Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-03-10
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds. Grain,
Cotton, Provisions. Etc.

New York, March "a day OF re-
markable dizziness III the trading ana
slight movement in prices of stocks was
nevertheless highly significant i'll neg
alive way. There WAS some interest In
Sugar, which recovered two-thirds OIL
its dividend. There was pressure
against Metropolitan, which fell ut one
time to 1872 and Pittsburg. Chicago, Gin
cinati and ST. Louis dropped 71a with
out exclamation. Third Avenue. Con-
solidated Gas, Peoples Gas and some
other speciaities recently under pres
sure showed Il tendency to rally on COW
ering by shorts. Rubber was raided
down points and recovered >. There
were sharp advances In the EinSced
OIL stocks and declines in Manhattan
and Western Union. These changes
We're quite independent of any common
influence and reelected no feature OF
the general outlook. But the fact that
the small bear traders were moved to
cover their short contracts before the
close and the resistance to decline
offered by the general list in the face
( OF notably weak bank return. which
authorities agree must be faced to-
morrow. exhibited very Striilingly the
underlying strength of the securities
market.
Apparently the banks will show a. loss
( IN cash by to-morrow's statement of
about S10.000,000 1t had been hoped
& pensions would decrease the absorption
6of funds by the sub Treasury, and the
fact that the last weeks gains by that
: institution included the payment of u
10000 note 10 the government by the
Central Pacific. allowed that much
margin for Il favorable showing this
week. Nevertheless the sub-Treasury
has taken from the New York banks
during the week as much as last week.
the total footing up S7,51S.O00
In addition the net shipments of the
cash by the banks TO the interior by
express amount to nearly $500 900.
compared with u small gain from the
same source last week. This may he
partly offset by the registered mail COW
ering. Considering that the SURPLUS re-
serves were below Sli.0000 900 last week
and that the money market has shown
no other sign of disturbance than n
slight hardening in call loan rates to !
per cent. opinion I'm the street is pre-
pared for some surprising showing in
the loan account in to-morrow's state
ment.
The unruflled demeanor of the stock
market in face of this drain on money
resources makes IL clear that loan obli-
cations OH account OF stocks held are
very small.
sterling Exchange was heavy to-day
IN spite of some small selling of stocks
for London account.
ne question is canvasScd of the
effect upon the New York money mar
ket OF the easier tendency OF money in
London. which, IT. is expected, Will be
( caused by government disbursements
FOR the purpose of making n market for
the new government loan.
easy money in London would invite
gold imports to New York 1t Is worthy
or comment in considering the Sterling
Exchange outlook that announcement
was made in Wall street to-day that
subscriptions would he received for the
New English loan. The reported initla
tive by President Kruger toward nego-
uations for peace seemed TO have very
slight influence in the market.
l5onds were dull and prices were ir-
regular In their changes. Total sales
par value. si.645. 900.
United States rs declined &c. in the
bid price. Total sales OF stocks TO-
day were 94S,O00 shares.
5.26@529. VIZ