Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-03-20
REVIEW OF MARKETS.
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange. Bonds. Grain,
Cotton, Provisions, Etc.

New York, March 19.-The stock
market gave evidence to-day OF u dis
position on the part OF speculative con-
tingent to discount the prospects of re-
lief to the money market. But the
speculative contingent is dependent on
the money market for funds to operate
with, and while there were symptoms
of relaxation in money rates, the pres
ent supply is still extremely restricted.
Lenders of money arc inclined to hold
out for high rates on the assumption
that interest rates will not relax until
after the April first settlements have
been disposed Of Borrowers take q
more hopeful view or the immediate
outlook, and are inclined to await the
expected early easing of rates. There
was an appreciable stirring of specu-
lative interest to-day, which was nota-
bly, manifest III the railroad list but
which was mostly confined to few
stocks. Baltimore and Ohio was the
most conspicuous, with q rise OF 3
points. Union Pacific and Baltimore
and Ohio preferred. Atchison preferred
and the Colorado Southern stocks We're
oil in good demand and gained over q
point Minnesota and Ohio and Minnc-
sofa and st. Louis preferred rose 2
points each. The bears made attempts
to obstruct the rising tendency of
prices. They first made n raid upon
l.
that the tax levied under the new fran
chse tax law will be so considerable as
to threaten their ability to pay divi-
dends. Later an attack was made on
the iron and steel group based on the
threatened strike of machinists.
Neither of these was very effective In
breaking up the strength manifest
along the railroads. In fact the rail-
road list showed more hesitation In
face of the violent rallies in the local
traction group than In the weakness of
the specialtics. 1t is we'll understood
that the vicissitudes of the New York
stocks are nearly concerned with n
rivalry approaching the character of a
feud among some of the most powerful
financial interests in the street, and
peaceful by-stnnders have been shown
to be as likely to be Injured In this con-
fllct as the actual participants. The
chief episode in this conflict to-day was
the severe punishment inflicted upon
the short interest in Third Avenue. This
stock touched 661A in the early decline
and reached S5la several times in the
violent fluctuations of the last half
hour of the trading. Price changes
reached MS much as 11s points between
sales. Metropolitan street Railway re-
covered an early loss in sympathy.
London bought quite freely of few
stocks, especially tho Atchisons and
Union l>Hci1c. Iotai purcnhScS Oh tHlS
account of all stocks were estimated Mt
10000 shares, Relief was manifest In
the London money market, due to dis
bursements on Government account.
Sterling exchange held steady.
Operations in the railroad bonds was
active and strong to-day, and well dis
tributed Total sales, par value. 3d.
10000. d
u S. bonds scored further sharp
decline to-day. suggesting the llqui-
dalton OF holdings by recent buyers,
who are induced to take profits on the
high prices.
u. s. 3's, old As and rs declined one
per cent; rcfpnding 2's. when issued
". and new Az 4 in the bid price.
The total Gales of stocks to-day were
ASS, 900 shares.
New York, March Standard Oil.
5.35@5.39.