Show PRICES BETTER BET TER AT THE OPENING But Jut the Tide Tic Soon Set the Other 5 5 Way Vay I I AFFECTED BY JAP LOAN LOIN CLOSE WAS IRREGULAR AND ANDS S RATHER DULL New York ok March lurch 3 Prices moved up upwards wards war again today to uy on oil the stock exchange l and ana the advance was lIS not able to hold in view of Uie downward swing which has hits been in since the first of the week Tile Tie average level leel at the low point yesterday was not lower titan than before the recovery very set in last 1st week treek w k Such Sueh re rc renewed resistance at a similar price level has hils great significance ascribed H to it as a demonstration of a fixed level where re resistance rc I Istance becomes b o cs effective If a down downward own ward rard movement breaks through the level of or 0 a decline made shortly be I fore tOrt it involves tl the e impairment nt of mar mur margins margins I gins and the uncovering of ot or ders in i 1 t addition to those which were reached raChed on the immediately preceding de tic decline cline dine and la is I therefore likely to be sharply extended With the power of resistance developed d anew the professional j PartY arly of reaction is It 1 to conclude that their efforts at depression depres lon have IUIe been bell defeated and to de desist desist deslat slat The he recovery did nut not extend very vcr far fur at first and un tint the animation diet died out I ot of the market to a marked degree The flue speculative demand was restrained by b the I immediate I outlook In the money market which is such lIch It as us to threaten convenience to borrowers unduly extended ed and de do dependent I pendent n call en loans The immediate imm Influence on the cail call money market was the of subscriptions for the fa 75 installment of the Japanese Javanese loan Joan Whatever precautions may maJ be taken to avoid disturbance in the tho of sub subscriptions subscrIptions it is 19 obvious that with the books held open oJen for several days dus there will be bo a necessary tying up of funds temporarily the subscription requiring a deposit to tu be held until the awards are made It was vas as believed b III in the banking world that at least h or woud thus be involved The Thc call caIl loan market today showed showell the effect of this preparation in itt tile the th 4 I per percent percent er cent rate at ut which money loaned even ven early arb in the day da It H is reported ted that largo large subscriptions are being offered d here for tbs tHa loan for European account and the transfers f rs of credit In anticipation may help to explain the recent r cent large larg de tie decline decline I cline in the exchange market here Peace Pence rumors were ere a Ct L decided e influence nce in lii the worlds securities market mark t and Lon I don JOIl was a a buyer here hec as a a reflection of served tItle this influence to cheek check k the t The advance same in Influences the n ex ox I change market The question Is can sed whether wh ther the subscriptions to the Japanese loan will involve tho the with of irold rold on the demand f of the th uiese e c The successful London stork stock exchange settlement was an additional Incentive to buying for London Th The c Canadian Pacific made an un other strong demonstration although the only news new bearing on Vt them was the very er favorable statement nt of net earnings for February by b the parent from tin the coal eoal trade indicated I large orders placed for fOI anthracite at the tile I reduced prices to go g into liuto force in lit April owing it was said to the desire lre to venire Pure ample reserves N against possible los mining troubles The Tue announcement of the th Pennsylvania bond Issue 1 was as accord lug ing Ill to expectation and tb that cooperation in La J the underwriting oJ oi the tile two great banking IH huu U K which arc are most of or the rival ral lines hues of division in the railroad ru world was of decided leidel effect feet on sentiment as a It sign Ign of harmonizing of interests tK This consideration gae gave re n newt d force foree to the late suppositions as to the Northern Securities s settlement and its itt consequences Pacific re rl bounded strongly as liS a result n und and this had a It notable effect on the th whole market It has been baen b f n feared fared that there rp be a 1 flurry in ill call ell II money late lat in the t e day da and stid lid when this failed fl to develop the market markt took tok on new strength anti and and went to the best prices of the thO day du The closing however was ir regular r ular ami nul rather dull shill The striking advance in the debenture B honda bonds on ott the th contention l of o a committee of bondholders bon for an sit ex tx change elane hanf into a fixed interest bond th tilt feature of the tile bond hond market marlet Total was spies I s par value T 1 r S advanced 14 and anil an the new flew 45 4 s 8 P pet per r cent on call |