Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-12-28
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds. Grain,
Cotton, Provisions. 8tc.
These Are Closing Sales
Each Day.

New York, Dec. 27.-The market d.
sested an enormous amount of stocks
on profit-taking today. These heavy
offerings were not without effect on
prices and in fact there was a period
OF very general reaction, but like yes
terday the market again demonstrated
tts marvellous recuperative power and
the speculative enthusiasm was shifted
into new quarters, where the buying
was resumed with undated confidence.
In a large part of the general list the
movement of prices was not wide at
any time, and the large volume of bust
ness was accomplished without either
making an inroad on the market value
or increasing 1t. In other stocks the
days price range was very wide, while
the net change is unimportant. In this
list were stocks which yielded sharply
to the profit-taking movement and
then recovered strongly in sympathy
with the strength which developed at
new points. The grangers and Paciflcs
are examples. The distinguished fea-
ture of the days trading was the de-
Veiopment OF aggressive strength In
large group of low-prlced stocks, both
In the railroad and miscellaneous de-
pagtment The advance in Denver and
Rio Grande common gave the cue for
this movement. The strength in the
Rio Grande stocks and the largo
amount of the absorption gave rise TO
the conjecture that a process had be-
gun of TRANSMISSION of interest between
railroad companies in that region look
ing to a settlement of obstinate rate
problems. similar to the exchange hold
ings which has occurred between rail-
roads in other regions. The response
was not specially among Southwestern
railroads, but among lowp priced stocks
scattered oil through ,ne list. After
Denver and Rio Grande had risen 3h
there was successive responses in Iowa
Central, Norfolk and Western. Fort
Worth and Rio Grande the Wabash
stocks. United States Leather, Hooking
Coal, North American, Reading second
preferred, Mexican Central, Ann Arbor
and Ontario and Western of from l
to as. This diversion of speculative
activity from high-priced dividend
paying stocks to low-priced stocks is q
very usual accompaniment of n long
sustained bull movement on the theory
that the low-priced stocks are entitled
to a rise to adjust their values to the
dividend-payers. At this time there is
the additional argument which gains
force from lingering fear of a posi-
piiity or money squeeze incident TO
the early settlement, that the low
priced stocks are safer to hold on mar
gin, as the margin represents in some
cases nearly the full value of the stock.
In addition to these features Of
strength In today's market there was
which made the price Ito, or 3A above
last night. Although 1t fell back near
w three points II was we'll sustained
III the lower level and closed with n net
gain of 1Aon the strength of the re-
ports of Vanderbilt requirement of the |
stock. Sugar was very feverish over
u wide range, rallying very strongly
after an early decline and closing with
q net gain of 3A. St. Paul moved up
in the late dealings pretty near TO 141
coming within less than a point of Bur
iingtcn. Uneasness over the money
market was again allayed by the album
dant funds Offering on call. which car
ried the rate down to AZ in the late
dealings. This was an influential fac
tor in rallying the market. and tho
bears who sold freely in the early trad
ing covered again on a large scale be-
fore the close.
Business in bonds continued large
and the market gained In strength as
the day progressed. Total sales. par
value. $500 900,
So United States AS and Us advanced "a.
refunding 2's u and SIS y per cent. on
the last call.
The total sales of stocks today were
1.471 800 shares,
New York, Dec. 27-The exchanges
at the New York Clearing House ag-
gregated sS640l3,29o. which is a record
breaker. The previous high record
was on November goth last. when the
exchanges were about sl4, 400 010 less
Baltimore Dec, 27.-Seahoard COM
mon. s%cb9A; preferred, 26A @27;
bonds, As, 7oR.
New York, Dec, 27.-Standard OIL.