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

New York, Dec. 1.-THE demand for
stocks today was SO large. so urgent
and so widely distributed as TO suggest
u recrudescence of the bullish enthu-
siasm of the period Immediately fol-
lowing the election. The motives of
this buying and the strength of the
whole market were somewhat mysterl-
Gus. The anthracite group had its own
particular cause of strength in the Cir
cumstantial assertions OF the passing
control of the Pennsylvania Coal Com
pany TO the Erie Railroad and the con-
sequent Illustration of the plan for n
new railroad from the coal regions to
tidewater to satisfy the ideas of the
independent operators regarding trans
portation rates. No authoritative con-
firmation could be had of the reports
current, but the record of the tape
was strongly confirmatory. New Jer-
Sey Central was an early exception to
the strength of the group, but recover
ed later. The Erie stocks and Onta-
rio and Western as being most imme-
diately affected by the threatened COM
petition. led off the movement. Later
in the day the Reading stocks assumed
the leadership and were absorbed in
enormous blocks up to the close of the
market. The gains In the group ran
from to points. This movement was
the mainstay of the market, but the
general strength was too striking to
be explained az n sympathetic move
ment. There was some demand for
London account on the opening of q
new account incident to the settlement
but the buying is called professional
arbitrage operation and may originate
either in New York or London The
most marked effect was produced on
Southern Pacific. which opened up IA
and advanced later to AZ, closing at
the highest. The belief has prevailed
OF nnt fl,ot
heaVy short account in some of the
railroad stocks for which Western
spectators were liable the speculation
extending also into the steel stocks
The bear account in the latter group
has been aimed at by the advance this
week and may have been reached in
the railroad groups today. The money
market outlook continued threatening
so that the supposition is aroused that
today'S buying is for the account of
financial interests which are indepen-
dent of the ordinary resources OF the
money market. The transfers of cur
rency through the sub-treasury to New
orleans reached $550.0O0 today, the
largest sum of any day in the recent
movement. The sub-trea sury has al
ready taken from the market this week
the sum of ZOOS. 900, so that the inroad
on the resources of the bank promises
this week TO equal last week. The Lon
don exchange rates fell n further frac-
ton. This may foreshadow an ac-
quiescence in the New York demand
for gold. The shipment from India to
London of S2,500.000 in gold in payment
for silver may he intercepted and d.
verified to the New York market, as
was done with the last similar ship
ment.
The strength OF stocks was well
maintained to the close, except in the
steel group.
The bond market wns irregular. To-
tai sales. par value, $4,O45, 600 Today's
total stock sales were Sll 200 shares.
New York. Dec. H.-Standard Oil,
7S6@790.
baltimore, Dec. lI,-Scaboard COM
mon, l1QllA; preferred, 2S4 0D2S7s
New York, Dec. l1.-Consolidated
Gas closed at 1897.