all the more striking. The sJer
ling exchange rate to-day not only
failed to recover, but declined an adj
d;ticBal fraction to 4.S714 for demand.
The shipment OF gold at this level for
exchange demonstrates that some con-
siderable advantage is offered by the
J.ank of England as an inducement
for the shipment. 1t is known, in fact.
that the English institution allows i'll
tcrcst 10 the shippers for the period OF
transit. 1t has also advanced the buy
ing price of gold both for American
eagles and for bar gold. For the for
mer the price has been advanced one
penny an ounce in two days. The trans
action may, therefore, be regarded in
certain sense as n special one.
The reported engagement OF S1,750,00D
In gold FOR export causes no siiffenins
OF the local money rate, which ruled
from TO per cent. all day. The Incl
dents OF the day which served to Off
set the gold exports were several In
The first place the conviction that to-
,morrow's bank statement would make
z a strong showing. The weeks losses to
the sup-treasury which foot up Si.I33,-
600, have been so far offset by the re-
ceipts of currency from the interior
and OF gold from Canada that The
banks net losses in cash are figured at
less than $l,500, 900.
To-morrow's gold shipments, OF
course, do not figure. The weeks eX
ttcnsive liquidation in the stock market,
with It's consequent reduction In loans,
is certain to have more than Offset this
comparatively slight decrease in cash.
y rise in the surplus reserves OF the
banks Is therefore believed to be well
assured The arrival from Cuba of a
United States transport brings an addl-
ton to the available supply of specie of
$l,250,000. assigned to n trust company,
and of over 100000 of postoflice funds.
The absence of disturbance in the local
money market by the Withdrawals of
gold and the favorable effect produced
OH the Loadon market arouse hope that
the operation MAY prove beneficial to
the financial world at large in sutfi-
Gent degree 10 offset any local incon-
Nenlence. y favorable effect was pro-
duced on the stock market here by the
huoyant tone in the Boston market,
auguring satisfactory settlement of
the difficulties threatening that mar
ket.
Substantial gains in price throughout
thO StopIx ct n,a tba nj 80 ~,
days trading. late advance OF 13?sc.
in the price of Plttsburg, c. c. and st.
Louis was n feature OF the day.
Price changes in bonds were some
what irregular and were for the most
TART. narrow. Total sales, par value, ST.
S05.0OO
U. S. new As declined u and the IS
advanced u in the bid price.
The total sales of stocks were 594, 700
shares.
k,57@4.61.