The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1907-03-29
NEW YoRh STOCK MARKET

New York, March 27.-The action Of
today's stock market served as an ad-
monition TO any too exuberant fancies
about the unreality of the recent Sc
we're experiences which the market
has undergone. The early support
in prices which added ; to 5 points
to the r]ecoveries of , to over Z points
in yesterdays market had the decided
effect of cutting down the buying de-
mand. Without this sustaining force
at the higher level there was a back
ward drift which did not leave muca
of the fairly sensational advances Of
the early part Of the day.
There was nothing in the days news
to discredit the information which
had helped to yesterdays improve
ment in sentiment. The improved con
ditions were recognized as still exist
ent and the conviction still helu that
the extensive decline in prices had
gone far to measure the unfavOrdb!e
factors in the situation which had
caused it. But the violence Of the
recovery was regarded as taking prices
too rapidly away from the proper adj
justment, though the process of ad-
justment had been somewhat Overdone
in the decline. The positive weakness
of several securities was an active
factor in curbing the precipitancy Of
the early advance. The unsupported
condition of the Fries and the vide
lool;po ~ =, 1oy-ol ~oatar;o1 Ivy 1NuJo~ hon
was touched on the weaker period OF
the recent selling gave clear evidence
of further liquidation. The usual SYM
pathetic effect was produced on other
Morgan stocks, especially Southern
railway, for which conditions of credit
and capital needs are nearly analogous
to those of Erie. The United States
Steel stocks were also affected, SEEM
ingly in sympathy. The companion
weakness of Pennsylvania was moi SO
clearly sympathetic unless the liquiGa-
ton was prompted by the drastic PRO-
visions Of the proposed railroad CON-
mission law pending in the New Jer-
sey legislature. Reports of measures
for railroad regulation by other state
legislatures served to keep alive the
sensitivenesS of the financial district
to this feature of the active move
ment of the times.
The money market shows paIpable
relief, which vas attributed to the
measures adopted by the United States
treasury department. The treasures
action was much dwelt upon as an
earnest of the determination Of the
new head Of the department to afford
any relief actually called for by The
situation. Not only in the disposal Of
he accumulated government surplus,
but also in the supervisory activities CT
the comptrOller's office has there been
subject for supposed solicitude b.
banking authorities over possible adoD-
ton of new policies by the treasury
department. The profit taking which
could De done to advantage at today's
higher prices increased by the belief
that the stock exchange authorizes
would decide to close the exchange
from Thursday until the following
Monday. The days net changes are
mostly small and the closing tone was
quite irregular
Bonds were irregular. Active bonds
were firm, but in other issues small
lots We're marketed only at wide cen.
cessions from previous prices. Total
sales par value 1882, 900. United
States bonds were unchanged on call.
total sales today were 1866 0 shares.