Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-03-31
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange. Bonds, GFalnI
Cotton, Provisions, Etc.

49, New York, March 3O.-The railroad
tSetockS retired into the background OF
q the %stock market to-day and gave
4 place to- the industrials and specalties.,
sugar almost outdid its traditional rep
Il, ntation for uncertainty by suddenly
~ tracing it's course yesterday. and
amounting well above yestcrday'sl high
q oliit.n There was q momentary de-
line of less than IL point at the open
SSsah g,A5aDd then a quick rally, and the
4 s stock snever got back TO last nights.
ffleFel.S Twice during the late dealings
sSt1tfswas 13 points above the low level
INT he morning, and It's net gain is 11A.
,gflr heis; transactions in the stock were
ss enormous and the buying without d
n doubt cam6 very largely from the out
isstanding short interest but the urgent
S&sdeInand from the shorts was prompted
10y what they believed were evidences
u OF buying for the account Of inside in
sSterests The course of the stock clearly
ildetnonstratcd a cynical slIepticsm on
igfhe spart OF the speculative public re-
q garding the sincerity or the pesslmis-
sSltc official outgiving which caused yes
s1eruay'S slump In the price or the
y stock. All sorts of sensational rumors
z were afloat. regarding measures for
u rompromise of the sugar trade war,
4 and there were yelled intimations that
q the opposition. refiners had been emu
{ lattng the example of the Metropolitan
y street railway interests in the Third
Avenue coup by acquiring sugar stock
sat the decline At all events the
shorts In the stock were actually per-
s turbed in mind and scrambled to OBJ
9tatn9 stock. The local traction stocks
Z FURNISHED the other surprise in the mar
n ket, and. like sugar. developed aggres-
. siye, strength in the face of bad news.
& The demand in this group undoubtedly
8came from the shorts. The figures
z given out from Albany last night of the
valuation placed upon the franchises
ssof the New York traction companies
f!nRere. as high as the most extravagant
estimates in Wall street. With the
i exception OF a preliminary drive, which
Ii carried the stocks down from TX to
4 points, the whole group was eagerly
thought all day, rising we'll above last
4 nights figures and not falling far be-
aloY that level again. Peoples Gas and
h a. number of the steel and iron stocks
tiby, rising sharply, completed the dem
8 onstration OF strength in the Industrial
Asgroup. The demand for the railroads
seemed to have quoted down for the
time heing With the exception or a
%stoclk here and there in the list which
tgsboWed n good advance. Profit taking
was the motive of the selling, prompted
by the weeks considerable advance
gsRut the pressure upon the money mar
4ket incident to the quarterly settlement
next week, which was manifest in for
Eeign markets even more than here, had
ssits influence IN checking the buying
4 movement. AS the buying of the spe-
cialties was largely to cover short con-
tracts it was not influenced by money
Smarllet considerations. There was no
stiffness in the rates for money, but
preliminary figures of to-morrow's
bank statement failed to indicate so
strong a return as has been counted
upon, Owing to the falling off In the
Ramount OF government bonds offered
for conversion the disbursement of
prerlums has decreased and the
weeks gain by the banks from the
sub-trensury Will DE less than n mil
Z lion dollars. On the interior movement
by express the net receipts are esti-
anated at less than half million. AS
against this small gain in cash, the
expansion in loans has unquestionaby
been large. There is ground for doubt,
therefore, whether considerable inroad
55llas been made OH the surplus.
sSs Business in the bond market showed
"a falling off, but prices were about
maintained. Total sales. par value,
9S3,3o0,00O.
United States 3's, old As and new As
declined n in the bid price.
AZ The total sales OF stocks to-day were
800 900.
New York. March so.-standard OIL,
sb.25@4.ao.