Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-05-03
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Sticks, Money, Exchange, Bonds, Grain.
Cotton, Provisions. Etc.

New York, May 2.-There were no
transactions of any Importance in the
stock market to-day. Sugar opened at
last nights price and moved up at one
time Az points, closing with net gain
OF about 4. The constant fluctuations OF
this stock offered the room traders
about their only opportunity for secur-
Ing a turn during the greater part or
the day and they traded in 1t constant
ly in and out, helping on the aggregate
OF sales recorded in the stock without
making any impression on the stock
transfer books OF the company. News
OF the stock consisted of rumors with
out Notification. There is undoubtedly
feeling OF dread among spectators that
there may be sudden and sensational
developments regarding the steel in
dustrials and those stocks are sensitive
to every passing rumor. They were all
weak to-day Tennessee Coal dropping
at one time six points. The rally in the
group indicated that short selling was
largely responsible for the decline and
no very large offerings were brought
out by the drop. Long Island moved up
91a on top OF yesterdays 10h rise and
saved a net gain of points. American
Express gained 8 points. Outside of
these special movements the market
generally was excessively dull and re-
presented nothing more important than
the operations Of professional room
traders OF small calibre. The announce
ment OF further gold engagements for
to-moWow's French steamer of $780,
600 was the signal for a general selling
movement by this class OF spectators.
1t had been taken for granted that
large exports of gold would be made by
Saturdays steamer but the additional
shipment by to-momow's steamer
bringing the total to s2,600000, was a
surprise. This shipment Is generally be-
iteved to represent triangular opera
t1on; that Is to say, on London's order
to meet q demand on that centre
Among the exporters are some who
have strenuously held that no profit
could be made in exporting gold at the
highest figures yet touched for ex-
change and the rate for demand ster-
ling to-day was II cent In the pound
lower than the highest rate touched on
the movement. 1t Is fair to assume
therefore, that some concession has
been offered to make a margin of profit
on the transaction, hut in any event
the metal is recognized as being in eff
rect loan. 1t Is evident that the need
of money here in active trade has not
kept pace with the currency expansion.
The low rate of money coupled with the
large loans of New York banks and
their small surplus reflect the eagerness
OF capital to place credits, but the de-
~htfhAo 1ci SiGNitS 10 HlOC SulI1ClGnt TO
absorb the supply, so capitalists must
look abroad. where interest rates rule
higher. For some time the merchandise
credits resulting from our favorable
trade balance have been left at interest
abroad. This country's large gold pro-
duction and the present cutting off the
Transvaal gold supply also make us the
source of supply for the money metal.
The net result Is that we are not only
refraining from calling home merchan-
disc credits but are shipping out the
money metal to meet the needs Of for
etgn markets.
The bond market was dull and ire
gular. Total sales par value 81, 43s, 900.
U. S. refunding 2's when issued adj
vanced Is and the as, old AS and new
As. u In the bid price.
To-day's total stock sales were 45O, 900
shares.
-. New York. May 2.-standard OIL