Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-07-06
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Sioass, aOnsy. Exchange, Bonds. Grain,
Cotton, Provisions. Etc.
These Are Closing Sales
Each Day.

New York, July 5.-The New York
stock market made very striking
demonstration of recuperative power
to-day BY the way in which it over
came the early losses. There were wide
breaches in prices as the result OF two
days of semi-demoraliZation in foreign
stock markets when the New York
Stock Exchange began trading this
morning. American securities dealt i'll
In London WererdepresSed all the way
from large fraction to IL below the
closing price here on Tuesday. Brit
ish consols had lost all but 1-l6 of u
full point, and French rcntes had
fallen siXty-five centimes from Tues
days price. Such was the striking
effect of the alarm felt in European
markets over the pass to which the af-
fairs in China have come.
To the alarm on account of the Chi
nese crisis must be added renewed I'M
easiness over the financial conditions
at Berlin, where there was condi-
ton bordering on panic both yeSter-
day and to-day.
AS the Berlin discount rates have de-
clined on both occasions, it is evident
that the forced selling there must be
due to the same sort of discrimination
against the numerous brood of indus
trials as collateral which so acutely
affected our own industrial stocks last
December. Large amounts of the SELL
Ing for London accounting had their
initiative in Berlin.
The home market began to rally with
increasing vigor after this selling had
ceased. The depressing influence of
the Chinese situation was converted
for home use into n factor of positive
strength. and for the first time since
the scare over the crop became an is
sue, the prices for wheat and for
stocks advanced simultaneously. The
argument was that in the event of eX
tensive military operations i'll China.
much material would have to be sup
piled from our Pacific coast. This
served to raise the grangors well over
Tuesdays level OF prices. The rally in
prices was conspicuously aided by ma
nipulatlon on the part of the proni-
nent bear leaders. There was much
political prediction accompanying the
professional operations. A rise OF 5ls
points in New Jersey Central further
cd their efforts. The movement was
accompanied by continued talk of
change OF control in the interest of b.
& Q. The latter stock. Pennsylvania,
Missouri Pacific and Reading first pre-
ferred were actively. bid up by bull
leaders. The same element was influ-
entail in lifting Sugar over points.
The local traction stocks and n num-
Der OF the leading industrials also
showed occasional strength The
metal stocks We're all notably strong
and advanced from l to 3 points after
the opening declines on the growing
conviction that prices of iron and APP
preaching n basis where consumptive
demands will come into the market.
There were some rcceSSionS on profit
taking and one or twp final sharp adj
vances, but the closing generally was
about steady near the high level.
The money market was quiet, and
there was no evidence OF largely in
creased supplies from the July pay
ments.
Bonds were fairly active, but the
movement of prices was irregular.
Sales, par value. S1,360.000
u. S. new As declined Il and the old
As "a in the bid price.
The total sales of stocks to-day were
$4,000 shares.