New-York tribune., 1910-03-22
FINANCIAL MARKET
MONEY RATES FIRM.
Stocks SOmesckat Higher. scith
Norfolk s Western Feature.

stock market trading was light IN VOL
ume on an irregular movement Of prices
which showed decided strength AZ times
IN few issues and net gains IN the
larger number OF securities az the close.
Following the announcement from Wash
ington that the Supreme Court had ad-
Journed until April without handing
down decision in the American To-
bacco case prices were marked up
throughout the list and a certain degree
of activity developed, but the spurt was
of short duration and failed 20 attract
any outside buying. the general market
soon moving back 20 a position that dis
closed no important business, with a
tendency on the part OF the standard
shares 20 sag. Fair strength was shown
IN some Of the specialties, the advance
IN them. however, failing 20 stimulate
speculative buy ing Of any consequence.
The best advance Of the day among the
prominent stocks was recorded by Nor
folk & Western. "a hich was bought on
the popular theory that the Pennsylvania
interests in the road are I'm favor Of big
ger dividend distributions.
Prevailing conditions In the bond
market and the money market were re-
hected in the prices offered by various
bidders for The new municipal loan. the
subscriptions 10 which were opened yes
torday. The larger number Of bids were
on "A basis II about 4.20 per cent, against
S.9S per cent for the IS sold last De
opinion that in view - factors govern
ing the market the city had done ex-
ceedingly Well a AZ per cent New
York city bond is an excellent invest
ment in the neighborhood Of par. and
the fact that bankers have not made
fancy bids Tor the current issue IN no
way indicates weakened city credit. The
general bond market Was relatively more
active than the stock market. Norfolk &
Western convertible 4s being heavily
dealt in. Stocks closed without anima-
ton, and as rule prices were under the
best Of the day.
In spite Of the favorable showing
made 10y the banks in Saturdays state
meut of actual conditions. there was no
relaxation from the hrmer tendency Of
loan quotations that developed last week
and little confidence in financial circles
in The idea u easter figures In the i'm
mediate future. Bankers are not anxious
10 lend large sums on Time maturities at
prevailing levels. and in view of tho va
rious uncertainties IN the current situa-
tiOn the larger number Of lending insti-
tutions arc conhning their loans in large
part 10 ths call department Of the mar
ket. The improvement in bank holdings
last week has not been explained by
known factors governing the course Of
money, but explanation of the gain IN
reserves and the heavy contraction IN
loans in spite of conditions that appar-
entity pointed 10 an unfayOrable exhibit
doubtless viii be found IN coming devel-
opments. Sterling exchange advanced
Saturday and made "a further gain yes
terday. the inquiry Tor cables being par
ticularly active ard rejecting perhaps
subscriptions here Tor the British Ex-
chequer bonds. which were heavily over
subscribed ia London yesterday. can
money az the latter centre was I'm strong
demand aud discounts were hrm. closing
within 4 of per cent az the Eank Of
Eng,ands rate.