Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-11-07
REVIEW r |:|''lI'.[l OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds. Grain,
Cotton, Provisions, Etc.

H.
stock markets to-day effectually dissi-
pated the symptoms or weakness which
was engendered by the Saturday bank
statement. The counse OF prices was
downward in the early dealings, but
practically all the declines were re-
covered and some striking net gains
were established in considerable list of
stocks. The downward course pro-
ceeded to the extent Of to points
I'm q number Of the prominent Indus
trials and reached as much rs q point
ina number Of the railroads, including
examples from the Changers, South
westerns, Southerns, Coalers and
Trunk Lines Northwestern dropped
at one time 2M. In the leading indus
trials a level Of prices was subsequent
1y established, reaching generally
point above Saturday. The railroad
group was not SO resilient, but its
downward course of the morning was
very generally re-traced and fraction
al net gains are the rule. In Southern
Pacific the recent large and organized
buying was resumed after the decline
had reached &c, and 1t was advanced
1Hc. and closed there. The specula-
nous scale, the prices being raised on
running sales Of 10000 shares at the
opening from sc. below to 1sc. above
Saturdays price. Subsequently the
loss of Saturday was more than recov-
cred, and the price lifted to within a
shade Of Al, There was heavy real
izing in the stock in the late dealings.
but 1t was firmly supported at 40. The
renewed support by the speculative
pool IN Leather had no small influence
In dissipating the fears Of a general
break In prices, There was many
soothing explanations offered Of the ex-
hiPit OF q deficit in surplus reserves by
Saturdays bank statement. The favor
lite explanation among spectators was
that 1t was due to an error in the
return Of a single bank, or rather to the
rectlfcation of an error made in the
previous weeks return. It was this err
rnr, SO 1t WAS said, which has caused
s the unduly favorable statement OF &C.
tober 28th and the allowance for 1t,
which made this showing of the de-
felt of last Saturday and upset the
stock market. The comfort found In
these explanations was somewhat dis.
turbed by the rise in the call money
rate to il per cent. and the calling of
loans by the banks. But the conyic-
tion became general that Saturdays
bank statement was not n fair index
or the actual condition of the banks.
The continued hardness of New York
exchange at important interior points
aroused expectations that tho move
ment of money is about to turn In favor
of New York. The short contracts
which were put out in the morning
were very generally covered before the
close. The eve Of the elections was al
SO the occasion for the covering of
some short contracts, which had been
put out on the theory that this years
eieotton might be the prelude to the un-
settled business conditions which are
looked for in Presidential year
The drop in the money rate to five
per cent. late in the day accumulated
the buying demand for stocks. An
incident OF the day was a sale of United
States Milling at ~, compared with "a
for the last preceding sale some time
since.
Prices Of bonds only partly recovered
from the early decline in sympathy
with stocks. Total sales. par value,
$2,075, 000
Y. 8; old 2's coupon advanced nc. in
the. bid prices.
The total sales of stocks were e1o, 900
, a MeW :. York, Nov. e.-standard on,