The daily morning journal and courier., 1901-03-02
THE STOCK M 4 RK EI.
Pressure Against the steel Stocks Re-
 layed

New York, March 1.-Pressure was relaxed against the steel stocks in to-
 days market and they scored unequal
 recoveries. Probably this had as much
 to do with the better tone of the stock
 market as anything that could be cited. | National Tube was the most affected,
 with a rally of 3la, and Steel and Wire l is about points higher. Other mem ! bers of the group gained between l and { 9 points. There was marked decline
 in speculative interest in this depart
 ment, incident to the completion of the i process of adjustment of prices to the
 conditions disclosed early in the week
 of the steel merger. The realizing in
 St. Paul on the stock privileges carried 1 it down d point But 1t was well sup ported at that level, and later scored a full recovery. After the turn in the
 market had set in larger buying move ments developed in a number of indi- vidual stocks or rallied groups of stocks. This was most notable among
 the oGuld southwesterns, the Missouri, Kansas and Texas stocks and the Wa
 bashes. The extreme advances here ran
 from to 2A, the latter in Missouri Pa
 clfc and 2la in St Louis Southwestern
 pref. This movement was apparently
 based on the large earnings which are
 being reported by the railroads in that
 region. There seems to be lingering
 belief also among traders in old rumors of a southwestern combination There Yntbar Ia, the roads which carry bituminous coal to tidewater. Pennsylvania, the Balti- more and Ohio stocks, Chesapeake and Ohio and Norfolk and Western were all largely bought and were sharply lifted by this demand. It was supposed in the board room to be for account of Pennsylvania railroad interests, in ex- tension of the holdings of that company iii those roads. Burlington, Rock Is- land and the Chicago Great Western stocks enjoyed period of strength, and the gas group, including Peoples Con solidated and Brooklyn Union were ad- vanced in concert. There was active demand for Sugar all day at an extreme advance of A There was in addition good gains made in a number of stocks not usually prominent in the trading such as the American Linseed OH stocks, International Power, the Cleve- land, Lorain and Wheeling stocks the Toledo, St, Louis and Western stocks, Evansville and Terre Haute. the Chica go Terminal Transfer stocks and Texas Land Trust, in which the advances ranged from ] to 4 points Notwith- standing the advantage of this very considerable show of strength in special stocks, the condition of the general market remained quite apathetic and moved only sluggishly upward in sym pathy with the general market In spite of the late upward movement in Southern railway stocks on a large de mana, the closing was barely steady. The continued ease of the money mark ct detracts from any apprehension over to-morrow's bank statement which is l to show a decline in cash re- serves, owing to the absorption of over S3, 000o0 by the sub-treasury this week. | Money still moves toward New York 1 from the interior although New York exchange at Chicago has declined stead fly to 30 cents discount. The London money market relaxed to-day with the 'elease of funds tied up by month-end requirements, and sterling exchange 1ere eased off in response. The bond market was moderately active and ir 'egular. Total sales par value, s3,315,- JOG
 United States refunding 2s coupon nd- fanced 1s per cent. on the last call.
 NEW YOEK STOCK MARKBy