Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-03-29
REVIEW OF MARKETS.
FINANCIAL AND COMMERCIAL
Stocks, Money. Exchange, Bonds, Grain,
Cotton, Provisions. Etc.

~ New i DIX, MuTCH Lc.-tAIlOluCI 0uy
of furious activity and buoyant rise of
prices marked the further progress of
the bull campaign in the stock market.
The process OF digestinG profits by sell
ing out on the upward course was go
ing on all the time and caused an APP
pearance of some irregularity by put
ting back stocks here and there. But
the buying demand and the absorptive
power of tho market were not at all
impaired by this process The market
gave every appearance OF having
shaken off the control of the profess
sional element. Manipulation was i'll
evidence in some individual stocks and
the buying by the professionals on Il
large scale emphasized the advancing
tendency in some cases. The profit
taking by the same element somtimes
checked or prevented the advance in
other stocks, but the large general de-
mand for stocks from all sources car
ried everything before it and made the
undertone of the market aggressively
strong throughout. There is manifest
u y very large body of buyers seeking
to secure stocks. Their orders are ex-
4ecuted through commission houses and
are received by wire and mail from all
quarters. Other movements are Incl
dental, due to individual causes in spe-
.cial stocks or to the movements to take
u.
point OF weakness at different times
during the whole day and there was
heaviness here and there in the iron
and steel stocks. There was some dis
position to go contrary to London's
lead, number of stocks which were
advanced in the market being heavily
sold here, while others which fell in the
early trading there were abruptly ad
Vanced here. This was notably true
OIL the Reading stocks and OF Pennsyl-
wanna, in which profit-taking was in
evidence in this market all day
There was some heaviness during the
early hours in the Pacifics also, but as
the day advanced the strength in this
latter group became very aggressive,
led by Northern Pacific. which ad-
Vanced "a to q record price. Union
Pacific Missouri Pacific. Atchison pre-
ferred and Southern Pacific were all
pouEht on an enormous scale Mt adj
vnncing prices, the latter meeting the
heaviest opposition in profit taking.
+ Peoples Gas was strong also. and the
strength was disseminated all through
the list. The trading in Sugar was
very large and the price movement
feverish, the stock closing at about the
lowest, having fallen an extreme 5K.
a cut in price by rival company was
the cause Of the weakness of the stock
The special news of the day was lit
tie regarded, as the whole movement
in stocks Is based upon general con-
ditions. The statements OF railroad net
earnings for February published dur
Ing the day were connrmatory of the
impression made by the January state
mcnts OF an unprecedented level or
earnings for railroads. st. Paul, with
It's heavy charges for operating ex-
penseS and resulting decrease in net
earnings was ~ notable exception, but
the price of the stock was not affected.
y feature OF the day was the further
sharp advance in the rates of sterling
exchange. The fact that London Is
carrying stocks With money borrowed
III New York serves to explain the APP
parent anomaly of II rise in sterling eX-
change rates when London buys stocks
here and an easing Of the money mar
ket when ii sells.
Another very heavy days business
was done In railroad bonds. and with
the exception of some profit taking in
speculative issues prices were higher
Total sales, par value. $l.4S0.000,
". $. 9's declined II in the bid price.
Total sales of stocks to-day were
9j6,200 shares.
New York, March 2S.-standard Oil,
52oG1532