The San Francisco call., 1907-03-28
New York stock MARKET

NEw YORK. March 27.-The action Of TO
days stock market served as an admonition
g. many TOO exuberant fancies about the un-
reality of the recent feverish experiences which
-he msrket has undergone. The early spurt
in prices which ao0ed 10 points 10 me
fsroreries % 2 10 over points In yesterday s
market. had the decided eject OF cutting down
the buying demand With this sustaining force
90 the higher level there was q backward drift
vtich did not leave much Of the fairly sen
sstional advances iD the early part of the day
There was nothing 90 the days news TO dis
credit the Information which helped yesterday s
improvement IN sentiment. The improved coD-
riffons uero recognized and The convictions
sfiu beid that the extensive decline IN prices
had gone fsr 10 measure the unfayorable factors
in the situation which hao caused IT. But the
violence of tie recovery WAS regarded as tax
iHg prices too rapidly away from the proper
adjustment. though tho process OF adjustment
lad been somewhat overdone In the decline.
Tic POSITIVE Weskness oi several securities
was an active factor in curbing the precipitancy
of The early advance. The unsupported condl-
fiou of the Erics iu rho wide decline 10 level
materially lower tbau touched IN the
weaker period of the recent selling gave clear
srIdence Of further liquidation The usual
srmpa fhefic effect was produced On other Nor
gan stocks. especially SoEtheTn RAILWAY, for
srhf~h conditions Of credit auE csoi.al needs are
most nearly analogous % Hose Of Erie. The
United etates Steel stocks were aiko affected.
seemingly ~ ~ ympathy. The companion weak
RES y PenEsl ivsnis not 90 clearly sym
psShetic. urless ths lou.ds lion was prompted
br the d-ce.1c prov1nionE o. tue proposed r. II
rcsk coua1iEsicu law pending IN ths New Jersey
regulation By oSh-r STATE Legislatures also
ser~ed 70 keep alive the sens.sirsnees u the
faGncisl district 70 TITS feErure OF the Rc-iv-
it3es Of The rrsea Tbe noney nsTket showed
1alpeble Peizef which w0 attributed 70 the
nnsasurea sdopre6 bg ne United etabes Treasury
Deparfment- The e1tent I Cha raliee which
~rse expreNesb in ne decline u tr terest rates
5e>t some rsrhW cisquetinf deduc lions Of what
to eit1stt0r must have been without the ef-
fscf1ye relisf thus Afforded TIE Treasurer q
sct1ou vsf much dweit upon as sn earnest DE-
tern.ns sso1 of the ne~ bead of the eepArtnent
70 Afford any rriief actually called fo- By the
sit1ation- Not only In the eisposE OF the ac-
-trnulsosd Covsrnmenf surplus but also In the
auparvlaery ac1wcea Of the Oomptroilers ofnca
pas fhars been su63sct for supposed solicitude
hy banking Authorities possible adoption
-ahs question otscusssd IN quarters OF
ths market today as 30 how far the recent
6e-elopmenu IN The crsdit situation might have
been prompted BY arrangements 20 conform 20 8
atricter Interpretation OF requirements OF the
IA atso1al banking act Than have been insisted on
in times past The profit taking which c0ulc
be Gone to advantage AZ r0days higher prices
change authorities would decide TO close the
exchange from Thursday until the following
Monday. The days net changes are mostly
small and mingled gains and losses. and the
closing tone wss quite irregular.
Bonds were irreguier. Active bonds were
frm. but 10 other issues small lots were mar
ketec only at wide concessione from previous
prices Total sales par value 81 $50 600
United States bends were unchanged on call.
The Stock Exchange viii remain open On Good
Pr1day but win be closed oD Saturday
New York Stock List
T. p Hutton & Co. 4e0 California street
members OF the New York Stock Exchange fur
nish the following list Of bond and stock sales
yesterday: