Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-12-19
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money. Exchange, Bonds. Gglla,
Cotton, Provisions, Etc.
These Are Closing Sales
Each Day.

New York, December tS.-The irreg-
ularity aud unsettled condition of the
stock market to-day were due 10 vari-
Gus conflicting causes. There was still
some evidence OF the important buy
ing which has been in evidence ior
many days now, and which is common
~ attributed TO operators by large
banking interests, looking TO the con-
solldation OF control of many Compel
ing and connecting railroad systems.
The buying of this kind was, however,
distinctly less than for some time past.
Efforts were made by professional OPP
orators to give an appearance of i con-
tinuance OF this class of transactions.
But the manipulatiVe character of
many movements. designed to give this
impression became rather obvious, and
begot some feelings OF doubt and dis
trust. The crop Of rumors. regarding
additional plans for such consolidation
still to be put III effect showed some
Vagueness and were not free from in
trinsic evidences of mprobablity. In
spite of the credulous mood which has
recently prevailed in Wall street, re-
sardinS anything that pointed to con-
Sol1dation, the influence of these move
ments and stories therefore lost some
OF their force. Another consideration
was that the open has become well set
tied in Wall street, that the surprising
decrease in loans in last Saturdays
bank statement WAS due primarily to
the movement of the deposit account.
The banking interests and financial in
stitutions, which have had so large a
part in the recent buying Of certain
stocks. have evidently been drawing
down the deposit accounts OF
the banks, to do so. This nee
esSitateS contraction of out
side loans. While the bankers buy
Ing. therefore. is n strong sustaining
force in the stock market. 1t is equally
CT nc a .fs,,t, 60. l., -,
ey market. upon which spectators are
dependent for their resources. Anoth
er unsettling influence was London's
change OF front. After buying actively
here yesterday. that centre sold freely
to-day. This was OF course the out
come of the monetary situation in Lon
don. With further military revcrses
in South Africa and the foreign OK
change running against her, it is the
common expectation that the Bank of
England discount rate will he advanced
tomorrow.
Such n condition is always sufficient
to cause liquidation OF foreign securi-
ties from London in the interest of the
money market But il Is not clear that
the more conservative class of invcs-
tors in England are not attracted by
American securities. The decline of
trade activity there and the continued
high earnings here make the American
securities relatively more attractive for
investment. No uneaSincSS is apparent
over the money market outlook so as
the immediate future is concerned
The sub treasury Is contributing to the
market by reason of large pension pay
ments. increased premiums on govern
ments bonds which are being rushed in
for conversion into the 2's before the
refunding period expires and some pay
ments on assay Office checks for gold
deposited at Pacific coast points. While
II IL H..
the money market. the possibility is
recognized of n pinch in the last week
OF the year especially if undue specu-
lat1vc commitments arc allowed TO eat
up the resources Of the market.
These various conditions are the eX-
PLANTATION Of the exceedingly varied
market for stocks. Heavy selling to
take profits continued side by side with
extra advances in special stocks. OF
the days special movements bysfar the
most impressive was the sustained adj
vance in the Erie stocks. the common
rising to 2iA, the first preferred to 57Hs
and the second preferred TO 39is There
were some wide movements among the
minor Nanderblts and connecting lines
in Central traffic territory. Lake Erie
and Western rose So. New York. Chi
cago and St Louis second preferred.
IA. and the common and the first pre-
ferrcd about 3 points each. There was
an active upward movement in the
steel group, I'm Sugar. amalgamated
copper, Missouri Poetic and the South
ern Railway stocks, but none of these
WAS we'll sustained. The market closed
furiously active and surprisingly
steady considering the large volume OF
dealings.
The bond market was as varied and
irregular as that in stocks, and large
realizing at some points contrasted
with an advance in prices at others.
Total sales. par value $4,i25,000.
Today's total sales were 1,25i,i00
shares.
New York, Dec 1S.-Consolidatcd Gas
closed 190S..
New York, Dec. 1S.-stonaord Oil,
S2OMS24
Baltimore. Md. Dec 49, Seaboard
common, 1Osa@lOM: seaboard preferred,
2SM n2S%. Bonds, As, 1874.