New-York tribune., 1910-03-23
FINANCIAL MARKET
fOST STOCKS HIGHER.
European Bayers Take Fair
Blocks Of Oar Railroad Bonds.

Trading in stocks was light in vol
ume and made up almost entirely Of
the operations Of the professional ele-
ment. with price movements until the
last half hour If business in tho direc-
tion OF higher levels. Gains. however.
as compared with the closing ~ the
preceding day were unimportanl I'm the
larger number 81 issues. the best
strength being recorded by the Inter
borough Metropolitan shares. Union
Pacific. Reading and Panhandle. the
last named enjoying a maximum ad-
vance of more than two points on buying
based on the theory that the dividend
would be increased AT the next divi-
dend period. The earnings Of the com
pany have been heavy in the last twelve
months. and i'm view of the fact that
the outlook faVors further improve
ment i'm transportation receipts in the
rest of the year. while il appears 10 he
the policy Of the Pennsylvania Rail-
road 10 increase the dividends on the
stocks Of its subsidiary companies.
doubtless with the idea of raising its
own rate Al no remote period. il is not
unlikely that a further advance in the
Panhandle dividend viii be made in
the current year In February 2l2 per
cent semi-annual was paid. against =
Per cent at the last preceding dividend
period The preferred stock pays > per
cent. and the recent placing of the
common on the same basis entities the
preferred 10 share pro rata with the
common.
Extreme duiness prevailed in all parts
Of the list Ia the afternoon. and I'm
spite Of efforts by traders L. insect life
into the dealings 10y taking up one spe-
cialty after another there vas abso-
lgIely no response from commission
houses and no indication that the gen
eral strength IA the market in the last
tro DAYS mad made speculation sttrac-
tire - the so-caIled public. The course
Of business supplied a good argument
for ;Ae members OF the exchange who
believe that the governors should de-
clare iWO-day holiday at the close Of
the week. The new city "a per cent
bonds - hen issued" were quite active
on the stock Exchange. and bankers
appeared - lie satisfied that they would
eA peT.encc 30 difficulty in finding good
public ira~h,t 10: th.:v aloiments =
was estimated that between SiOtrftSs
aud Sl5~yJ000 Uouid lie taken - for
.iGne-s.
After all cary ad,a-ce foreign ex-
change rates declined under the irau-
ence - offerings bs foreign banking
ho1seE. ~ eou5tlcss had ~ mind tie
probability % ioHe- rates as con
seqaeaoe %: drawing against European
Partioipation in t;.o local municipal bond
sale. 2, v.n re9u.r. ,aTser ainJunt of
exchange than is How is SIGHT. however.
10 Keep sterling rates a. loNer l.yels for
any length 81 'l-e. The demand Cor
money VAS inactive. - Far as Stock lcx-
change borrowing VAS concerned. but q
fair !nQLiry iron. EI.r,aEtile quarters
was reported Discounts ia London
Uer, STRONG aal British ,ousols declined
10 th. lowest price ~ the year H. ;he
fnal' dealings here traders sold stocks
and pri-es iost "a LARGE !'art al tlei-
early i-nrro"cmcEt. with ,he on.i:c ad-
yaure Wiucl 90, IN some issue. Local
bankers disposed 4 a moderate aaneeut
- Tli.~oad bonds to foreign baycrs