The age-herald., 1901-03-03
STOCK EXCHANGE
 WAS FEATURELESS The Dealings Were of an Un-
 important Nature MONEY SHOWED BIG LOSS Steel Stocks Were Generally Higher On Small Transactions, Tin Plate Preferred Showing the Great
 est Advance-Historic Week.
MONEY SHOWED BIG LOSS

New York, March 2.-Dealings were rather unimportant in the stock market today. neither the volume of transactions nor the range of prices offering any strik- ing features. The bank statement bore out the index of the money market dur Ing the past week, rather than the indi- cated cash changes. No intelligable eX- planation can be offered of the fact that the known movements of money showed loss of over g, ,OO0, GOO for the week, while the bank statement disclosed an actual increase in cash reserve of over a mill Hon dollars. The system of reckoning the various items by the daily averages is usually accepted for explanation of all such vagaries.
 The moderate loan expansion can hardly be attributed to any of the great flnan- cial transactions whose effects have been most feared, especially the steel merger As there was some selling of stocks by traders yesterday on the suppoition that . decline in urplus reserves would be reported, the publication of the statement brought demand from this source to cover short contracts. Prices ran off again in some cases and the closing was irregu- lar in tone as the trading had been throughout the shore session. Net chang es are mixed. The days market served to corroborate the view that trading has been relegated largely to the hands or board room traders.
 The steel stocks were generally h1gher on small transactions; Tin Plate preieI- red showing the largest advance, with a rise of 21h. The Steel and Wire stocks were exceptions and are slightly lower, The btuminous tidewater carriers con- tinued in some demand, the Baltimore and Ohio stocks being marked up 29s ana 27A, respectively, for the common and pre- ferred Sugar was inclined to be heavy, but recovered the worst of it's loss 1here were advances in some of the less import ane stocks here and there in the list and some strength In individual railroad stocks on reports of good earnings.
 Events of the week in the stock mar ket hinged on the consolidation of the steel companies The stock market world has not concerned itself much with the larger bearings of this vast project as to the ultimate effects on the iron trade or the world the increase in efficiency or control and direction, maintenance or stable conditions and such likely prop lems Operators in stocks have been al most wholly taken up with the question of relative values or the ulleiehe 'tSSi stocks, measured by their allotted rights to participate in the securities Of the new corporations by exchange.
 The disposition of speculative holders to Tighten their loads may be traced 10 these influences. It Is of no small con- sequence either that many of the men of great means, who have been foremost in the operations which made the recent unprecedented stock market. have left the street for vacations of various dura- ton. This has the effect of causing what the professional operators call tired market General conditions are reported Railroad earnings continue large and traffic heavy. The St. Paurs stock priv ilege and the resulting strength of thax stock were the ground of an active spec ulation. Several of the industrial special ties had sharp movements, due to differ ent causes. but generally speaking the stock market has been left more and more to the hands of the professionals, who operate from day to day in stocks without regard to general conditions
 There has been a good demand for rail- road bonds, especially for Southern Pa cific and some of the southwestern rail- roads, and those affected by recent con- solidations or changes of control. Uni ted States refunding 2s regular advanced 5s; United States 2s coupon $, and the 3s new 4s and 5s. A per cent over the closing call of last week.
 New York Stock Market.