Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-12-18
REVIEW -OF MARKETS
FINANCIAL AND COMMERCIAL
Steils, Money, Exchange, Bonds, Grain,
Cotton. Provisions. Etc.
These Are Closing Sales
Each Day.

New York, Dec. 1.-THE surface in
dications in today's stock market all
go TO show that stocks were in very ac-
tive course OF transfer from the hands
OF strong to those of weak holders. The
elimination OF Il rise invariably pre-
sents this very condition but it is q
condition also which occurs at intervals
in every long sustained upward move
ncnt The conservative element after
seeing certain profit assured makes
II habit to sell and take profit with
out regard to the prospect of further
advance. The weight of influence then
passes to the bear party and the up
ward course is not renewed until they
have exhausted their best efforts to
push the reaction to n elimination.
What was evident today was that
powerful skillful manipulation was at
work 20 make the opening prices as
hlgh as possible TO meet the flood of
outside buying orders which was GER
tain to come into the market after last
weeks events. From the very first
enormous realizing was In evidence.
Later in the day various attempts were
made to hold up the market by mark
ing up the prices of various individual
stocks. AS the fact became more and
more. evident that the sustaining force
of these individual movements was
taken advantage of 10 continue the un-
loading of heavy lines of long stock,
the professional element on the ex-
change turned to the bear side. They
were successful in forcing n sharp re-
action, much reducing the gains that
had been largest and completely wiping
out large number of those that had
only reached moderate proportions.
Manipulation developed ut the close
again to rally the market by bidding
UP Northern Pacific TO 7Sh. record
price The shorts were buying to COW
or elsewhere, SO that The closing was
generally steady. with the further
course of the market very unsettled
and doubtful. Even With the net
changes in prices today very small the
profits on last weeks advances arc on
an enormous scale. Todny's animated
outburst of outside speculation was the
logical consequence OF last weeks
events. The palpable fact that large
banking and financial interests were
taxing on enormous lines OF various
STOCKS and the developments of the
week pointing TO far rcpching plans
and the Improvement of values was
onset for time by the apparently
dangerous condition of the money mar
ket, but the showing in the Saturday
bank statement led to the conclusion
ihat extraordinary measures were he
ing taken by powerful financial inter
ests to conserve the ease of the money
market against the natural strain on
It's resources. The normal course of
sub-;reasury opera tons also promised
some relief this week. The outburst of
buliish enthusiasm was n certain CON
sequence. The fact seems to lie that
strong banking interests provided
themselves long since with ample re-
sources to take advantage of the rcac-
tionary tendency of stocks INCIDENT TO |
The December period to absorb very
heavy amounts of the various railroad
stocks which have figured most largely
l.nt IN,
past. So large and effective was this |
buying as to overcome the natural |
relctionary tendency in tie market and |
TO prompt the speculative public to |
rush TO secure stocks, seeing that the |
expected reaction was not likely to oc-
cur before January. Higher prices for |
stocks In January have been the uni !
NeTsai expectation on the stock cx- |
change, and spectators have only |
awaited an opportunity to buy stocks |
ana to hold them safely in anticipa- |
ton OF the January rise. Last weeks !
bank statement was accepted as the |
assurance that money resources would |
be ample to hold stocks over the Janu- |
airy Isl period. Outside Of the opening |
general advance ranging UP to between |
one and two points the most striking |
later advances We're in the New York |
public utilities, led by Brooklyn Tran |
Sit and metropolitan, the Erie stocks |
bits. Amalgamated Copper also de-
Veloped notable strength. rallying four
points. The excited bull market was a
striking contrast 10 the panic of a year
ago, when the construction of the |
money supply was forcing stocks upon
the market at Il sacrifice in order 20 |
meet the calling OF loans.
Bonds were not so active as stocks. |
and the movement OF prices was irrcg- |
rlar. Total sales, par value, S.. $50. 600. |
United States IS registered declined |
= che rs advanced Il and IS coupon
"a per cent. on the last call
New York, Dec. 17.--To-day's total |
stock sales We're ,515.7OO shares.
oo New York, Dec. 17.-Standard OH.
Baltimore. Dec 17.-seaboard com
mon; 10y Seaboard preferred, 2S7s:
o,o Me% York 4so,E Dec Consolidated Gas