Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-11-09
REVIEW OF'MlAlR| |. (:
FINANCIAL AND COMMERCIAL.
Stocks, Money, Exchange Bonds. Grain,
n Cotton, Provisions Etc.

~ New Y orlx, Nov. S.--The stock market
ntarted off this morning on an appar-
emily prosperous and animated career
OF rising prices, but before the trading
had ceased this afternoon the early
& gains were practically all wiped y out
Z and a level Of prices lower than Mon
\ day was established. Various consid-.
erations connected With politics were
4 In influence in the early rise. Thus
y the London market was encouraged by
3the more cheerful news. from the be-
leaguered forcesgin South Africa and
+ prices of stocks were bid up in that
\ market. The Berlin market was pleased
9 with the report that Great Britain had
: decided to relinquish her. claims in Sa-
nloa to Germany and one result of this
was to prompt Berlin to buy some
+ American stocks. In this country the
relief from the uncertainties of election
time and the hope of easier money
prompted some large buying Of stocks,
which lifted prices at the outset. But
there were large holdings by profess
2 sional operators which had been bought
last week In the faith that All outside
: demand for stocks would develop and
the first hour Of the trading was de-
voted to the selling fSthese holdings
on a large scale to take profits. When
1T was seen that the buying demand
was not continuing in force. the sag
ging tendency set in. Efforts We're made
to sustain prices by manipulation of
special tocks, members of the iron
and steel group and the prominent high
\ priced Industrals being conspicuous.
n The violent break in Leather and the
heavy selling Of Manhattan had an I'M
settling influence on the whole market
+, and the st1ffening Of the money rate
I and uneasiness over the future OF the
money market completed the discour-
agement Of the bulls. The organized
support which has pushed up Leather
4 Tor several weeks seemed entirely with
drawn, and twas allowed to drop by
successive stages to 2S, compared with
( 80 at the close on Monday. A sudden
rally in the closing dealings brought
the price back to 81. Manhattan had
s risen to 111as, when the statement for
the fiscal year made Its appearances,
showing n failure to earn the increased
dividends paid on account of additional
stock by a margin of S23s, $3.50. This car
s,rled the price down to 1O7h with a
final recovery of only u. The Indus
trials showed marked sympathy in
this break, and In the level of the
whole market fell below Monday, the
S5SiiSi I'll oily pefliEs Dll IeeDle-.t
The fall in sterling exchange rates
was reflection of the hardening mon
eey Unmarked here, but 1t gave no hope of
relief by gold imports. owing to the
urgent money need not only In London
4 but at all Continental centers. There
was evidence In addition Of renewed
pressure upon New York from Interior
points, New York exchange at Chicago
failing from 10 cents premium to par.
! NewHYork exchange at New Orleans
also fell to an additional discount. The
'sub-treasury to-day showed a credit
balance at the Clearing House of over
$500 900. Hopes OF relief to the New
York money market from any quarter
We're thus disspated and the last hour
4of the market saw an active llquida-
itton of stock holdings with very little
demand to meet 1t.
Prices of bonds were better sustained
than those of stocks, but the days
changes We're mixed. Total sales, par
value, $2,4S000o.
u. s. new As and the SIS advanced X
in the bid price.
The total sales Of stocks were sS5.ooo
shares
sz.7s04,76