The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-28
STARTED OFF
At BRISK RATE
Prices Higher at the Opening of
he Stock Exchange in
New York.
RIVERS NOT EASILY FOUND
NET CHANGES SMALL AT THE
CLOSE.

Nv York. March 27.-The action Of to-
.5,,-,- stock market served as an admoui-
+so7 I'D, many too exuberant fancies about
che uureaIitv Of the recent feverish ex-
,sriances which the market has under
gone. The early squirt in prices, which
added q 20 points to the recoveries of 3
ro over 2 points in yesterdays market
had The decided effect Of cutting down
-t-.. having demand without this sus-
tanning force at the higher level, there
WAS backward drift which did not leave
much of tine fairly sensational advances
I'm the early part Of the day. There was
uatbsr- in the days news to discredit the
Information which helped TO yesterdays
Improvement in sentiment The improved
conditions were recognized as still extant
and the convictions still held that the ex-
+..41fva decline in prices had gone far 70
measure the UnfavOrable factors in the
situation which had caused il.
But the violence of the recovery was re-
r4rded as taking prices too rapidly away
from the proper adjustment, though the
process of adjustment had been some
what overdOne in the decline. The posi-
tive weakness of several securities was an
active factor i'm CUrbing the precipitancy
of the early advance. The unsupported
condition OF the t4TleS ana the wide de-
cline 10 q level materially lower than was
touched i'm the weaker period of the re-
cent selling gave clear evidence of fur
Their liquidation. The usual sympathetic
effect was produced ON other Morgan
stocks. especially Southern Railway for
which conditions of credit and capital
needs are most nearly analogous to those
of Eric The United States Steel stocks
were also affected, seemingly i'm SymDa-
THY. THE weakness of Pennsylvania was
.aT. 4 h. 49,
liquidation was prompted by the drastic
provisions of the proposed railroad com
mission law pending in the New Jersey
legislature. Reports of measures for rail-
road regulation by other state legislatures
also SERVED to keep alive the senSitiveness
of the financial district to this feature of
the activities OF the times.
Iue money market showed palpable re-
lief which was attributed TO the measures
adopted by the United States treasury de
parJment. The extent of the relief which
was expressed in the decline in interest
rates, left some rather disquieting deduc-
uons of what the situation must have
been without the effective relief thus af-
forded. The treasUry's action was much
dWeI upon as an evidence of the deter
minatiou Of the new head of the DEPART
ment To afford any relief actually called
for by the situation. Not only in the dis
poS7l Of the accumulated government
surplus. but also in the supervisory ac-
Invites of the controllers office has there
been subject for supposed solicitude bv
hanking authorities over possible adoDtion
OF new policies by the treasury depart
ment The question was discussed in
some quarters Of the market today how
FAR the recent developments in the credit
situation might have been prOmDted nv
arrangements 10 conform to a stricter in
terpretatiOn of requirements of the na-
uonal banking act than has been insisted
on ln times past. The profit-takiug
which could be done to advantage at to-
days higher prices was increased by the
belief that the stock exchange authori-
ties would decide TO close the exchange
from Thursday until the following Mon
Gay. The days net changes are mostly
small and mingled gains and losses and
me closing tone was quite irregular.
Bonds We're irregular. Active bonds
were firm but in other issues small lots
were marketed only at wide concessions
rom previous prices. Total sales, par
value. s. 30 CO.
United States bonds were unchanged on
call