The times. [volume] (Richmond, Va.) 1890-1903, 1901-03-02
RELAX PRESSURE
ON STEEL STOCKS.
They Scored Recoveries and Helped
Tone of the Whole Market.
MONEY CONTINUES TO BE EASY.
In Spite OF Late Upward Movement in South.
crn Railway Stock The Closing Was Barely
Stcady-Bond Market Was Modcr.
utcly Active and Irregular.
lBy Associa,cd rrcss.l

NEW YORK, Marcl, Pressure was
relaxed against The steel stocks in to-
days market. and they scored unequal
rccovcries. Probably this had much to
co with the better tone of the stock mar
i<ci as anything that could be cited Ma
Ionai Tube WAS most affected, with a
rally Of 81. and Steel and Wire is about
points higher. other members of the
group gained between ] and = points.
There was II marked decline in specua-
tive interest in this department of the
stock market incident to the completion
OF the process OF adjustment of prices TO
the conditions disclosed carly in the week
OF the steel merger.
Until THIS condition in the steel stocks
lao been fairly disclosed there was more
or less hcaYincsS i'll the general market.
The realizing in St Paul on the stock
privileges carried il dowh point, but
Il WAS well supported at that level and
later scored II fun recovery After the
Turn in the market had set in there were
large buying movements developed in n
number OF individual stocks or allied
groups of stocks. This was most notable
amongst the Gould Southwesterns, in
Guiding Missouri Pacific. the st. Louis
SouthweSterns. the Missouri. Kansas and
Texas stocks and the NNabashes. The cx-
1rcnic advances here ran from ] to 23,.
the latter III Missouri Pacific and pig in
st. Louis Southwestern preferred. This
move was apparently based ON the large
earnings which are being reported by the
railroads in that region. There seems TO
he u lingering belief also among the
traders in old TumorS OF Il southwestern
combination.
There was another pronounced move
mont Ill the roads which carry btuminouS
coal TO tidewater. Pennsylvania, the Bal
1imora and Ohio stocks Chesapeake and
Ohio and Norfolk and Western were all
largely bought. and Were sharply lifted
by this demand. II WIS supposed in the
board-room to be for account of Penn
sy1rania Railroad interests in extension
of the holdings of that company in those
roads. Burlington. Rock Island and the
Chicago Great Western stocks enjoyed
period of strength. and the gas group in
Guiding Peoples. Consolidated and Brook
lyn MON. We're advanced in concert
There WAS active demand for Sugar all
day at an extreme advance OF Al. There
We're. in addition. good gains made by q
number of stocks not usually prominent
in the trading. such as tiie American Lin
seed Oil stocks, International Power the
Cleveland. Lorraine and Wheeling stocks,
the Toledo ST. Louis and Western stocks.
Evansville and I'erre liaute, Chicago Ter
1ninal Transfer stocks and Texas Land
and Trust, in which the aGanccS ranged
from ] to 4 points. The general market
remained quite apatheGc. ana moved only
sSiuGsiShly upward. In spite OF The late
upward movement in southern railway
stocks on a large demand. the closing. was
barely steady
The continued ease of the money mar
:ict detractS from amy apprehension over
io-morToW's bank statement, which is cX-
i)cated to show decline in cash reserve.
owing to the absorption OF over 81, 100000
by the Sub-Treasury this week. Money
still moves toward New York from the
interior although New York exchange at
Chicago has declined steadily TO 30 cents
discount The London money market re-
Taxed to-day with The release of funds
lied up by nonsh-end requirements and
sterling exchange here eaSed off in
response.
The bond market was moderately ac-
tive and irregular Total sales, par value,
S2.313,o10. United States refunding rs,