Virginian-pilot. (Norfolk, Va.) 1898-1911, 1899-05-21
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange. Bonds, Grain,
Cotton, Provisions, Etc.

confined to dealings by local room trad
ers who seek a days turn in prices
either up OF down. Prices in the ma
jority OF cases are consequently little
changed from last night. The course
of their fluctuations during, the two
hours trading reflected considerable
hesitation and uncertainty in the minds
of the trading element. The London
exchange was closed for 4 holiday and
there were no quotations from that
quarter to give an indication of the
tendency of prices. Many stocks open
ed unchanged in quotation or moved
only rs either way. Stocks of corpora
tions which enjoy franchise privileges
in this State were weak on the pros
pect of the franchise tax bill becoming
a law, the prospect of material modi-
hcation not being considered likely.
The American Smelling stock was
also under pressure and continued rath-
er weak all day. Anaconda, on the
other hand, continued it's show of
strength and ended the day az points
higher. Sugar made an aggressive re-
sistancesto the pressure against it and
kept above yesterdays level after the
opening decline. There was dull re-
sistance to the occasional attacks OH
the market also by the railroad stocks,
especially those In the South and West.
Manhattan and Third Avenue were firm
early but yielded later. the latter
breaking points. The bears were dis
posed to caution In anticipation of the
favorable bank statement, but when the
market failed to respond to this, an at
TACK was made on values. So little
stock was brought out on the decline
that the bears covered, making the
close firm at small changes, except in
special cases. The bank statement
showed a larger increase in cash than
was expected. The heavy contraction
In loans was, of course. q reflection in
part of the drastic liquidation of last
Saturday. AS n consequence the in
crease in cash almost all went to swell
the surplus reserve of the banks There
was a marked continuance of the re-
cent heavy absorption of new issues OF
railroad bonds, several Individual
transactions of from 100000 to over
100000 being recorded.
The market has been so much unset
tied during the week by the contending
struggles of the bulls and bears over
the Flower group of stocks that there
mas been little opportunity to discern
any reflection of general conditions in
,ts movements. There was some slight
continuation on Monday OF the eager
selling pressure on those stocks which
mad been marvelously advanced in
value under the fostering of the late
Mr.. Flower. But the determined and
extensive buying by the decea sed finan-
GERS friends associated in those
properties who had Joined issues for
the protection Of values soor allaycd
the apprehensions OF timid holders and
induced the shorts to cover The move
ment towards recovery seemed TO nice,
with no opposition from the bears
Notwithstanding the pronounced bear
position assumed by one of the largest
proiessional operators in the street.
but the bear element was looking for
ward only q short time. as tho cose
proved. for an opportunity to ottack
Vaiues. They offered no very vigorous
opposition to the progress OF recon
structlon Of values while Vt was nur-
sued With set purpose
But the rise of Wednesday, which
Drought the Flower specialties back to
friday, before Mr.. Flowers death
seemed to satisfy the bull element for
the time being. and on Thursday there
Vas evidence of realizing on some OF
.ie large holdings which it had been
necessary to accumula tie earlier in or
der to check the downward tendency or
the market. This profit taking had tho
aoVantage OF rising tendency in the
railway list, due to good traffic returns.
to sustain It. 80
crop damage caused the railroads IN
WAIVER. and then the bears attacked the
specialties. notably Sugar. BROOKLYN
transit. and the New York Traction
snares. with great violence and de-
termination. causing notable recessions
Inc uncertainties thus cngendercd led
TO subsequent dullness 1t seemed To he
demonstrated that the large lines accu-
inulated Tor the lifting of prices were
heId over the market and Il powerful
pear force stood ready to take the mar
ket from any attempt at profit tal,iny
1herc are enough uncertainties in the
general outlook to confirm the hesito
ZION OF speculation and disposition to
await further developments to indicate
whether the present level of nricns Ia
consonant with the conditions OF money
and business There is the ineritab BILE
uncertainty regarding the crops at this
Tune OF the year Talk of crop damage
mas q bearing on the future earnings of
tta'ways. ana IT is not an answer to this;
10 compare the present low price of
wheat with last years level, when the
nigh price was due 10 the clamor Of
the Whole world for our very abundant
product.
More to the purpose are the current
statistics of railroad earnings which
are We'll In excess of those OF last wear
for the grain carrying roads i'm spite
OF the phenomenally heavy movement
or wheat at that time, in connection
Win the Letter deal Great attention is
given, also 10 the condition of our in
ternntional trade balace az benring on
the dominance of the worlds money
markets recently enjoyed by New York
The financing of the $40 900 600 nav
ment TO spain, completed on Monday
without the expectation OF n dollar ar
gold. was striking evidence OF n resi-
due OF our exchange credit balance. But
the question arises whether the residue
is not exhausted by this lmportaot
operation and whether the -rcrent
movement of international trade gives
any promise OF renewing IT,