Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-05-19
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds. Grain,
Cotton, Provisions. Etc.

New York, May 1S.-The stock mar
ket contended successfully against the
marked depression of the early deal
tngs ard showed increasing strength
as the day advanced. Early losses were
all retrieved. and the close was fairly
buoyant, with IL burst of buying or
ders in volume and urgency exceeding
that for a long time past. Very nota-
bile net gains are shown by Il number
OF the specialties and induStrials, while
the railroads generally are from frac-
ton to over two points higher The ear
ly depression had it's inception ia Lon
don, where stocks were sold down
sharply Corresponding losses were
shown at the opening here, and the
bears were in all aggressive mood with
this encouragement, and prepared to
continue their operations against weak
points in the industrial list. Sugar and
Tobacco were both down sharply, but
they met support of character which
has been lacking for several days past.
An unwieldly short interest has been
formed. especially in Tobacco. in the
course OF its recent severe decline, and
when the stock hegan to move upwards
the demand from the bears became pre-
cipatate. The aggressive strength de-
veloped in some of the New York City
stocks added to the confusion OF the
bears. Brooklyn Union Gas moved up
ward 1-2 points. and Consolidated Gas
6 81, to a level far above that touched
by this stock for many months past.
Even the steel indus trials were bought,
and moved upwards generally over q
point The bears abandoned their ef-
forts to keep down prices, and rushed
to cover all through the list, making q
1buoyant close The large buying of
Burlington was the feature OF the rail-
road list, fbut there was n well-dis-
tI-ibuted demand for railroad stocks
during the latter part of the day, and
the sudden jump in prices of some Of
them indicated the uneasy demand
frOmrn short interest. The usual week
ly forecast Of the cash changes OF the
banks was n potent 6actor in the days
strength of stocks. 1t s. expected thnA
the gain by the clearing house fnStitu-
tons will amount to $780, 900. after al
lowing Tor a. loss to the sub treasury of
about 100000, including the payments
Tor gold bars dor export. The move
ment of currency from the interior is
counted upon to yield the estimated
gain to banks. Owing to the failure
OF last weeks money market TO reflect
the placing OF the large loan to tho
Pennsylvania Railroad Company. said
20 amount to sl6,000.0Oo. It was expected
that this item would be reflected in
this weeks loan account of the banks
but the continued ease OF money does
not Indicate a large loan expansion, and
the explanation is offered that the
Pennsylvania loan has been put again
in large part pending the period of it's
use. No gold exports were announced
for oonorrow's Engiish steamers, and
the sterling exchange fell lower The
strong return made today by the I'm
periaI Bank of Germany kept pace with
the improved condition of the Eng
nsh and French institutions, and af-
fortls relief from apprehension OF any
further gold exports at present.
The bond market responded to late
activity and strength in stocks Total
sales. par value. Sl.725,000.
u. s. refunding 2's when issued adj
vanced 1-2. and all other issues, ex-
cept the SIS coupon, IA in the bid
grlce.
To-day's stock sales were 433,1OO
shares.
New York. May dS.-standard OIL
633@536.