Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-12-05
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money. Exchange, Bonds, Grain,
Cotton, Provisions. Etc.
These Are Closing Sales
Each Day.

doX in Wall street Is that u surprise is
always expected in sugar. In the pur-
suit OF their professional avocation
stock traders are always trying TO dis
count what they expect, and the con-
sequence Is that in sugar they are in
Hariably surprised and disappointed.
To-day was no exception. Action on
the quarterly dividend has been looked
for at any time for several days past.
and the news" as to what the divi-
dend would be has varied all the way
from an increase in the regular rate
from Ia to per cent. and up to the
regular IN and an extra disbursement
of per cent. The speculation has
gone on right merrily on that basis.
The price was run up to 1S3H this
morning when the intimatlon was dis
seminated that no action would be
taken on the dividend to-day. Conse-
Quenty the announcement q little later
that the directors had met at the pri-
Vate residence of the president of the
company and declared Il dividend of
only IL per cent. came like bomb
shell upon the speculative contingent.
In their rush to save losses they forced
the price down by rapid stages, meet
ing no support except from profess
sional shorts on the way down. The
stock touched 127M in the last hour.
which was full points below the high
est and closed with net loss of 6H.
The violent slump in this stock had a
depressing influence on the whole mar
ket. but the movement elsewhere at no
time approached decentralization. In
TACT there were points OF strength per-
sisting here and there in the railroad
list, notably the Erie stocks and in the
low-priced Southwesterns. but these
yielded their gains In the late reaction.
In the early dealings the principal
weakness was shown by the specialtes,
and especially the steel stocks. The
latter group showed good recoveries,
and, except for Tennessee coal held
well In the late weakness of the rail-
roed list The pressure to sell the rail
roads grew steadily during the latter
part of. the day, and a large number of
them show net losses of about point.
Chicago, burlington and Quincy de-
clined IL. The general weakness,
while partly due to sympathy with the
violent decline in sugar. was undoubt-
edly based for the most part on anx-
1ety as to the ability of the money
market to carry speculative accounts
6afely over the new year. There was
no evidence that liquidation was forced
to-day but spirit of caution prevailed
ana induced measures to avoid any
thing like forced liquidation in view OF
the large advances in prices which tho
market has enjoyed. Owing TO the re-
newed movement of currency TO tie in
terror and tho present low level of pen
sion disbursements, the ub-treasury
has already taken up from the money
market nearly $4,000, 900 since Friday.
To-days transfers to the interior,
which went to New Orleans, We're $780,
COO, compared with $3.50. 600 yesterday.
Another noticeable feature of the stu
alton Is the steadiness of sterling ex-
change in spite of the firmness of the
local money market and the notably
easier rates in London and Berlin. The
foreign selling of our securities, which
was continued to-day to the extent of
about 26.oU0 shares, Is supposed to ac-
count for this. The opinion is ex-
pressed by some foreign authorities
that this process has been carried so
far as to leave New York without flu
ture power to draw gold from Euro
pean sources. In this connection to-
days report of n further shipment from
Australia to San Francisco of 81 500 900
In gold has some significance Incom-
Ing steamers are bringing large ship
ments of American securities recently
sold by foreign holders. and the in
crease in the supply of stock available
for lending serN es to facilitate bear OPP
erations in the market.
tlonary tendency of the stock market
but was varied by new points OF
strength. Total sales par value 49,
605,0O0
United States new As advanced Il
per cent. on the last call.
To-day's total stock sales were Cal. 500
Shares.
New York, Dec, 4,-standard oil SOLO
$40.