The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1911-03-14
New York
Stock Market

group OF supreme Court decisions
which Wall street long has awaited
with some trepdation, upholding the
aconstitutionality OF the corporation tax
law, brought about merely brief de
cline on the Stock Exchange when /,
WAS announced to-day. Within few
minutes stocks bounded back to tho
best prices of the day. and later made
further Improvement, The news was
received 50 calmly that the market
wns barely aroused from the dullncss
OF the morning, and during the re-
mainder of the day trading was still
Quieter. Active stocks in most eases
closed With good fractional gains.
The action Of the market was re-
sarded as ndicative Of its present
called tho uneasincs.5 With which the
financial community received the corr
noration tax plan when il was pro
the induction OF the present admins
tration. At that time great emphasis
aTowed purpose Of scrutiniains tinan-
cial affairs of corporations more close
", IN conncction with the levy OF the
tan, When the governments ppwc, to
collect the tax was finally affirmed to-
day there were no such signs OF un-
easiness. The ,momcntary depression
% prices doubtless was tho result o
some hesitation rs TO how the news
would bo taken. as wcll as "a an at
tempt on the part Of the bear traders
to utilize the decision for their own
thai. the courts tinlins Ind induced
no iiguida,tion Of stocks By large hold
The SUNNY Of noating stocks the
eagerness of bear traders to cover. and
the knowledge that the largest hold
ings We're in strong hands. combined
10 prevent substantial losses United
Statcs steel fell a ppint. Union Pacific
~ and other stocks lesser amounts
during the temporary setback
centred largely about .>tchison. Il
was strong Al the opening, when the
tone Of tho market was rather heavy,
and attracted support OF bull traders,
wis. quickly advanced it point. Other
stocks improved with il, and the mar
of the session. except for the brief dip
noted. At the end OF the day Atchison.
heading; Union Pacific, Southern Pa
had gained a point or more. with
somewhat lesser gains predominating
elsewhere Minneapolis. and st. Louis
selling at nearly 20 points below the
last transaction prior to to-day. which
was In November.
companies was reported to-day to have
made further reduction in the price
q It's nigh grade orc, a step which
ment in that industry. Western rail
roads reported a shrinkagc IN Ion.
mage ioli last week To point in most
cases somewhat below las, years ig-
ires.
kates for time money showed still
lucther ease to-day. ana the market
for prime mercantile paper was easier
In tone. The unusual financial strength
OF tho West, as reelected in heavy de-
posts and ease of money there doubt
less has its bearing upon the continued
low rat at this centre ut (; time when
demands from the interior for crop
requirements usually become heavy
Trading in Wabash, Pittsburg Ter
ninal bonds again was the point OF in
terest in the bond market sales of
these issues making M about n third
Of the total. The recent activity in
these securities IS believed to fore
shadow an end TO the litigation In
which the company has been involved
The general bond market WAS irrcs-
mar. Total sales. par value, S3.0Ol 900
United states bonds were unchanged
OH call. afI'-' :.
,ro "a sales Of stocks to-day were
New York, March Money on cal,
steady: l-iM2 l-2 per cent: ruling
rate, 3-S closing bid. ii: offered
e Is. Time loans Very dull: sixty
DAYS. 2 l-2m9 "a per cent; ninety
DAYS. S-4M3: SIX months. 2l1-4M3 10
Prime mercantile paper. AM4 - Der
cent, Sterling exchange steady. with
actual business III bankers bills 1T
s4.S3s5W Si,S390 for siSty-dav bills. and
Az s4S6l5 for demand. Commercial
II bills. Si.S3GiSiS3 IL. bar silver
H5', ] IS. Mexican dollars Ar