Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-04-13
REVIEW OF MARKETS.
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds. Grain.
Cotton, Provisions, Etc,

!, Nioiuay anu the LOnuon exchange until
next Tuesday. This fact prompted the
closing UP Of speculative contracts to-
day. Professional traders were averse
to keeping open contracts for so long a
period at any time, and at this time
especially they have in mind the vary
ing possibilities of the war in South
Africa. the war in the sugar trade, the
showing to be made by the weekly
bank statement on Saturday and the
possibility of gold exports by Satur-
DAYS steamers. AS realizing has been
Is going on to large extent this week,
most of the uncovered contracts were
on the short side. and the demand to
cover was an important factor in rally
ing prices.
In addition the pools which exist in a
number of stocks adopted aggressive
tactics for an advance, taking adVan-
tage of the dlsinclination of the bears
10 extend their commitments on the eve
or the holiday. After the demand from
the shorts had been satisfied, the pool
manipulators began to find themselves
alone in bidding for stocks, with q
) Notwithstanding burden of reallz-
ing sales as prices reached the higher
ievel. The process Of bidding up prices
was. therefore, discontinued and the
market lapsed into comparative dull
ness and sluggishness.
Inc 1nduStrialS moved quite indepen-
IDENTITY OF the general market, and none
or them occupied very conspicuous
place in the trading. The most notable
movement of the day was that in Mis-
souri, Pacific, which, on buying alleged
10 pc Tor manipulative purposes. was
carried up nearly 4 points, and closed
on the top. This had a sympathetic
effect on the other members OF the
Southwestern group. Union Pacific was
n rINn1 II u
up to 60, the other trans Con tinental
INES. including the Atchsons, respond
ing In sympathy. The Baltimore and
ONO stocks and the Norfolk and West
ern stocks rose consDicuously, the
former OH very large dealings and with
well sustained strength. The Changers
were comparatively quiet. With the
exception OF the Baltimore and Ohio
and Missouri Pacific gains were not
well maintained. and the closing was
decidedly unsteady and below the best.
Inc induStrialS as n rule were heavy
Peoples Gas, Federal Steel the Steel
and Wire stocks and other stocks of the
steel group showing acute weakness at
different times. Third Avenue showed
the effect of disappointment over the
terms of the lease to Metropolitan.
General Electric was an exception and
enjoys net gain of az.
In spite of an casing of the London
money rate, continuous buying of
stocks for London account and the un-
Drecedentcd balance in this country's
favor. as disclosed by the March for
eign trade statement, Sterling Ex-
Change moved up an additional frac-
ton to-day, and all of the usual au-
thorities are at fault to explain the
movement. favorable bank state
ment Is considered assured, owing to
The large gains from the sub Treasury;
but case in the local money market will
facilitate gold exports
There was moderate activity and
strength in the bond market Total
sales, par value, 81, 205, 900.
Y. S. 3's registered declined 1a in the
bid price.
Prices OF stocks have moved down
ward during the week with the excep-
ton OF a few stocks affected by special |
conditions OF strength, or which were
under manipulation to sustain the gen.
eral list FOR purposes of realizing.
There has been some recovery pending
the three days adjournment of the cx-
change over Good Friday, due i'm part
to the demand from the bears to cover
their short contracts. The market has
been almost entirely in the hands of
professional operators during the four
days on which business was done, and
price movements are not an index of
public sentiment regarding the bust
ness outlook That is to say stocks
nave been sold. not because unfavora-
bic prospects have developed in bust
ness, but because the considerable adj
vance in price offered attractive profits
to earlier buyers. and the question
arose whether the rise had not fairly
discounted the prosperous conditions.
The character of some of the selling
revealed conviction OH the part OF
those with good means Of information
OF the dcsirablity of realizing
The admission of PENNSYLVANIA off,
cials that advantage had been taken
of the existing high level of prices to
market some of the stock in the COM
pany's treasury WAS accepted as a
clear intimation that the price Of the
stock had gone as high rs was war
ranted. When speculative operators in
other stocks sought to take their profits
they discovered that the semi invest
ment demand. based OH the dividend
return offered by stocks had largely
ceased at the high level attained by
some The professional bear traders
are always on the alert for such a con-
dition OF affairs, and they have been
prompt to take advantage OF it this
week by selling stocks short and taking
the market away from those seeking to
realize. AS conditions OF business con-
tinue favorable 1T is fair to assume
that the decline In prices will he ar
rested before the late advance has been
entirely wiped out. Already hear
traders find offerings decreasing in
volume on Il decline and commission
houses make bids for stocks at a level
below the market. The presence of an
aggressive bear element in the market
and the reactionary tendency shown
has prompted those seeking to secure
stocks to withdraw their buying or
dcrs In the hope of getting in at n
: lower level of prices. The movement of
prices In some cases indicates that the
bear aggression is TO afford opportunity
for securing stocks at lower prices in