Daily press. [volume] (Newport News, Va.) 1896-current, 1907-03-28
SENSATIONAL START UNSUSTA|HED
Morgan Stocks Gave Away Under
Pressure and Pennsylvania Fell in
sympathy-Trcasury Department
Evidently Wants to Relieve Situa.
tion-c,osine Quotations.
(By Associated Press.)

NEW YORK, March 27.-Thc action
OF today's stock market served as an
;tdmonition TO any too eXuberant fan.
cies about the unreality of the recent
severe experiences which the market
has undergone.
The early squirt in prices, which
added three to five points to the re-
coveries of three to over seven points
an yesterdays market had the decided
effect of cutting down the buying de-
mand.
Without this sustaining force at the
higher level there was backward
DRIFT which did not leave much of the
fairly sensational advances OF the ear
ly part of the day
There was nothing in the days
news to discredit the information
which had helped yesterdays i'm
provemcnt in sentiment. The i'm
proved conditions were recognized as
still existent and the conviction still
held that the extensive decline in
prices had gone far to measure the
unfavorable factors in the situation
which had caused 1t. But the vic.
lence of the recovery was regarded
rs taking prices to rapidly away from
the proper adjustment, though the
, process of adjustment had leen some
what overdone in the drain.
The positive weakness of several
securities was an active factor in
curbing the preciptancy of the early
advance. The unsupported condition
OF the prices and the wide decline to
level materially lower than was
touched in the weaker of the recent
selling gave clear evidence of further
liquidation. The usual sympathetic
effect was produced on other Morgan
stocks, and especially Southern rail
way for which condition of credit and
capital needs are almost analogous
to those of Erie. The United States
Steel stocks were also affected, seem
inGly i'll sympathy. The COMPANION
weakness of Pennsylvania was not 50
clearly sympathetic, unless the ligui-
daticn was prompted by the drastic
provisions of the proposed railroad
commission law pending in the New
Jersey legislature. Reports of meas
nres for railroad regulation by other
state legislatures served to keep alive
the sensitiveneSs of the financial dis
trict to this feature of the activities
fer the time. The money market
showed palable relief, which was at
tributed to the measures adopted by
the United States Treasury Depart
ment. The treasury action was much
dwell upon as an evidence of the de-
termination of the new head of the
department to afford any relief &C.
tually called for by the situation
The profit taking which could be
done to advantage at today's higher
prices. was increased by the belief
that the st ockEXchange authorities
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 irr,fsu-
lar. Active bonds were firm, hut in
other issues small lots were marketed
only at wide concessions from pre-
ViOns prices.
Total sales par value, $2,522,000.
United States Bonds were unchanged
on call, Total sales of stocks today
1,2S6,6o0 shares, including Copper
10000; Smelling $4,000; Anaconda
22,SnO: Sugar 1900; Tobacco 900;
Atchison $4,000: Coast Line 1900;
Canadian Pacific $4,000: Chesapeake
& Ohio 5000: Eric $1,000; Louisville
& Nashville 100; Pennsylvania 81
300; Southern Pacific 25,500; South
ern Railway 100; Union Pacific 1871, :
400; Steel 109, 900; steel pfd 2S,S00;
Northern Pacific 27,dOO: Virginia Car
olina Chemical 200; Virginia. Carolina
Chemical pfd 800
Adams Express $50
Amalgamated Copper. ........ sSM
American Car & Foundry. -. So q
American Car & Foundry pfd 9G
American Cotton Oil ...... %
American Cotton OH pfd $50. so
American Express .......... .2OD
American Hide d Leather pfd. 81
American Ice ................ 76T
American Linseed Oil ....,,.. 12M
American Linseed Oil pfd -. %
American Locomotive ...... 80
American Locomotive pfd ...1021:
American Smelling & Refng ..112N
American Smelling & Refng pfd1O1%
American Sugar Refining -. .119E
American Tobacco, pfd Ger =. 50
Anaconda Mining Co . 5SL
Atchison Observation-Disclosures. So;
RtcnlSon ptu ................ 10
Atlantic Coast Line ......... 9S%
Baltimore & Ohio ........... Gay
Baltimore Il Ohio pfd ..... 81
BROOKLYN Rapid Transit ... l3a
Canadian Pacific ....... 1861
Central of New Jersey. ..175
Chesapeake e Ohio 3S7
Chicago Great Western ...... Is