New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1901-03-12
THE DAYS OPERATIONS IN STOCKS.


Stock market trading did not reach an enor-
nous volume Of business. bat it reflected
steady demand for securities from a good class
Of buyers. II is quite evident that the financial
powers engaged in vast railway and Industrial
projects do not intend to permit disturbance
in the money market or in stocks. The ordinary
public trader may not be inclined to buy at the
current level, but indications do not point 10
better bargains while most Wall Street signs
appear TO foreshadow higher prices. Condi-
tions outside the Stock Exchange are not likely
10 favor the bear element for a long time 10
some Indeed, Il looks as If this element would
have little excuse for living until technical mar
ket conditions begin to work toward lower quo
tatons Traders who sell short at this period
do so for quick turns and small profits and
apparently only the most scientific spectators
are able TO succeed in this kind Of operations.
The market does not exhibit the enthusiasm
among public traders or the wide distribution
Of business that marked the record breaking
speculation of January. but il reflects conserva-
tive buying and support from the leading finan-
cial interests IN the country.
The decline in bank reserves as shown by
Saturdays bank statement caused no change
in yesterdays money rates. Money market con-
ditions are better now than they were in De-
cember, when stock speculation was so active,
a
out injury to the speculative situation. Authori-
ties on the money market look for disturb
ance at this centre. Commission houses are well
supplied with funds, while their customers ac-
counts are amply margined for possible unfa-
vora bic developments Throughout the period Of
bull speculation brokers have had no trouble
with customers accounts. as margins have been
large and profits enormous. In Yesterdays
market the lightly margined traders were not
in evidence. Substantial operators bought the
Erie issues and other hard coal shares. Norfolk
and Western. Chesapeake and Ohio Alton
cUrities Wabash preferred. Hooking Valley and
the standard investment stocks. In the indus
trial list American Car and Foundry common
and preferred were again active features, while
the Steel shares We're not heavily dealt in. The
demand for Car and Foundry common is based
upon the company's earnings and the actual
value Of the security as an investment. The
PIcIelt "a - /" pef cent issue anu according 10
competent judges, its price viii sell materially
higher The company is building a plant in
Detroit at q cost Of S1000Ou9 for steel cars and
beginning in June il VIII be able TO turn out
forty cars q day. The expense Of this additional
plant is provided for,entirey from earnings.
FOOL buying was noted in many issues yes
terday- II may be well TO bear in mind that
pool buying generally means that rich men
are interested in speculation. Stock market
pools are not composed Of small traders Pools
sell out TO small traders however, and that is
The only connection that the small trader has
with The poo, Prices advanced in the greater
part Of the day, and al the close many sub
stantial gains were recorded. For he first time
ms year burlington sold above st. Paul, the
price Of Burlington closing at 1J0s4, against
1852 for St. Paul. Inside buying Of the local
traction shares was reported. The Reading is
sues. Delaware and Hudson. Delaware, Lacka-
wanna and Western. Erie first preferred, Amer-
can Smelling. Great Northern preferred and
Missouri Pacific made conspicuous advances.
The Southwestern issues We're all active. and a
good demand was reported for Mexican Rail
road shares. Profit taking in the last hour left
hnal prices under the best Of the day