Daily press. [volume] (Newport News, Va.) 1896-current, 1907-03-22
FINANC|ERS LIKE
THE MARKET BETTER
Notable ShrIRkage in The Volume
Of Dealings Regarded on The
Who'e Win Satisfaction
LIST HADi SLIGHT ADVANCES
RAISING of official Discount Rate OF
the BAN: o. France From Th,ss
to Three and One Half Per
Cent Considered lmportant-The
Closing Quotations.
(Dy Associated Press.l


was a notable sprinkagc inc the
volume of dealings III stocks today
which was regarded on the Wrlole
with satisfaction by the financial
community. The expansion of deal
ingn lately has been so clearly an
added burden to the market as
the increase in business WAS almost
wholly on the selling side, that
The reduction in volume is wei.
coined.
There was little or none of the
urgent selling pressure today which
has developed at one time or anoth-
er during session for many days
past. The early market made scme
disQuietlng dips and there was
more or less feversianess percep-
tibie in the movement OF prices
but this twas on diminishing scale
ana Tie tendency was towards Il
histincly quieter market.
The situation seemed to be that
effective support was forthcoming
at last. for any hostile attacks
Oh prices.
The market was enabled to ad.
vance slowly as consequence. The
demand was not large, however, and
the gradual hardning tendency af-
ter The opening weakness was in
terrupted by hany hats and back
sets and intervening periods borti-
erirg on stagnation. The terrors of
the bears have been disslpated to
some extent by the failure Of con.
tirnation OF any OF the many alarm
Ing rumors CT failures and embar,
assments which were kent in con.
slant circulation yesterday and the
day before. There was Il notice.
able resumption today of the buying
in order lots Which was supposed
market of the small investor. mt.
tl'acted by tho rate eff Investment
return on stocks offered ut the ex-
listing price level Operations Of
q larger class on margin were al
most entirely in the hands of the
professional class and their many
shifts OF position accounted for the
constant backing and feeling OF the
market. Thee incident of the day
to which most Importance was at.
tachel was the advance in the ex-
listing price level. Operations of n
larger class OH margin were almost
entirely in The hands of the profess
ional class anu Their many shifts OF
position accounted for the constant
backing and feeling of the market
The incident OF the day TO witch
most Importance was attached was
the advance in the official discount
ratio of the Bank of France from 3
to IL per cent, CARRYING The priv
ate discount rate un with i'll to 3
3-s per cent. It was generally as.
sumed that this movements. was di.
rected against the London markets
pressure in Paris.
The recent high ruling rate OF
sterling exchange at Paris was at
tributcd at first to remittances from
Paris to take part IN the JaDanese
loan conversion at London. Some
opinions also attributed the rise to
a process of remittances from Paris
prompted by the desire of French
capital to escape the proposed III
come tax. 1t was reported that
the Bank OF France was acting in
conjunction with the government,
in refusing to part with gold for
export in order to oppose the move
ntGnt of French capital away from
the country.
The action OF b,le French bank,
however, broadly considered, is ac-
cepted as confirmation of the world
WiUe ISntllSSS Ol money markets.
TCdayis Bank of England returns
showed an expansion Of Sl4,760,0U
an outstanding credits, whiun was
She decisive factor in the decline in
condition of the bank, the reserve
and bullion items being little chang.
ed.
The period OF tax collections ~
I,b,; don is now passed n;,d lii is not
conatderel probable that the Banl;
OF Ell gland will control the money
markets absolutely as heretofore
with tnG: April settlements ont OF
the way, it is doubtful whether the
tlcit agreement which New Ycri;
bankers are assumed to he under
to take no gold from the London
market will be no longer Observed
Official announcement by the Erie
Railroad today OF the postponmenI
of sweeping plans for new outlay
marked another stage in the re
trenchment policy of the railroads
in order to relieve the undue pres
sure Of the insufficient supplies o.
capital available. Some stocks end
ell the day at the best prices but
the closing one was rather unsteady
Bonds were heavy. Total sales
par value, s1,59S,0G0. U. s. bono:
were unchanged on call fo;a
sales today 6A15OO shares including
Copper. 61,30O; Smelling $500
ssignr 2.4Oo: Tobacco 400; a. C. j.
400; C. & O. 1900; L. & n
1900; Pennsylvania 42,500; Read