The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-03-26
NEW YoRk STOCK MARKET

New York, March 21.--1here was d
notable shrinkage in the dealings in
stocks today which was regarded, on
the whole, with satisfaction by the n
nancial community. The expansion OF
dealings lately has been so eiear1E an
added burden to the market as the
increase in business was almost wholly
on the selling side that h reduction
in volume is welcomed. There was lit
lie or none OF the urgent selling press
ure today which has developed at one
time or another during the sessions Tor
many lays past. The early market
| made some disQuieting dips and there
was more Or less f~eVerishness pes
Ceptible in the movement OF prices, but
| this was on a diminishing scale and the
| tendency was towards a distinctly
| cuieter market. The situation seemed
to be that effective support was forth
| coming at last for any hostile attacks
on prices. The market was ena3.el
TO advance slowly as q consequence.
The demand was not large, however.
and the general hardening tendency
after the opening weakness was inter-
| rupted by many hats and backsets and
intervening periods bordering on stag
nation. The terrors of the bears have
been dissipated to some extent by the
failure of confirmation of any Of the
many alarming rumors of failures and
embarrassments which were kept III
constant circulation yesterday and the
| day before. There was a noticeable re-
!! sumption 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 of stocks offered
| at the existing price level. Operations
of a larger 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 i'm
pOrtance was attached was the advance
in the official discount rate of the Bank
of; France from 3 to 3 1-2 per cent.
| with it to 3 3-S per cent. 1t was gen
orally assumed that this movement vas
directed against the London markets
pressure on Paris. The recent high
\ ruling rate of sterling exchange at
| Paris was attributed at first to remit
| tances from Paris to take part in the
| Japan loan conversion at London.
Some opinions also attributed the rise
to a process Of remittances from Paris,
! prompted by the desire of French CAPT
tai to escape the proposed income tax.
| It is reported that the Bank of France
was acting in conjunction with the
| government in refusing to part with
! gold for export i'll order to oppose the
movement of French capital away from
! the country. The action of the French
bank, however, broadly considered, is
| accepted as confirmation of the world
| wide tightness of money markets. To-
| days Bank of England return showed
| an expansion of $14, 760 1000 in outstand-
| ing credits, which was the decisive fac
| tor in the decline in the condition Of
| the bank, the reserve and the bullion
| items being little changed. The period
of tax collections in London is now
| passed and it is not considered prob
~ IAO lo4h III hAA0AS1AAo =
control the money market so. absolutely
as heretofore. With the April settle
ments out Of the way it is doubtful
whether the tacit agreement which
New York bankers are assumed to be
, under to take no gold from the Lon
don market will be no longer observed.
Official announcement by the Erie rail-
road toay of the postponement OF the
sweeping plans for new outlay mark
| ed another stage in the ret~recnhnlent
policy OF the railroads in order to re-
lieve the undue pressure of the insult
ficient supplies of capital available.
Some, of the stocks ended the day at
the best prices, but the closing tone
was rather unsteady.
Bonds were heavy. Total sales. par
value $1,59S. 900. United States bonds
were unchanged on call. Total sales
today GAL 800 shares.