Omaha daily bee., 1907-03-28
new YORK. STOCKS ANDBONDS
Early Squirt Carries Prices Three to Five
Points Above Tuesday OlsSs.
MARKET Drifts BACKWARD SLOWLY
Decline Due to Lack OF support and
Decrease in Buying Orders
close f. Irregular with Net
Changes Small.

NEW YORK, March N.-The action Of
today's stock market served as an admoni-
ton to many too eXuberant fancies about
the unreallty OF the recent severe expert
ences which the market has undergone. The
early squirt in prices which added to 3
points to the recoveries Of to over Z
points In yesterdays market had the de-
cided effect Of cutting down the buying
demand. Without this sustaining force at
the higher level there was a backward
drift which did not leave much Of the
fairly sensational advances Of the early
There was nothing in the days news to
discredit the information which had helped
yesterdays Improvement In sentiment, The
improved conditions were recognized as
still existent and the convictions stu held
that the extensive decline In prices had
gone far to make sure the unfavorable
factor In curbinR the preclpitancy in the
But the violence OF the recovery was re-
garded as taking prices too rapidly away
from the proper adjustment, though the
process Of adjustment had been somewhat
overdone In the decline The positive weak
ness of several securities was an active
FACTOR In curbing the pregnancy In the
early advance. The unsupported condition
Of the Eries and the wide decline to a
! level materially lower than was touched in
the weaker period of the recent selling
| gave clear evidence of further liquidation.
/ The usual sympathetic effect was produced
/ on other Morgan stocks especially South
/ ern Railway, for which conditions of credit
and capital needs are most nearly analog-
Gus to those of Erie. The United States
Steel stocks were also affected, seemingly
| in sympathy. The companion weakness of
/ Pennsylvania was not so clearly sympa-
! thetic, unless the liquidation was prompted
| by the drastic provisions Of the proposed
! railroad rate law pending in the New
Jersey legislature. Reports of measures for
! railroad regulation by other state legisla-
| lures also served to keep alive the sensi-
! uveness of the financial district to this fea-
ture Of the activities of the times The
| money market showed palpable relief
which was attributed to the measures
adopted by the United States Treasury de-
partment. The extent of the relief which
was expressed In the decline in interest
rates left some rather disqueting deduc-
tons OF what the situation must have been
| without the effective relief thus Afforded
! The treasurys action was much dwell
upon as an earnest determination Of the
new head Of the department to afford any
relief actually called for by the situation
| NOT only In the disposal Of the accumu-
lated surplus, but also in the supervisory
activities Of the comptroller's office has
| there peen subject for supposed solicitude
by banking authorities over possible adop-
ton OF new policies by the Treasury de-
partment. The question was discussed In
some quarters of the market today how
Tar the recent developments in the credit
| situation might have been prompted by ar.
rangements to conform to stricter in
depreciation Of requirements OF the ma.
upon in times past The proft-takins
which could be done to advantage an 10.
gay s higher prices was increased by the
Denet that the Stock exchange authorities
Thursday until the following Monday. The
I gay net changes are mostly small anf
t hlliisie gains and losses and the CLOSING
tone was quite irregular.
Bonds were irregular. Active bonds Uer,
| nrm, out IN other Issues small lots wer,
marketed only at wide concessions from
| - SSsS CHS PIlcesi total sales, par value
S1,oZzOV0. United States bonds were un.
changed on call. "i
The following was the range NJ prices or
the new York Stock exchange: