Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-11-13
REVIEW OF MARKETS
FINANCIAL And COMMERCIAL
Stocks, Money, Exchange, Bonts, GRIN,
Cotton, Provisions. Etc.
These Are Closing Sales
Each Day.

New York. Nov. l2-The first decisive
t.back to the upward course of prices
stock market since Wednesday morning
last occurred to-day and conservative
circles in Wall street breathe easier as a
consequence, The headlong pace at
which the circulation has proceeded has
untoward event should precititate vio-
lent decline with disastrous results. To-
days late reaction was largely due to
manipulation by professional bears, and
large bull interests were acquieScent in
the movement. a prolonged and extern
sive advance such as that of the last
week, attracts a following of weak spec
uators,. whose liability. to fright forced
liquidation on very slight reaction are
Il menace and an obstruction TO the more
powerful bun spectators. This latter
class sometimes wink at a bear attack
in, order to- shake off this undesirable
amount of profit taking accomplished
during the early hours of the day by
feel doubts over the continuance of the
heavy buying demand for stocks. Inter-
ests which had thus sold out were will
back stocks. The stincning of the call
money rate was the most effective factor
spectators have kept n watchful eye on
this index of money conditions, to detect
the first signal OF danger that the Dor
rowing for speculative purposes were
oVcrrunning the available resources OF
me money market. 1t is not likely that
tnerc was any actual pressure upon
speculative borrowers to-day. but the eff
feet upon speculative sentiment of the
rise IN the money rate 10 five per cent
was conclusive. The constituencies of
opinion to this indication and the success
OF the professional attack upon tho mar
ket, after the many failures OF last week.
warrant the suppositon that The eager
rush to buy stocks has at last begun to
snow signs of safety. The signs were
NOT clear this morning when orders to
Duy came into the market In seemingly
undiminished volume. but by MONDAY
tho activity has seriously fallen off and
the later recovery in prices had n some
what artificial appearance. the rise
shifting from one stock to another, giving
, me market n spotty appearance and
1sol ted. Pennsylvania. which has been
reh";ionary for several days past. was
adyance of 23i points. but il had large
following among other substantial rail-
road stocks, which rose from to rs
points. The earlier advances i'm the steel
stocks had ran as high as five points in
tennessee Coal and Iron and from . to
3ts In the leading ndustrials and special
lies including the local traction stocks
KumorS have been current during the
gay of hostile intentions between the
Steci and Wire ana Federal Steel COM
panicS. and these stocks suffered most
severely IN the, last break. Federal Steel
reactmE 81 and Steel and Wire rs points
IN, inc selling on reaction was precpitated.
but not in as large volume as the buying
on the advance Many Of tho industrias
~ points. In tho railroads tho losses
from the best ran between ! and ~ i'm
the principal stocks and in Pennsylvania
reached lM. Covering by shorts arrested
, INC, decline, but the CLOSING was unsettled
tain Pacific Mail was rcactionarv
throughout the day and American Lin
seed OIL preferred lost ~ points.
the bond market was very active ana
prices advanced strongly but reacted Ia
some extent In sympathy with stocks.
iqtai sales par value. S5,5l5.60o.
declined X, the IS and old ~ q aud the
6s Il per cent. on the last call. The new
As advanced Is per cent
The total sales of stocks to-day were
1,tiS,500 shares
New York, Nov Standard Oil, 100