New-York tribune., 1910-03-09
FINANCIAL MARKET
\. Y. CENTR4L 4CTITE.
Ne5c City Bonds Likely TO BE
HcariIy Oucrsubscribed.

Stock market trading was active
throughout the five hours of business on
a movement of prices that showed great
irregularity, with more net gains than
losses at the close A well sustained
demand was reported, but realizing safes
were heavy enough to prevent important
advances, except in a few issues, notably
St. Paul and New York Central, winch
were bought by a good class of traders
while they also were taken for invest
ment account. Both stocks are IN d
strong technical position. and the tact
that they have been accumulated in re-
cent weeks by substantial interests. who
apparently have no intention of reducing
their lines at current prices. encourages
an excellent sort of speculative buying
the same thing also being true OF United
States Steel and the Hill shares. Ell
forts by bear operators to bring ABOUT
lower quotations met with little response
from spectators long of the market, the
latter showing no disposition to liquidate
their accounts. save in instances where
large profits had accumulated while on
the few substantial declines recorded the
character of buying offered no comfort
to the traders who predicted that the
tail end of the bull movement was In
sight
United States Steel common, Reading
and Union Pacific again were the lead
ing active features, though transactions
as A rule were much better distributed
than on any day in recent weeks. with
j. g ,-,4av oct
as Erie common and first preferred, the
Interborough- Metropolitan shares, Cen
eral Electric. American Car and Foun-
dry and Utah Copper Now that the
Utah Copper Company is in control Of
the Nevada Consolidated, conditions will
favor better market quotation for the
Utah shares, which represent a concern
that can make profit with copper under
10 cents a pound. The metal is now on
a basis of 13a4 cents. and all indications
point TO level above II cents in the
course of the next month The govern
ment's report of farm reserves. received
Yesterday. furnishes no good argument
for the maintenance Of the price of
wheat at the present high level. The
amount of wheat in farmers hands on
March / was 173 3334 900 bushels. against
143 G92 600 bushels at the same time last
wear. while the farmers also held on
March / more corn and oats than they
did d year ago. In spite of these figures,
speculators in the cereal markets marked
quotations W on the appearance Of the
official report, on the silly argument that
the reserves We're not so large as had
been expected. The price Of wheat here
is not justified by actual conditions.
especially as Russia and Argentina are
filing the demands Of the export mar
ket
There is every reason 10 believe that
the new city bonds. which are to bear
"a per cent interest. viii he heavily
oVersu bscribed by Wall Street banking
houses. In the present state of the bond
market a 4 per cent issue would not be
favorably received in spite of the high
credit of this municipality, and the ac-
tion Of the Board Of Estimate in fixing
the rate above per cent reflects the
business intelligence of the men in
charge at the City Hall and deternina-
tion on their part 10 adjust city financ-
ing TO conditions prevailing In the finan-
cial markets. While the general bond
market shows Improvement in the de-
mand from investors ii is not yet in a
position satisfactory TO dealers i'm mort
gage issues, but the attitude OF foreign
capital toward new American issues. as
indicated by the active inquiry abroad
for recent offerings, suggests a material
expansion in operations in this sort of
investments in the course OF the next
few months. and encourages the expecta-
tion that large amount of gilt edged
securities will come upon the market be-
fore the close of the fiscal year The de-
mand for money from the corporations
TO finance requirements born Of growing
industrial activity and Increased popula-
tion viii be an important factor in the