Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-11-21
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks. Money. Exchange, Bonds, Grain.
Cotton, Provisions. Etc.
These Are Closing Sales
Each Day.

New York, Nov. 20.-It is not often
that q movement III the stock market
attains the volume and the price move
ment of that of to-day in the Northern
Pacific stocks. Occasionally in the
past there have been sales in q single
day OF an imposing aggregate OF some
OF the largely capitalized Western rail
road systems, OF which the floating
supply in the market is always much
larger than that of the more firmly
established railroad properties in the
earlier portions of the country, but the
very fact of the enormous floating
supply Of these stocks hampers the
price movement. To-day'S sales of
Northern Pacific foot up, according to
the customary approximate calcula-
lions. POI, 500 shares for the common
stock and $4,000 shares for the preferred
stock. u total of 277,4OO shares. The
common stock rose an extreme 6X and
the preferred 6k.
various causes doubtless served TO
congest the speculation in these stocks.
For one Of the reasons there was but
languid interest in the general market
and the eager army of operators and
spectators, who are watching for
available openings failed to find any
until the movement in Northern Pacific
developed. The volume and character
OF the dealings in the stocks, however
precluded the idea of purely specula-
tive operation. No authentic news was
disclosed TO explain the movement
such rumorS as We're heard being
prompted rather by the effort to eX-
plain by guess work.
1t was alleged that 1t had been de-
termined to retire the preferred stock
at par. as the company has the right
to do under the terms of it's issue. The
faVorite theory, however, was that the
buying of Northern Pacific represents
a process of tran Ginn nf int 6
between the different transcontlnental
railroad lines, or more Immediately, the
Northern and Northwestern routes.
That some important development will
be forthcoming is indubitable by the
testimony of the tape The movement
in Northern Pacific had n dominant in
nuence on the whole market and pulled
1t up effectually from the reactionary
tendency which had overborne during
the early part of the day. This was
due to the continued heavy profit-tak-
Ing and to very large selling for Lon
don account, after a light buying move
ment for that account in the early
dealings.
The profit-taking continued to de-
gree, even after the general tendency
had become strongly upward and some
OF the prominent stocks practically
failed to respond ut all. The movement
IN the iron and steel stocks was irregu-
lar and number of other specialties,
which have had recent notable adj
vances. hung back to-day. AS n con-
sequence. the days net changes were
uneven and not few declines We're
mixed in with the large gains The
conspicuously strong stocks. besides the
Northern Pacincs. We're the Union Paci-
fcs. the Atchisons, Missouri Pacific,
Denver and Rio Srandes. and the Bal
timore and Ohios. Among the indus
trials and specialties the steel and wire
stocks, the Tobaccos. Peoples Gas,
Sugar, North American and Interna-
tional Paper were conspicuous.
After a sharp reaction on profit-tal1-
Ing, the Northern PaciGcs rallied, car
rying the whole market with them. and
the closing was very animated and
buoyant, Mt about the top level.
Proflt-taking was evidenced In the
bond market and prices are generally
lower. Total sales. par value. $3.025, 900.
United States 3's. coupon declined
&c. and the new is Mc. The old As
advanced Il per cent. on the last call.
Total sales of stocks to-day were 1885,
100 shares.
New York Nov. 2o.-standard OIL,
7.10@7.15.