Norwich bulletin., 1910-03-15
FINANCIAL AND COMMERCIAL,
GENERAL MARKET NARROW. Professionals Unable to Affect Much Price Moysment.

New York, March 14.-The tighten ing of the worlds credit facilities Is the tion. and that factor underlay the con- | straint on the days stock market in New York, although more superficial I influences also played 8 part.
 | Here in New York the banks are be- ing drawn upon to supply requirements | of the interior for currency with the opening of the spring planting period, 1 as was shown by the cash loans in the Saturday bank statement Customs collections continue large on account of the sustained heavy import move 1ne1lt Of merchandise, so that the sub treasury has already taken $1,623, ,000 from the banks in the present banking week. This morning brought fresh of feTings of bonds by bankers who had made purchases of new issues from the railroads with additional employment of banking funds implied in these op- erations. Notwithstanding the pur- chase of parts of these new bond issues bv foreigners, demand for ren1ittances abroad are sufficient to have turned rates of foreign exchange upwards again All of the exchanges today, in fact, turned in favor of London in re- sponse to the rising discounts there and the expectation that the Bank of England rate will be advanced this week. The financial requirements of the British government, the animated speculation in rubber mining and oil shares in the London market, and the expanding trade activity in India com bine to raise money rates in London. The Bank of England had to raise it's bid to secure the supply of gold in the open market in London today. Dis counts advanced also in Berlin. Time money rates are rising in New York and the banks are less eager bidders for mercantile paper at recently pre- vafling rates. A 25 point rise in the price of shares 1n the second in size and importance of the New York na- tional banks was an incident of the day from which the expectation of more profitable business for banks might be argued.
 The professional traders fin stocks were not able to effect much move ment in prices. The recurrence of de- cision day in the supreme court was cited as the oppressive influence dur ing the morning: There was little irn- provenent in that prospect after it be- came known that no decision would be handed down in the American Tobac- co case. Apprehension of an unfav- Orable decision had been neutralized by the strong advance in American To- bacco securities. The yearly report of that company, published last week and showing earnings of upwards of 50 per cent on the outstanding com mon stock furnished it's own explana- stock
 One reason given for supporting United States Steel was the deduction tomorrow of the dividend from the price of the stock, amounting to S-4 per cent, with the regular and the ex- tra dividend last declared. The nar- rowness of the general market is illus trated by the fact that the extreme f1uctuation in the price of that stock was less than a point
 Strength in Chesapeake and Ohio Hacking Valley, and Kanawha and Michigan securities was taken as cor roborative of reports of the combina- ton of these properties.
 Bonds were irregular. Total sales,
 
 twos and fours registered declined 1-S per cent. on call.