Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-11-18
r / " OF MARKETS u S.
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange. Bonds, Grain,
Cotton, Provisions, Etc.

"A New York. Nov. 1.-THE stock
market had to absorb very large
volume Of selling, to take profits on
I yesterdays rise. during the early
+ of the market for the rest of the day
was rather flat and dispirited in spite
OF good deal of strength, by few
prominent stocks and notable adj
5vances by n number of rather obscure
stocks. The proflt-taking was especi-
ally noticeable III Southern Pacific
and Union Pacific, and held those
stocks under yesterdays price for the
grenter part Of the day. The buying in
both of them was. nevertheless, on u
very large scale, blocks of 1000 shares
and upwards OF Union Pacific, MAX
ing their appearance frequently in the
record. The most conspicuous move
ment of the dGy was In tic Baltimore
and Ohio stocks, the preferred leading.
It's extreme advance was 27c., the
closing being nearly ut the top. The
common stock added 1Ac. to it's price
Tor the day.
The various metal stocks had a
period Of strength Otherwise the
market was rather irregular and dis
posed to reaction until q late rally,
which wiped out many previous
losses. The grangers were conspicuous
In the late movement, led by Burling-
ton, which rallied an extreme 1850.
Isolated movements Of Importance
We're advances in the Buffalo, Rochcs-
ter and Pfttsburg stocks of points
for the common and 8 points for the
preferred. the latter reacting points.
United States Milling preferred fell an
additional 8. making 2S1s for two days.
and Mailing preferred lost 3lA The
esltating tone OF the market was due
to q recurrent anxiety over the show
Ing to Oe made by to-morrow's bank
statement. This was accumulated by q
late stiffening of the. call loan rate to
per cent. on a demand from belated
borrowers to carry over until Monday.
The earlier rate had been per cent.
nnd fell as low as s per cent. The
Bub-treasury to-day paid out about
$4,000, 600 for bonds offered for re.
demption! and the ub-treasury's debit
balance Mt the Clearance House re-
hected It's payments for the same pur-
pose Yesterday, the amount being
But these additions to current sup
Ples, coming late in the week, will
have diminished effect on the cash
showing of the banks, owing to the
system of averages. The net result
OF sub-treasury operations other than
these is small. The interior money
movement by express and by sub
treasury transfers has resulted in a
cash net loss to the banks OF over
s1,000,o0O
The heavy loan contraction of the
latter part of the last week. however,
Will be partly reflected In this week 9
statement. and will help to reduce the
y reserve requirements. Apparently
there has been some expansion Of
loans during this week by the banks
with the inflow of funds The net re-
sultSupon surplus reserves Is thus very
difficult to estimate. Sterling exchange
made further progress upward to-day,
andgseryed to add to the apprehension
hatfany actual ease OF money at this
centre would lead to n demand for gold
upon$8it from abroad. Discounts In
4 q London and on the Continent were
4 somewhat easier, and the course of
4 the intefior exchanges In this country
was *lny favor of New York. London
asoldtatocks on balance in this market
So he demand for some OF the low
Erade and reorganization bonds con-
Etinued to-day at advancing prices.
Total sales, par value, $2,375, 900 u. S.
new As advanced &c in the bid price.
shares.
s4.55@4.5S.