The San Francisco call., 1907-03-22
New York stock Market

NEW YORK. March 2l.-There a notable
shrinkage IN the volume OF dealings 10 .s spoCAs
today which was regarded upon the whole Win
satisfaction by the financial community. Ihe
expansion Of dealings lately has been 80 clearly
added burden 10 the market as INC ncIsase ,ss
10 business was almost wholly upon the selling
side. tina. the reduction IN volume is welcomed
There was little or none OF the urgent selling
pressure today which bss developed al one time
another during n session for many days past
The early market made some disguletlns olls
aud there was more or less feyerish feehne per
cepiibe in the movement OF prices but tnls was
90 diminishing scale and the tendency was
toward a distinctly quieter market Ibc STU
ation seemed 10 be that effective support Nes
forthcoming at least FOR any hostile attacks on
prices. The market was enabled 10 advance
slowly as p consequence The demand was not
large. however, ana the gradual hardening ten
dency after the opening weakness was inter
rupred by many hslfs eauo hack>es ana inter
vennc periods bordering on stagnation- Lbere
H-ss noticeable resumption today OF me pus lnE
in odd lots which was supposed 10 represent tbe
presence iD rbe market OF the small investor
attracted by the rate Of investment return on
stocks offered At the existing prices. The incl
dent ~ the DAY 70 which most importance was
attached was the advance OF rhe ofbcisl discount
rate Of the Bank Of France from 20 o12 per
cent carving the private discount rate upward
10 3ek ner cent. II was generally assumed that
fhis movement was directed against the LONDON
markets pressure Paris. The recent hlen
ruling rate Of sterling exchange AZ Paris was
attributed at first 10 remittances from Paris 10
take part IN the japanese loan conversion at
LONDON Some opinions also attributed the re
suit Of process Of remittsnces from Paris
prompted by the desire OF French capital 10 es-
cape the proposed income tax II WAS reported
that the Bank Of France was acting in conjuDc
ton with the Government 10 refusing 20 part
with gold for export in order % oppose the
movement Of French capital away from the
country.
The actions OF the French banks. however
broadly considered. Il accepted confirmation uf
fhe worldwide tigbtness Of money markets. To-
days Bank Of England returns showed an cx-
nanSion uf Sl4 $4,000 I'D outstanding credits.
which WIS the decisive factor IN te decline in
the condition Of the bank, the reserve and bullion
items being little changed. The period OF tax
collection IN London Is now passed. and IL is not
considered probable that the Bank Of Eng and
viii control the money market 50 absolutely as
heretofore. With April settlements ont Of tbe
way IL is doubtful whether the tscit agreement
which New York bankers assumed 10 be
under 70 take gold from fnc London msrket win
he longer observed. Some stocks ended the
DAY ~ the best prices, but the closing was
rather unsteady
Bonds were heavy. Total sales, par value,
81 SOS Geo
United States bonds were unchanged on call
New York stock List
p r. HuttoD & Co. 40 California street
members Of the New York Stock Exchange
furnish the following list OF bond and stock
- ice yesterday;