Norwich bulletin., 1910-03-22
FINANCIAL AND COMMERCIAL.
VERY DULL STOCK MARKET. Large Operative Forces Seem to Have
 Assumed Waiting Attitude.

New York, March 21.-The excessive dullness. into which the dealings in stocks fell today was ascribed to a waiting attitude on the part of the large operative forces. Various fac tors were assigned as the ground for this attitude, but it was noticeable that the clearing up Of some of them in the course of the day had little or ton.
 The adjournment of the supreme court over the spring holiday disposed of one of these factors. Last week pre- dictions were offered that the supreme court decision in the American TObac- coce case would be handed down to- day and would be in favor of the com pany. This rumOr was not without an influence in last weeks markets. It's failure of verification today seemed to throw the market into a state almost of suspended animation.
 The critical stage of a number of negotiations for labor settlements left a disposition to await the final out come in these cases. The coal mining prospect had some influence on the soft coal carriers, though a speculative movement has been evident in these stocks for some time past Chesapeake and Ohios acquisition of the Hooking Valley and the convertible bonds offer ed by Norfolk and Western are inSpir- ing causes for the movements in those stocks. The railroad group as a whole had the benefit of very cheerful views of the railroad traffic situation coming from officials in charge of those de- partments.
 The apprehension has been growing up that the money market may be subjected to a squeeze in connection with the April 1st settlements. Re- large and there are special demands to be met at the coming settlement The London stock market settlement happens to fall on the same date and fI1r10US going on in rubber and oil shares in that market makes very large ac- count to meet. In the New York mar ket new bond issues continue to ap- in hand promising definite extension of the needs of the money market. The rising rates for money were ac- companied today by a sharp advance in foreign exchange in consonance with the hardening of discounts in the London market. Bankers still dis cuss the likelihood of an outgo of gold in April from New York The sub scriptions to the New York city bond issue of $50,000,O00 in four and quar- ter per cents. were awaited for with absorbing interest throughout the financial district. Provision was made for payment of interest to foreign subscribers both in pounds and francs. It was felt that a striking success for the offering would give a marked inn petus to the whole investment de- mand, while on the other hand a low price might prejudice the chances of other financing. The lack of definite knowledge of the average price real ized kept the stock market in suspense to the last. The early decline in the older New York city bonds seemed a 'discouraEing presage for the new. The large number Of proposals, when an nounced before the. bids were exam ined. had a more cheering effect and helped to the firm tone maintained in the excessive dullness of the later stock market.
 Bonds were heavy, except for a few convertible issues for which the cor responding stocks were strong. Total sales, par value, $2,925,O00.
 United States bonds were unchang- ed on call.