Show DRIFTING MATCH MATCHIN I I IN WALL STREET I Volume Vol me of Business Busin ss the Lowest Lo est in inMany inMany Many l Y eek CALL MONEY REMAINS INS FIRM CAhL fEM CONFIDENCE EXPRESSED IN THE FUTURE FUT RE Ne York March 30 stock stol market was not much more more than a drifting mutch Imi lel and amid the movement was not ot conclusive e or convincing at any anytime an anytime time The rae volume of transactions shrank to the lowest in many weeks Very large importance was vas as attached in inthe inthe inthe the discussion about the time stock exchange to to the threatened stock transfer tax as the factor making most for this sudden collapse in activity The de decision to make this tax bill bil a parity measure was accepted as offering an extreme probability of its is enactment into law While hUe the tho amount of the proposed tax Is not regarded as ex extremely extremely extremely burdensome in the actual transfer fer of stock holdings from one owner to another it is generally agreed that it would form a serious restraint upon manipulative operations and upon the scalping operations on the floor foor of the stock exchange upon which the professional prof traders largely lar ly rely for their livelihood I The manipulative measures measure usual in ina ina ina a very yen active speculation are not con confined fined to room tradIng trading operations but butare butare butare are relied on also to further furher the flota flotation fot flotation tion of new capital issues when they first make their appearance With a large volume of such new Issues in prospect there is a fear that the mar of them may be handicapped by any restraint of ot the freedom fredom of oper operations operations i in the market But there was I ground for fr suspicion that if other con conditions were not wt operative this factor might not have been so s effective in the decline of activity the discussion be ing ins a result rather of the idleness of the market than thun its is cause ause There was I calling of loans during the day which i necessitated a shifting of accommodations Hons even een where here renewals rene ls were secured i Without an advance in the rates rles The he stock market never escaped some disturbance when this process is go ing on The subscriptions for th the Jap Japanese Japanese Japanese anese loan were the direct cause of the firmness of call al money but preparations preparation tion tons were also going going on for the April Apri 1 settlement and the placing of the Pennsylvania bond issue looms beyond Confidence la iii professed that the harder tone ton of the money market will wil be short lived lve and that the loan loami opera operations operations Hom when concluded conclude will wil permit the quick return of their proceeds to the money market market It is upon this convie conviction tion ton that current operations in stocks are rather of a IL waiting character than thana thana thana a a reflection of any ammy positive on the outlook The Te selling pressure was light but there is no di to buy bu on a large lare scale ale A weak bank statement on Oil Sat Saturday Saturday Saturday is iii it taken for fOl grunted granted Although sonic some of the time interior exchanges exchanges on New NewYork NewYork York have risen to a premium l this is believed to be due to remittances to participate in the Japanese loan loam sub subscriptions subscriptions Interior banks however are drawing freely on their New York correspondents for tor payment of Internal revenue collections Returns of February net earnings railroads as aB they thy come to band ha ml are not encouraging to a demand for tocks stocks stock although the poor pour earning conditions then are shown to be corrected by b later returns of gross earnings earning The market got no help from foreign influences the weakness of Russians being aggravated at Paris by b the German attitude in Mo Morocco Io rocco rocce A revival of iron merger talk alarmed the shorts in those stocks and an had some sonic sympathetic effect on the general market The greater geater trans than was in expected the call cal money market also contributed to the late firmness The wide movements in ina ina ina a a few low grade securities were due to individual causes The ThE market closed irregular after aCer its is substantial recovery Bonds were steady Total sales par value United Unite States bonds were all al un unchanged unchanged unchanged changed on 01 call cal |