Evening star., 1902-03-08
Stock Market Mainly in
Hands of Professionals,
SOME POOL BUYING
THE VOLUME OF BUSINESS WAS
RATHER RESTRICTED.
Colorado Southern Continued to Be IN
Favor-Common Stock Expected
to Pay Dividend.
Dispatch to The Evening Star.

Special Dispatch to The Evening Star.
NEW YORK. March S.-Trading In to-
days stock market was confined largely to
the professional element. and was conse-
Quently. or limited volume and Significance.
Fears OF an unfavorable bank statement
tended to check new business and inspired
proft-taking sales around the room. In a
few instances pools were active in their
specialties, but the efforts to arouse outside
interest fell very fiat.
There was good support in Northwestern
and Pennsylvania and the better known in
vestment issues although the buying In this
group had decided speculative flavor
Some developments in the nature of privi-
leges to shareholders are expected In the
case of Northwestern and it is not unlikely
that Pennsylvania will offer rights also In
connection with its tunnel plans in and
around New York city.
The lower priced speculative shares are
moved up by pools. which are composed of
interests confident that many almalgama-
tions are yet to be made throughout the
west. The buying Of Mexican National and
Mexican Central is based upon the outlook
for closer relations with standard proper
ties In the southwest. Colorado Southern
Is returning splendid earnings. and the
second preferred stock Is not far removed
from dividends IL certain inside plans are
carried out.
Fort Worth and Denver City, a line con-
trolled by Colorado Southern. has resumed
dividends on its stamped stock after a lapse
of three years, and there are good reasons
Tor believing that this stock will be able
to pay its full per cent from now on. Re-
cent buying around 40 has been credited
to strong interests who were In possession
or the facts concerning the roads improv-
ing prospects.
During the coming week the directors of
the southern railway should take action
upon the preferred dividend 1t Is expect
ed that the way will be found clear for the
disbursement of the full per cent.
The Iron and Steel shares and the higher
priced fndustrials were somewhat irregular
but the tone. on the whole. was decidedly
firm. Pullman Is again said to be on the
verge OF an extra disbursement in some
form. and the price Of the stock indicates
Its prospects without oyerstepping present
value.
The market hinges largely upon two fac
tors. namely. crop conditions and the course
OF the money market. AS to the former
1t Is too early to Judge and the latter be-
Wllders the layman because of its case In
the presence Of decreasing reserves and q
substantial efflux Of gold.
AT moderate rates money for all purposes
Is to be had. and loans during the present
week have been reduced S. OS9 600 As the
result Of the outward movement Of gold.
the specie holdings have been reduced ST.
1000. and legal tenders are reduced 81
OGS, 600. The loss in cash and the falling or
IN loans reduces the deposits by S11 S21 900
and curtails the surplus reserve $6,O17 OOO
or to total OF only $4OOO.0OO.
BANK statements are of little use as a
reflection Of actual conditions. since 1t Is
well known that they may be artificially
produced so as to accomplish almost any
purpose The greater Significance attaches
to the money rate, which Is quite as easy
as the banks and the bulk Of their clients
care to see 1t. and there is fear o.
strlngency.