Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-12-05
REVIEW 4 ! I / J Y .OFI MARKETS
.FINANCIALiA And COMMERCIAL
Stocks, Money, Exchange, Bonds. Grain,
Cotton, Provisions, Etc.

New York. Dec. 4-tThe weakness of
stocks to-day was response to the
Worldwide tightness in money. A
marked effect was also produced by
the Supreme Court decision in the
Aadystone Pipe case, involving an in
Engagement OF the ANTITRUST law by an
industrial combination. Strenuous cf-
forts were made by professional opera
lois 10 belittle the force of this decis-
son on the ground that the party TO
the case was q particularly fragrant
Illustration of a trust formation, and
That the points in the case could apply
to the general run of Industrial com
pinations, but the acute effect pro-
duced OH the securities of these COM
Dlnatlons argued an apprehension on
the part of the holders that their value
would be impaired by the decision.
stocks of the Industrials fell anywhere
from to over points and showed but
Ieeple rallying power. In fact. there
seemed to be no resiliency at any point
In the market. There was some early
strength in Burlington, some of the
Iron and Steel stocks, Pacific Mail,
Great Northern preferred and Ameri-
can Linseed preferred, but with the
downward course begun there was
practically no interruption, and the
closing was at the lowest. the majority
OF active stocks showing net losses OF
point or over. Sugar was conspic-
uously wenk, and Is over points lower
on the day. There was some short SELL
ing among the 1ndustrlals on the
strength OF the Supreme Court dec.s-
ion, but the profit-taking was large for
The long account, was very manifest
from the marked weakness In stocks
which have recently advanced, notably
the trunk lines, the Pacincs and Sugar.
Inc apprehension over money affairs
MI y,rl all
especially to Berlin and Paris. The adj
vance In the sterling rate at those
points to very near the goldeXport
level marked the influence of the Bank
OF Englnnd's measures TO attract funds.
Ihe sterling exchange rate in New
York also advanced, but the money
rate, both In Paris and Berlin, re-
manned quiet, contrary to the fears of
the speculative world. The stagnatlon
OF speculation at those centers probably
had to do with this result. In New
York, OIL the contrary, the money rate
stifened as the day progressed and
Hurried TO l2 per cent, at which point
II closed. No loans were made below
per cent. Some Of the borrowers,
counting upon M easy money market
following Saturdays strong bank state
ment. delayed supplying their needs
until late In the day. and SO bid up
the rate. The strength of SATURDAYS
DilHk statement is seen 10 be traccablc
to the single institution, as was The
case lust week Moreover, sub trcas-
ury operations, from which the whole
or last weeks cash resupcration was
derived show n gain by the sub
treasury nj the expense of the banks
since last Friday, of Si.27i 900. Offer
ings OF bonds for redemption at the
sub-treasury have fallen to so low a
point as 10 afford only slight Offset
to tho absorption of funds in the taking
np of the surplus revenues. On he
other hand, interior exchanges moved
slightly In favor OF New York The
speculative public, however, has aban-
doned hope of any easier money condi-
lions until after the end of the year.
Railroad bonds were. easier, in SYM
pathy with stocks. u S. 2's, new 4's
and b's advanced &c, and the 3's and
old As coupon, &c. in the bid price.
Total sales, par value, Sl,iS0,0OO.
Total sales OF stocks to-day were 5S1, 700
shares.
New York. Dec. 4-standard Oil,
si.65@4.67.