The Montgomery advertiser., 1907-03-28
THE STOCK MARKET.
ACTION SERVED AS ADM0NTTTON TO
 TOO ExUBERANT FANCIES.
Early spurt in Prices Added to Points to Recoverfes of to Points
 In the Market Yester-

New York, March 27--rhel action of to- days stock market served as an admonition reality of the recent seyert eSperiences. which the market had undergone. The early spurt in prices which added three to five points te the recovertes three to over seven points in yesterdays market had the decided effect of cutting down the buying demand Without this sustaining force at the higher level there was backward drift, which did not leave much of the fair " sensational advances of the early part
 There was nothing in the days news to discredit the information which develop cd to yesterdays improvement in continent. The improved conditions were recognised as still existent and the convictions stili held that the extensive decline in prices had gone far to measure the unfavorabie factors in the situation which had caused It. But the violence .of the recovery was re- garded as taking prices too Rapidly away from the proper adjust nent though the pro- cess of adjustment had been somewhat overdone in the decline.
 The positive weakness of several securi- ties was an active factor in curbing the precipitancy of the early advance. The un- supported condition of the Fries and the wide decluine to a level materially lower than was touched in the weaker period of the recent selling gave clear evidence or effect was produced on other Morgan stocks especially Southern Railway for which cred its of credit and capital needs are most celarly analogous to those of Erie. The United States Steel stocks were also af- feeted, seeming in sympathy. The compan- ion weakness of the Pennsylvania was not so clearly sympathetic, unless the liquida- tion was prompted by the drastic provisions of the proposed railroad commission law. pending in the New Jersey Legislature.
 Reports of measures for railroad regula- ton by other state legislatures also served to keep alive the senstiveness of the finan- cial district to this feature of the activities of the times The money market showed palpable relief. which was attributed to the measures taken by the United States treas ury department, the extent of the relief interest rates left some rathr disquieting deductions of what the situation must have been without the effective relief that was afforded The treasury's action was much dweit on as an interested determination of the .new head of the department to afford any relief actually called for by the sit- uation.
 Not only in the disposal of the accurnu- lated government surplus but also in the supervisory activities of the controllers of- fees. has there been subject for supposed solicitude by banking authorities over pos- sible adoption of new policies by the treas- cussed in some quarters of the market to- day how far the recent developments in, the credit situation might have been prompt ep p interpretstion % of rsqurements " from s the national banking act than has been insisted on in times past.
 to advantage at today's higher prices was increased by the belief that the stock ex- change authorities would decide to. close the exchange from Thursday to the follow ing Monday.
 The days net changes are mostly small and mingled gains and losses. and the clos ing tone was quite irregular. .'
 Bonds were irregular. Active bonds were firm but in other Issues small lots were marketed only at wide. concessions from previous prices. Total sales par value s2,5ss.ooo. United States bonds were un- changed on call.
 CTOSING STOCK HIST.