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

New York, March 1.-The stock mar
ket failed to show any positive strength
al any time during the day, and in the
late dealings the whole list yielded to
bear pressure OH the news of the
threatening aspect of affairs amongst
the metal workers III Chicago. The
weakness of the iron and steel stocks
yesterday, which was due to large sell
ing orders on Chicago account, was
thus explained. The bears were busy
In this group OF stocks all day, and
supplemented the news or the labor
troubles with many vague rumors of u
purpose to defer dividends which have
hitherto been foretold on more or less
reliable authority. Reports We're crcu-
lated also Of enormous rival combina-
tons to be organized to compete i'll this
Industry. AS the result of this pressure
the majority of the stocks in the group
We're depressed from "a to 3 points.
The character of much OF the selling
was made obvious by the sharp rallies
on bear covering, American Hoop, Il.
G. i. ana National Steel recovering
from Two TO three points al different
times.
Sugar WAS subjected To heavy selling
;ili day, which was without other eX
PLANTATION than the continued doubt
over the dividend prospects, but which
was attributed To Il new bear account.
Ihc stock dropped to par for the first
time since the summer of 1896. Incl
dent tn the national political campaign,
and fell further to aGSs. rallying fever
ishlN and closing unsteady It, Il net loss
OF ga. Third Avenue suffered from ad-
uitional liquidation. incident to fears of
a heavy assessment on the stock, and
lcll an extreme Ak to II level almost
two hundred points under the high
price of February last year. The
stock rallied sharply and was we'll sup
ported during the latter part Of the
day. Peoples Gas was raidcd on the
report Of projected proceedings against
the legality of the combination. Con
Solidated Gas was forced down nine
points on light transactions. Pullman,
sugar preferred tobacco and MGtropoli-
tan street railway suffered to the ex-
tent OF s to 81. The railroad stocks
yielded unwillingly until the late raid
on the market. when large blocks were
thrown over. st. Paul leading the de-
cline with an extreme drop of two
points. Baltimore and Ohio New York
Central and Southern Pacific We're also
notably affected. The late rally on
bear covering reduced the net losses
of the railroads TO fractions except i'm
the cases mentioned. There was disap-
pointmcnt that London did not respond
with greater enthusiasm to the news
OF the relief of Ladysmith by buying
stocks. The DISPOSITION there was to
realize. and London was n small seller
here. The prospect of a heavy de
cline in surplus reserves in the bank
statement induced some selling. but the
preliminary estimates of the cash
movement BY express indicate small
net gain on the interior movement.
This is attributed to shipments by in
terror banks To New York for the pur-
pose of buying government bonds. But
The gain on this account Is quite in
significant compared With the weeks
losses by the banks to the sub-treas-
ury, which have amounted to $7.49S 900,
thus making inevitable "a further de-
cline of several millions in the surplus
reserves Of the banks.
The bond market was rather dull
and prices yielded in sympathy with
0OO
United States IS declined !. in the
bid price.
The total sales Of stocks to-day we're
592.S00 shares
so.25@5.2o