The sun. [volume] (New York [N.Y.]) 1833-1916, 1910-03-20

In very dun market m which che trad
lnE was confined almost entirely 70 the
professionals ssocka we're weak yesterday.
There Was no news which could b con-
sidsred responsible for the decline. Ths
advances on Thursday and Friday wore
prompted not by Important news develop
psnas hue BY the purely speculative OpoFA-
tons Of coanPmed tEndera. Yesterday The
long account Was Ovorsxtended 20 about
the same extent that the short account
was Overextondsd IN the middle OF the
weed. and IN the retirement Of commitments
IN anticipation % the holiday is val the
long side % the market that sustained
Losses.
Hockiag Valley common advanosd six
points 20 40 and the preferred declined
point 10 oeH. The advance IN the com
mon has been spectaculAF since 10 became
kn0wn that nsaotia tiona for the aalo Of the
road 20 Chesapeake and Ohio we're under
way. Tho stock sod az io7 early IN tho
year and EAinsd 10 points sst week.
The stock OF no other railroad that n con-
40 GTeatly affected.
The expectation is general that the city
bond salo tomorrow viii be successful.
but u appears from the course OF the curb
market that the bids for the new bonds
WI hot DC ~ uAhu a. was rorNmuN pte-
dictsd. The bonds when and a. issued
were very active on the curb yesterday.
s57i 900 Of them changing hands Early
In the week the bonds aold at i07 Yester-
day they sold down 10 and closed at I0iH
One Of the reasons FOR the decline. u was
reported. was that the foreign demand for
American bonds had fallen OF considerably.
20 that not a. many Of the new city bonds
would be- placed abroad a. was expected
when the issue was announced
Ishigh valley stock sold OF In the Phila-
delDhta market Trading In this stock In
tho Wall Street 0ffices has been much more
active than In any other security on the
Philadelphia board and the decline was
largely due no doubt to profit taking by
spectators in the Wall street houses
Though the stock has never heen traded
In on the New York exchange there IL
Gently been moro widely tipped and Adver-
tised
There was . sharp contrast between the
two forms Of the bank statement The
statement Of average conditions showed
q decrease % ssS7 900 In the surplus and .
contraction Of 81. SIS. Oo0 in the loan account.
while In the statement OF sctual conditions
the surplus increased o. 20. Oa0 and loans
contracted 81. OsI no. The statement Of
actual conditions placed the surplus at
o. .9'o. oOO. which IL about double that re-
ported az the end Of the previous week.
although o. ZOO 900 below that In the cor
responding week last year More than Ordi-
nary interest was tsken IN the statement
because the money situa tion has developed
an Importance In tho past week second
only TO that OF the litigation in the American
Tobacco and Standard oil cases
The criticism VAS made that the sur
plus Of about snS. O0O 900 as reported In
the bank statement OF actral conditions
VAS none too large in view Of the near
approach OF the city bond sale and the
Circumstance thar some Of the information
banking houses had been putting them
selves IN cash IN preparation for purchases
of the bOnds One of the big tnieTns ttOnAl
banking houses witch has participated
less than IL its custom IN recent bond sales
has been the greatest lender OF money at
call on the stock Exchange IN the past
week lts offerings OF call money were
largely Instrumental In producing q chsap
call money rate. While the rates for time
money were continually hardening