The Montgomery advertiser., 1907-03-22
THE STOCK MARKET
NOTABLE sHRrNKAGE IN voLU.1n OF
 DEALINGS.
There was Iittlc or None of the Urgent 6elltnx Pressure Which has De veloped at One Time
 ar Another.

New York, March 2i.--There was a not able shrinkage in the volume of dealings in stocks today which was regarded on the whole with satisfaction by the financial community, The expansion of dealings lately has been so clearly and added a bur den to the market as the increase In busi- that reduction in volume is welcomed. There was little or none of the urgent selling pres sure today which has developed at one time or another during session for many days past. The early market made some disqui- eting dips and there was more or less few erish feeling perceptibls in the movement of prices. but this was on diminishing scale, and the tendency was towards dis- tinct Quieter market.
 The situation seemed to be that effective support was. forthcoming at last for any
 hostile attacks on prices. The market was enabled to advance slowly as consequencs
 the demand was not large however and and
 the opening weakness was interrupted by many backsets and the intervening periods bordering DOT s on s,asnatsion; @ The terrors oi
 tent by the failure of confirmation of any Of the many alarming runors Of failures constsnt c,rcnlatinn vss,sraay sna inc day before. There was noticeable resumption today of the buying in odd lots which was supposed to represent the presence in the
 market of the small investor attracted by the rate of investment return on stocks of
 fered at the existing prices. Operations of a larger class on margin were almost
 entirely in the hands of the professional class and their many shifts of position ac.
 counted for the constant backing and fill The incident of the day to which most | importance was attached was the advance | in the official discount rate of the Bani | of France from to 3h per cent. carryine | the previous discount rate up with 1t ts lSA per cent. It was generally assumed ! that their movement was directed agains | the London markets pressure on Paris. The l recent high ruling rate of sterling exchange at Paris was attributed at first to remit tances from Paris to take part of the loar | Some opinions also attributed the result to a process of remittances from Parii
 prompted by the desire of French capita | to escape the proposed income tax. It wal l reported that the Bank of France was act
 ing in conjunction wit hthe government 1T
 refusing to part with gold for export in or | der to oppose the movement of French cap | ttal away from the country. The action
 of the French bank, however broadly con
 sidersd. is accepted as confirmation of thu I Today's Bank of England's return showed an expansion of s14,7 900 in outstanding
 the decline in the condition of the bank the reserve and bullion items ping little i changed. The period of tax collections il
 cred rG probable S b that hat the T Bank of Englant
 will control the money market so absolutely | as heretofore. With the April settlemet t | out of the way, 1t is doubtful whether thu
 tacit agreement the New York bankers ar,
 assumed to be under not to take gold from London markets will be no longer observed Official announcement by the Erie rail
 road today of the postponing of sweeping plans for new outlay marked another stagt | in the retrenchment policy of the railroadi | in order to relieve the undue pressure o I the insufficient supplies of capital availa I ble. Some stocks ended the day at thu
 best prices but the closing tone was ratheI | unsteady.
 l United States bonds were unchanged or | call.
 Il