Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-04-01

IR'lIlNllA NClAL AND COMMERCIAL n


IL ews Fork. nj arch ssSt.--Wall Street
q WALL & Teet MAS treated to AN agree
81 able surprise to-day In an exceedingly
Favorable bank statement. The most
y san gnfne prel ini mary OBSTINATE of the
n gainstn cashSbyth the banks forsthe week
sSon Int Tor currency movement and the
gssuhStTeasury Operations did not exceed
"a 81, SOC, 0Q0. The actual return shows
gainnS s f nearly Sc, 900 1000. The explains
sstiofs OF; IS this large Increase in cash is
B not easily perceptible. It may be due
& TO- the fact that the shipment of cur
,rency to the Interior Sby4the banks have
!! Include ed q large proportion of their
new note issues, while iheireceipts have
q been made up Of legal tenders. The
D process OF, sorting thus involved would
Syield a. larger return to the banks or
cash available for reserve than would
{ DO indicated In. the bare figures of eX-
cess of receipts over shipments on the
novement.ia1t Will be by some
: Such process that the new bank notes
4. will 3displace the legal tenders in actual
Scirculation and thus make them avail
rs able for, reserve purposes of the banks.
z Another possible explanation of the In
* crease In cash is that loans have been
/. paid off in cash. The loan item shows
= that the new demand on the banks for
stock market operations and for April
ss18settlements has more than Offset the
sernfnent bonds, designed to use as Sc
.Rcurity for note issues. The result is n
loan expansion OF $3.50, 500. Had 1t not
been forth unexpectedly large gain
! in cash. the increase in reserve re-
& quirements thus involved would have
/ made an inroad upon the surplus 1t
was some fear of this showing that
y caused yesterdays hesitation and I'M
& easiness In the stock market. The
same feeling was perceptible to some
extent In the early trading to-day, but
git gave way to the renewed buying de-
imand especially for the iron and steel
astocks, and after the publication of the
bank statement the strength became
general and the market closed active
sand strong at substantial net gains all
through the list. The bears in Sugar
were relieved from. their panic of yes
: terdRy by the assertions Of officials OF
tthei companies that the sugar war was
Slstlll. on., But professional traders han
i died 8new short contracts in Sugar In
q gingerly manner. The stock dipped
( four points at the opening, but did not
get within more than point of as low
as that again, and rose at one time n
fraction above Yesterdays high level.
THE stock was Very feverish and err
rSitic all day. Peoples Gas was strong
y on reports of the absorption of the Og-
ON company and failed to yield on de-
malls. Of thatIreport
The buying Of railroad bonds ran UP
& TO very large proportions during the
week. The market Vas very broad. but
the largest demand was for low priced
bonds, whose security is increased by
I an added. IS jlrplus of earnings, or on
~ f tH ss5snfn,is contingent upon In
creased earnings.
Il III S. old As declined y, the 2's. do.
refunding. 2's when issued, and the SIS
81 and the new As u per cent in the
. bid price. II :. &
# THE as advanced u per cent.
The total sales Of stocks were 100000
shares, y gSsi
New York. March 81. Standard OIL,
.5l2sGp6.S2.