Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-03-17
REVIEW OF MARKETS
FINANCIAL and COMMERCIAL
Stocks, Money, Exchange. Bonds. Grain.
Cotton, Provisions. Etc.

n New YORK. March l6.--WhateTer sig
nificance attached to to-days stock
market was of negative character.
Trading in the aggregate was on d
small scale, and even at that was con-
Sested in q few of the specialties. Third
Avenue continued to absorb n large
share of attention, and was the only
stock OIL the list With any considerable
range In the price fluctuation. After
an early decline this stock moved up
ward over five points and closed with
net gain of 2E. Sugar was active.
but showed Il comparatively narrow
range, and ended the day with small
net gain. Peoples Gas more than re-
trieved an early decline, and Pacific
Mail was notably weak. Otherwise
the dealings were small, prime iluctu-
! atoms narrow and the list OF stocks
& dealt in n short one.
That the general tone was firm was
probably due to the fact that the bear
traders bought stocks to cover short
( contracts. There was no evidence OF
any outside speculative demand but
there was some investment buying
here and there on small scale. Prob
ably the bears were induced to cover by
the prospect that to-morroW'S bank
statement may fall slightly short OF be-
ing as weak as was feared. The New
York sub-treasury made n small contri-
button to-day to the cash resources of
the banks on the routine transactions
between them. This is the first time
this has happened in over three weeks.
and brings down the losses by the
banks for the week on sub-treasury OPP
erations to S4,307000, compared with
$4,000, 600 last week. To-days gain by
the banks is due to- the disbursement of
pensions. On the currency movement
by express TO the interior net loss by
the banks is indicated of only about
$3.50, 900, compared with $1,000, 600. With
out allowing for the movement by reg
istered mail, the loss of the banks on
all accounts is therefore only n little
over S5,000,000, compared with nearly
10000, 600 last-week. The changes In
the loan account are largely guesswork.
Some of the banks called loans during
the week, but on the other hand the
borrowing OF money to buy Govern
ment bonds continued. The hardening
+ of New York exchange at Chicago is
said to be due to the transfer of funds
to liquidate loans contracted by West
ern banks for buying Government
bonds in New York These doubtful ell
ements in the outlook somewhat modi
fed the conviction Of professional trad
ers that the surplus reserves of the
banks are certain to be wiped out to-
morrow.
Money on call was in good supply for
most of the day Mt from to Az per
cent, and the late furry was accom-
panied by rather palpable manipulation,
the rate quickly yielding under the of
ferlngs brought out. But whatever
may remain of the surplus, 1t Is certain
to be small The impression is general.
however, that to-morrow's statement
will show the low-water mark for re-
serves, and that the factors of replen-
ishment will begin to show effect next
week.
Bonds were relatively more active
than stocks, some or the dormant high
grade issues being dealt in at advance
Ing prices. AT other points prices
yielded. Total sales, par value, $2,O1o.-
600.
u. S. old As declined q and the as
and 5's " per cent. in the bid price.
The total sales OF stocks to-day were
212.200 shares.
Y New York. March 1G.-Standard OIL,
5,S6G5,40.