Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1907-03-22
new YORK STOCKS ANDBONDS
Notable shrnkage in Volume Of Dealings
is Regarded with Favor
RISE Or ABSENCE OF SELLING PRESSURE
Bank of France Advances Rate OF
Discount 90 Three and One-Half
Per Cent-Closing Tone H.
Rather Unsteady.

NEW YORK, March H.-There was a
notable shrinkage In the volume OF deal
on the whole with satisfaction by the
financial community. The expansion OF
dealings lately has been so clearly an added
burden 70 the market, as the Increase
in business was almost wholly on the sell
ing SIDE that the reduction in volume ~
welcomed. There was little or none of the
urgent selling pressure today which has
developed at one time or another during
a session for many days past.
The early market made some disquieung
dips and there was more or less teverish
feeling perceptible in the movement of
prices, but this was on a diminishing scale,
and the tendency was towards distinctly
Quieter market. The situation seemed to
be that effective support was forthcoming
at last for another hostile attack on prices
The market was enabled to advance slowly
as consequence The demand was not
large, however and the gradual harden
ing tendency after the opening weakness
was Interrupted by many halts and back
sets and intervening periods bordering on
stagnation. The terrors of the bears have
been dssipated to some extent by the fall
uTe OF confirmation Of any Of the many
alarming rumors of failures and embar-
easements which were kept in constant
circulation yesterday and the day before.
There was a noticeable resumption today
of the buying in odd lots, which was sup
posed to represent the presence I'm the
market Of the small investors, attracted
by the rate Of investment return on stocks
offered at the resisting prices. Operations
OF larger class on margin were almost
entirely In the hands Of the professional
class, and their many shifts OF position
accounted for the constant backing and
| filling of the market.
The incident of the day to which most
| Importance was attached was the advance
/ In the official discount rate Of the Bank Of
| France from to S1z per cent, carrying
/ the private discount rate UP with It to 3Ss
per cent 1t was generally assumed that
! this movement was directed against the
! London markets pressure on Paris. The
| recent high ruling rate Of sterling eX-
I n hi Nu ri wf1, NTl
! remittances from Paris to take part in
! the Japanese loan conversion at London.
| Some opinions also attributed the result to
/ a process Of remittances from Paris
! prompted by the desire Of French capital
| to escape the proposed income tax. 1t was
! reported that the Bank of France was act
| Ing in conjunction with the government in
| refusing to part with gold for export in
! order to oppose the movement OF French
capital away from the country The &C
ton Of the French bank however, broadly
considered, Is accepted as confirmation Of
the worldwide tightness Of money mar
kets. Today's Bank of England returns
| showed an expansion Of $4 10000 in out
| standing credits, which was the decisive
factor in the decline in the condition OF
the bank, the reserve and bullion items be-
ing little changed. The period Of tax col
lectons in London is now passed and It is
considered possible the Bank OF England
will control the money market as abso-
lutely as heretofore. with the April set
! Elements out Of the way, II is doubtful
whether the tacit agreement which New
York bankers are assumed to be under "a
take gold from the London market will
be longer observed. Official announce
ment by the Erie railroad today of the
postponement of sweeping plans for new
outlay marked another stage in the re.
trenchment policy of the railroads in order
TO relieve the undue pressure OF the insult.
hcient supplies of capital available. Some
stocks ended the day at the best prices
but the closing tone was rather unsteady.
Bonds were heavy. Total sales, par value
l,6@'OO. United States bonds were un.
| changed on call.
The following was the range NJ prices or
the New York Stock exchange: