Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-04-03
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
Stocks, Money, Exchange, Bonds. Grain,
Cotton, Provisions, Etc.

y New York, April 1.-THE stock market
madesa strong opening to-day on large
buying orders which had accumulated
in commission houses over Sunday, and
in response TO the continued demand
for London account. The influence OF
Saturdays favorable bank statement
was still felt. and the room traders were
inclined TO the bull side. There was n
large absorption OF the leading iron and
steel stocks which are attributed to the
operation of a pool and the buying OF
Peoples Gas is said TO be included i'll
the same plan. There was large buying
OF Anaconda on foreign account in
sympathy with the strength of coppers
both in the London and in Paris mar
ket. where the short interest IS in evil
dent distress. But notwithstang these
favorable auspices, and the additional
benefit of sonic extraordinary strong
statements of earnings, the strength of
the market was not maintained.
The early demand was very freely
fed, for the purpose of taking profits by
last weeks buyers. The persistent
weakness of Sugar had an unsettling
influence on the list. The carly
strength of the iron stocks gave way to
quite acute weakness after the assem-
bling of the annual meeting of the
stockholders of the Federal Steel Com
pany. The selling movement seemed to
gain force as the hour for closing
approached, and the actual close was
active and weak, and net losses largely
prcdOminated.
Some of the railroad stocks, which
had been notably strong, lost practical
ly all their gains, or, at the best, had
them largely diminished. The Pacific
stocks and the Changers were conspic-
uous examples. Quite a number of us
ually inactive railroads were strong,
notably the Lake Erie and Western
stocks, the preferred stock jumping
1926 points to par, and the common ris-
Ing an extreme Az.
The fall in Sugar was accompanied
BY reports OF new cuts In the price in
coffee. the war in the coffee trade be-
ing Waged by the same rival interests
as that In the sugar trade. The weak
ness In the iron stocks seemed to be
due to disappointment on the part OF
spectators over the showing of earn
ings made by the Federal Steel Com
pany. The drop in Federal Steel from
the early high point was 43s, and III
Steel and Wire over 3 points. Other
stocks In the group were less actively
traded In, but oil showed weakness.
The days statements OF net earnings
for February included gains over last
years February net earnings of 81 per
cent. for Norfolk and Western, &c per
cent. for Rio Grande and Western, So
per cent. for Union Pacific, and SO per
cent. for Louisville and Nashville. The
stocks OF these companies showed good
resistance to the reactionary tendency,
but the conditions thus reflected of rail-
road business were not sufficient to
hold the general list
Money was easy though not much eff
feet was felt from the disbursement of
quarterly interest and dividend pay
merits Sterling exchange continued it's
upward course, and the question Is now
arising whether the increase in the cir
culating medium by the operation of
the law of March IA may not result in
sending gold abroad by relieving the
need for II in circulation here. The
process of taking out new circulation,
which has come to a pause, is reported
from Washington to have received n
fresh impetus. and the Sub-Treasury in
New York is again paying out large
amounts for premiums on converted
bonds.
The bond market was active to-day,
Wabash debenturc IBIS" being absorb
ed on large scale. Prices generally
are higher. Total sales, par value, SS.-
025 900
United States refunding 2's. when is
sued, declined u. and the 2s and old
As Y in the bid price.
The total sales OF stock to-day were
$4,000 shares.
: New New York, April 2.-stanaard Oil,
5,37@5.41.