Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-12-15
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
StOcks, Money, Exchange, Bonds, Grain,
Cotton, Provisions, Etc.
These Are Closing Sales
Each Day.

New York, Dec. 14.-The stock mar
ket demonstrated today again its
astonishing resciliency and underlying
absorptive power. The faith of capital
in the intrinsic merits of securities and
in the country's prosperity could not
have been more strikingly demon
strated than by such u movement as
today. Wall street has lived for some
time in Astounding confidence that the
securities were bound to go up after
the eXigencies of the yearly settlements
had been met and the money supply
replenished by Il reiiuX of funds by dis
bursemenSs of dividends and interest,
but the large encroachment making on
the money market has caused q haunt
ing dread that prices in the stock mar
ket were liable to be toppled over by
squeeze In the money market and
forcing of speculative liquidation. Ii
was not until late today that Il solution
of the market enigma was offered in
intimation that the losses by the banks
during the week, which are conclusive
ly shown by the known movements of
money, has been offset by Il gain of
over 81 100000 from some local sources.
This intimation, coming on top of
series of favorable Developments
threw the market into "a state of boil
Ing animation and buoyancy. The
eager buying demand came from all
sources. professional bears who were
short of she market competing
anxiously with the rampant bulls, who
distributed their buying orders With
lavish hand all through the list. The
contrast was striking one, with the
conditions at the close last night, when
not even the phenomenal advance in
the Erie stocks was able to overcome
the uneasiness of spectators over the
palpable showing of the absorption by
the SIlh-tTe1 n r1ruptfcn1tv
to completely wipe out the surplus re-
serves of the banks. The misplaced
confidence of bear operators in last
nights selling movement was an i'm
portant factor in emphasizing today's
advance. The full strength of the mar
ket was by no means manifest in the
early dealings, although the outburst
in the Wabash securities had fortify-
Ing effect. The absorption of the Penn
sylvania Coal Company in behalf of
the anthracite group was n continuing
influence of the accession of very i'm
portant representatives to the Erie
Board of irectors. The effect was not
directly manifest in the Erie stocks.
which were reactionary on profit talk
ing, but the clear evidence afforded Of
the persistent policy among the con-
trolling interests of important rail
roads towards consolidation and cX-
tension of influence and representation
list. The coalers were first affected as
being most Immediately concerned,
and then the movement spread TO the
central traffic connections OF the trunk
lines and to all minor or connecting
railroads in which any community of
interest or ownership could be traced.
1t would be useless to try to specify
or classify the final development OF
the movement. as practically the whole
market responded. Even The indus
trials and speciaties, which hung
back in the early dealings, recovered
buoyantly to above last nights close.
st. Paul rose nearly points and
long list of railroad stocks advanced
from i to points. Just what Is the
source of the special movement of cash
which has offset the weeks outgo to
the sub treasury is not definitely dis
closed, but the belief is general that it
is connected with the payment of the
Standard Oil dividend, which was due
tomorrow. and which amounts to $l0,-
0Oo,O 900. The fact that Amalgamatcd
Copper was almost alone in maintain
ing weak tone did not seem 10 alter
this supposition The conviction that
some of the most powerful financial
interests in the country intended to
foster easy conditions in the money
market and the expectation of benefits
next week from the payment OF anti
cipated government interests We're final
effective influences in the buoyant out
burst which ended the day.
The bond market showed large vol
ume of dealings and prices advanced
the securities most notably affected
being of the same companies rs those
In the stock market. Total sales. par
value, $5,330000.
United States bonds were all un-
changed on the last call
Today's total sales of stocks were
1,2+i.500 shares.
New York, Dec. 1l.-consolidatcd Gas
closed 1885,
Baltimore. Dec. -seaboard. COM
2SA I2SAc.
ooi New York. Dec. 14.-stanaard Oil,