Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-03-14
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds. Grain,
Cotton, Provisions. Etc.

new L Ork, March l3.-The STOCK
market to-day showed very plainly the
effects Of the reduction of the short in
terest which accompanied yesterdays
sharp advance in prices. While yester-
days covering movement was in part
the cause of the sharp advance, it was
also the result of substantial buying,
which Was attributed to large financial
interests. This buying was not in evil
dence to-day. London WAS also dis.
posed 10 take profits on the news of the
arrival of the British forces before
Blocmfontein. But Notwithstanding
the lack of aggressive strength in the
market, the bears showed themselves
.tlmld about making fresh ventures.
eInere was some pressure against the
list ut times, especially Metropolitan,
Sugar, Peoples Gas, Steel Hoop and
the New York city stocks generally.
Missouri Pacific suffered from disap-
pointment over the showing made in
the annual statement, and Rubber was
raided down an extreme 3Ia These and
other declines were largely recovered
before the close, and in the final trans
actions sharp marking up of prices
showed that the shorts among the
traders were having difficulty in getting
back the stock they had sold earlier in
the dag. Offerings of stocks on all re-
and there We're points of strength which
acted as sustaining factors for the
whole market, notably Third Avenue.
the Atchison stocks, New York Central
and Norfolk and Western preferred. 1t
was thus made manifest that while the
market waits OH developments in the
money market for rise, holders OF
stocks are not prepared to make con-
ceSSionS to sell.
Call money did not command above
Six per cent. and fell to per cent, but
this was probably due to the cessation
OF stock market demand as much as to
any supply of funds. The losses by the
banks to the sub treasury since last
FRIDAY already foot up s3,2S4000. which
Is more than half the remaining sur
plus over the legal requirement held by
the banks. / is evident. therefore, that
relief from the operation of the cur
rency law must come quickly IL it Is to
prevent pinch in the money market.
A feeling of assurance was caused by
an intimation from Washington that
the first payments OH account of bond
premiums In the refundinE operation
Will be made from the sub-treasuries
and not from the Government deposits
In national banks. The money market
Is expected to show relief from this
source more quickly than from the put
ting out of new circulation.
striking feature of the days events
was the sharp break In sterling eX-
change, demand sterling yielding Is and
cables half cent in the pound. Consid-
ering the advance in London discounts,
the selling of stocks for London ac-
count here and the reported large sub
scriptions In New York to the British
loan, the course of sterling was the
more remarka BILE. The explanation
may be found In the statement of mer-
chandise exports from New York for
the week. were valued Mt sl5.243 999.
against s13.hT0162 In the preceding week
and s9.S7S.229 in the corresponding
period of last year.
The movement OF cotton and the high
prices prevailing arc the principal
causes of the high export figures
Bonds continued In good demand and
prices were firmly held. Total sales,
par value. S3,435,0 900.
L. S. 2's declined 4 and the old As z
In the bid price
The total sales of stocks to-day were
4iO, 400 shares.
New York, March 1s.-standard Oil,
531@5.35.