Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-11-14
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonis. GEllu,
Cotton, Provisions, Etc.
These Are Closing Sales
Each Day.

New York, Nov. 13.-To-day's relapse
In prices was quite vigorously contested
by some powerful interests still long of
stock. or which had fixed on a consid-
erably higher level. as desirable to un-
load old holdings by speculative pools.
But the reaction was too closely in ac-
cord with skilled opinion and observa-
tion to be opposed with early convic-
ton. The real question this morning
was not whether prices would
decline. but how far the decline would
extend. The question still remained
undecided when the market closed,
with speculative liquidation still in
force and prices on the down grade, ex-
cept where professional room shorts
were taking hasty profits by covering
their contracts.
AS result of the days trading prices
in number of prominent industrials,
including Sugar, Tennessee Coal, Steel
and Wire and Peoples Gas suffered de-
clines of from to points, and Metro
politan Railway lost Az a still larger
list of industrials fell between 2 and 3
points, and in the railroad list not n
few losses reached between / and 3
points. The most substantial commits
sion houses in the street have been ad-
Vising their customers for several days
past to take their profits and to buy
no more stocks for the present. Pro-
1essioral operators. except some pow
erful speculative pools, have sold out
on a very extensive scale and taken
their profits.
The extent to which the advance has
gone made the market as n matter of
course top-heavy, filled, as 1t was, with
many speculative accounts on light
margins and backed by weak financial
holders. Professional bear speculat tors.
who have been looking for the moment
OF reaction ever since last Wednesday,
found that the free selling to-day for
the first time was not effectually alb
sorhed. Their efforts were redoubled
and when prices began to make wide
declines, stop loss orders were lislodged
ana the fall thus precipitated. The
bears were In reckless mood and were
quick to take profits. causing frequent
rallies as they covered their short con-
tracts. While some outside demand
continued during the day it was al no
time resumed in force
The expectation of another large war
loan to be floated in London depressed
mat market, and was n direct influence
in New York as we'll 1t emphasized
the apprehension hitherto felt of a
further German issue also il is not
TO be supposed that with the huge in
debtedness Of the foreign mcrey mar
kets to the United States The foreign
government authorities can hope TO
successfully float their loans without
assistance from American money mar
kets. Experts believe that an outward
movement of gold from New York will
probably be necessary.
The money which is used for snecull-
tive purposes in the stock market is
money for which no moro substantial
demand exists and ii Is invariably the
rule that when any advantageous op-
portunity is offered for investment of
capital speculative borrowers are called
upon to repay their credits. With this
prospect in the future, call money in
New York advanced to per cent. to-
day, Notwithstanding the considera BILE
speculative liquidation. An active de-
mand sprang up for short time loans
which forced the rate up for 60 and 90
day money to per cent
Business In bonds was on a large
scale and there was free profit taking
In some of the speculative issues, while
others advanced strongly Total sales.
par value, Si,770,O00
All United States bonds declined Il
per cent on the last call, except the
new As. which advanced u per cent.
Total sales of stocks to-day were III
200 shares.
New York, Nov ls-standard Oil,
705@70S.