Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-12-06
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds. Grain,
Cotton, Provisions. Etc.
These Are Closing Sales
Each Day.

New York, Dec. 5.-To-days market
somewhat reversed the speculative posi-
day showed continuance of the reac-
tionary tendency. London took its cue
from the depression here yesterday and
sold the Americans, offerings from that
source amounting 10 some $1,000 shares.
The professional traders also continued
bearish anu sold stocks short, but it be-
came obvious during the course of the
day that there was no urgent pressure
to liquidate. The decline in prices brought
disnclined on. this account to pursue
their campaign Consequently they
turned the market upwards. The recov-
cry was helped by strength in few
stocks, but whether the upward course
Of prices late in the day was due gcner-
ally to any other cause than the taking
of bear profits on the SHORT sales which
were invited by yesterdays weakness re-
mains to be seen. The developments III
the money market which is the true in
dex OF speculation at present, continues
ulation. Call money rates went to five
per cent again to-day and the movement
abated; To-day 100000 was transferred
through the sub-treasury to Chicago and
S2I5,oOo to New Orleans. This rate of de-
pietion Is far too large TO permit of any
extensive credit expansion by New York
financial institutions and would not re-
quire long Continuance to force u sharp
contraction of loans. 1t Will be remem-
bered that in the period of repression pre-
ceding the election bankers were practi-
sources must be conserved for the en-
larged requirements of business after
election. The outpouring of credits after
election. however, was on such large
scale as to overwhclm all demands and
force an easy, money rate. in spite of the
furious speculation which ragged for sew
eral weeks. Now after enormous inroads
nave been made by such speculative
In securities upon available credits the
expected demand for money Is manifest
ing itself, The large movement of cur
rency TO the interior and tile very large
volume of interior bank clearngs are q
plain indication of the active need for
money through the country. An active
money market is generally expected be-
tween now and the first OF the year,
after which the January disbursements
A loan contraction by sew York banks
seems, therefore. highly probable, and the
effect on the stock market will be meas
holding stocks. A period of .ouietitude
IN speculation and n gradual LIQUIDATION
guard against such a situation. The
strong points in the days market were
amongst the low priced minor stocks. the
stocks. the st. Joe and Grand Island
stocks and others of that class being
Pace Msrs r1nr AND
Brooklyn Transit and the steel stocks
were in demand. Sugar was fcverish
TO about a point over last night 1t lost
the gain again In n few minutes trading.
me Amalgamated Copper mad an eX-
IRENE decline of Az before showing any
resistance, but they strongly recovered
over half the loss.
Business was better sustained in bonds
than In stocks, and some important gains
were shown, but there We're also reac-
tions In other points. Total sales par
value, d.025. 600.
United States refundng 2's declined x
and the IS and is and 5's Y per cent. on
the last call.
New York Dec. 5.-The total sales of
stocks to-day We're 715.Soo shares.
New York, Dec. 5.-Standard OH. 1850
New York. Dec. 5-Consoldated Glass
closed 1914
Baltimore. Dec 5.-scaboard Air Line
common. llh@llss; preferred. 2S5slp29.
Bonds, As, 729i.