The age-herald., 1901-03-04
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.

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 intellgabie ex- planation can be offered of the fact that the known movements of money showed loss of over g, 900, 900 for the week, while the bank statement disclosed an actual increase in cash reserve of over mill lion 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 a decline in urplus reserves would De reported, the publication of the statement brought a demand from this source 10 cover short contracts. Prices ran on 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 higher on small transactions; Tin Plate prefer red showing the largest advance, Wlth a rise of 21t The Steel and Wire stocks were exceptions and are slightly lower The bituminous tdewater carriers con tinued in some demand, the Baltimore and Ohio stocks being marked up 2ss ana 2L. respectively, for the common and pre- ferred Sugar was inclined to be neaVg' but recovered the worst of It's loss, mere were advances in some Of the less iinpot ane stocks here ant ,there in the ilst ana some strength ini individual railroad stocks on reports of good earnings
 Events of the week in the stock mar ket hinged on the consolidation or the steel companies. The stock market worio has not concerned itself much with the larger bearings of this vast project as to the ultimate effects on the Iron traoe oi the world. the increase in efficiency or control and direction, maintenance Of stable conditions and such likely prob lems Operators in stocks have been ai- most wholly taken up with the question of relative values of the different steel stocks, measured by their allotted rights to participate in the securities or the new corporations by exchange.
 The disposition of speculative holders to Tighten their loads may be traced to 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- tion This has the effect of causing what the professional operators call tired market General conditions are reported. Railroad earrings continue large and traffic heavy. The St. Paul's stock priv ilege and the resulting strength of that 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 cifc and some of the southwestern rail- roads, and those affected by recent con- solicitations or changes of control. Uni ted States refunding 2s regular advanced M: United States 2s coupon &. and the 3s new As and 5s A per cent over the closing call of last week.
 New York Stock Market.
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