The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1907-03-22
}TOCk MARKET IS
BECOMING NORMAL
Notable Skrinkage in Volume
of Business
SLOW ADVANCE IS NOTED
Early Market Makes Some Disquietine
piPs-Effectlve Support at Last
for Hostile Attacks
On Prices.
SLOW ADVANCE IS NOTED

New York, March 2.-There was a not
able shrinkage in the volume of dealings
in stocks today which was regarded on
the whole with satisfaction by the finan-
cial community. The expansion of deal
lngs lately has been so clearly and adj
mitted burden to the market as an in
crease in business is when almost wholly
on the selling side, that reduction in vol
ume Is welcomed. There was little or
none of the urgent selling pressure to-
day which has developed at one time or
another during session for many days
PAST. The early market made some dis
quieting dips, and there was more or less
feverish feeling perceptible in the move
ment of prices, but this was on a dimin-
ishing scale, and the tendency was to-
wards distinctly quieter market
The situation seemed to be that effec-
tive support was forthcoming at last for
any hostile attacks on prices. The mar
ket was enabled to advance slowly AS
consequence the demand was not large
however, and the gradual hardening ten
dency after the opening weakness was
interrupted by many pulls and backsets,
stagnation. The terrors of the bears have
been dissipated to some extent by the
failure of the confirmation of any of the
many alarming rumors of failures and
embarrassments which were kept in con-
slant circulation yesterday and the day
before, There was a noticeable resump-
ton today of the buying in odd lots which
was supposed to represent the presence
In the market of the small investor, at
tracted by the rate of investment return
on stocks offered at the existing 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 31a per cent carrying
the private discount rate up with it to 3ss
per cent. 1t was generally assumed that
their movement was directed against the
London markets pressure on Paris. The
recent high ruling rate of sterling ex-
change at Paris was attributed at first
TO remittances from Paris to take part of
the loan at London. Some opinions also
attributed the result to process of re-
mttances from Paris to take part Of the
loan at London. Some opinions also at
trlbuted the result to process of re-
mttances from Paris prompted by the de-
sire of French capital to escape the pro-
posed income tax. 1t was reported that
the Bank of France was acting in con-
junction with the government in refus-
Ing to part with gold for export in order
to oppose the movement of French capital
and keep 1t away from the country. The
action of the French bank, however,
broadly considered is accepted as confr-
nation of the worldwide tightness of
money markets
Today's Bank of England return
showed an expansion of $14, 7GO 900 In out
standing credits, which were the decisive
factor in the decline in conditions of the
bank, the reserve and bullion items being
little changed. The period of tax collec-
tions in London is now passed, and it is
not considered probable that the Bank of
England will control the money market
50 absolutely as heretofore. With the
April settlements out of the way, it is
doubtful whether the tacit agreement the
New York bankers are assumed to be
under to take gold from London markets
will be no longer observed Official an
nouncement by the Erie railroad today Of
the postponement of sweeping plans for
new outlay marked another stage In the
retrenchment policy of the railroads, in
order to relieve the undue pressure of the
insufficient supplies of capital available.
Some stocks ended today at the best
prices, but the closing tone was rather
unsteady.
Bonds were heavy. Total sales, par
value, 81. 900.
United States bonds were unchanged on
call.