Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-03-13
REVIEW OF MARKETS
FINANCIAL AND COMMERCIAL
StoisS, Money, Exchange, Bonds, Grain,
Cotton, Provisions. Etc.

New York, March ITO days stock
market was Enthusiastically strong
throughout The demonstrated indiff-
erence of the market on Saturday to
the swift depletion of surplus reserves
OF New York banks took the manStay
OF the bears from beneath them. The
demand from short interest was Il fac
Tor III the advance in prices, especially
IN the fndustrials, which have recent
~ been under pressure. There were
several elements of positive strength in
the market also; but the largest part of
the buying was undoubtedly due TO the
effort of the professional element
among the SPECTATORS to discount the
ELECT of the currency bill. Not only
the smaller class OF professionals, who
nave recently had the market to them
selves, but operators of large mold
gave evidence of their interest in the
market. The demands made by the in
creased activity of the stock market
upon the money market was evinced in
Hurry In the call loan rate TO six per
cent. The Spectators paid no atten-
ton TO this admontory symptom, APP
parently convinced that the end of the
money market troubles was at hand
with the enactment of the new cur
lency law, which is to be sent TO the
President tomorrow. There were oc-
casional periods of dizziness in the mar
ket, apparently with view to testing
1T. The quick subsistence OF activity
without any reaction i'm prices and the
firnness of the resistance to decline
confirmed the confidence of the bulls
and started prices upward again. The
closing was quite active and strong at
hear the top level Net gains in the
principal active Industrials, and spe-
cialtes, including Sugar, Tobacco,
Peoples Gas, Anaconda the iron and
steel stocks and the New York public
utilities ranged from 9 to over points,
the latter Sugar. In the railroad list
st. Paul was the leader both in point
or activity and strength, rising an cX-
IRENE az. The other grangers, the
Southwesterns and Il number OF the
trunk lines and Southern railroads
gained point or over. a feature of
the trading was the number of three
day contracts recorded on the tape, in
dicating the anticipation of easier
money with the operation of the new
financial bill. There was Il very gene
rous sprinkling of transactions in frac-
tional lots all through the list, indi-
eating an investment demand, which
had no small part in the feeling of
confidence evinced by the speculative
contingent. A back ground of strength
to the whole market was afforded by
the large absorption of railroad bonds,
especially those of the higher grade.
This must undoubtedly be attributed
TO the pressure for rcinvestment OF
funds which have been realized by in
vestors who have sold Government
bonds at the high prices prevailing, the
banks buying them to use for security
and for circulation. II seems to escape
notice that this Is measure. an antici-
patory employment OF the extended cir
culation, since the capital OF the ma
tional banks. which has gone for the
payment OF these bonds. looks to bank
note issues for It's release and re-em-
ployment.
London was liberal buyer of stocks
In this market and considerable senti-
mental influence was exerted by the
large subscriptions reported to be made
In New York to the new British loan.
1t Is argued that those subscriptions
Indicate an abundance of capital and
they will represent also quickly con-
vertablc foreign credit upon which the
country can draw in case of need in the
money market.
Reports or railroad earnings for the
first week in March were encoura cling.
A good effect was produced also by the
statement of exports for February OF
agricultural products, the large in
crease In value of cotton exports for
the month giving it the record for Feb
ruary.
The bond market was active and
strong throughout. Sales were, par
value, $2,205, 900.
u. S. 3's coupon and new As register
cd declined x. do. coupon "a and old As
u in the bid price.
The total sales Of stocks to-day were
$4,000 shares.
New York, March Standard Oil,
526G5,29.