The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1905-10-29
STOCK MARKET
Is DEPRESSED
Hartman Interview Regarded as Of
Sinister Import.
ACUTE RAILWAY, SITUATION
ANXIETY IN EUROPE OVER
EVENTS IN RUSSIA.

New York, Oct. "a number of de-
cidedly adverse factors had 10 be con-
tended with in the stock market today,
and il showed the effects Of pressure
throughout the short session. The press
ure did not become acute, however, until
after the appearance Of the bank state
Inent The authorized interview given out
py President Hartman OF the Union Pa
enc was regarded ia speculative circles
as or sinister import ON account of the
eDisramatic expression OF the opinion that
competitive railroad building 10 the Pa
clllc was likely 10 follow the era of COM
peuliVe railroad buying through which the
the era OF competitive railroad buying re-
Iefred To, which resulted in the Northern
Facitic corner and the stock market panic
or May, 1871. have just left so evil a men,
DRY IN wall street that sentiment on the
subject is very nervous. Foreign markets
showed growing anxiety over ehe course
81 events IN Russia and there was re-
account.
further advance in sterling exchange
mere ana a fall in Paris streug heued the
conviction that gold viii 20 0ul to Paris
next week, and estimates current pointed
TO the possibility OF q heavy outward
movement II is pointed out that. the re-
LuHulh5 operation of the treasury depart
ment By increasing the supply of govern
utehI ponds available as security for bank
note circulation is stimulating the eNpan-
SION or Dank note issues, contributing 30
the ease Of the domestic money market,
ana thus fostering conditions which IA
cIhJattS the outgO of gold. The deposit
OF S9J0V0 al the sub-treasury for trans
Ter 10 Chicago, marking the revival of
active demand for currency from that
center, was an item i'm the formation of
the Gay sentiment. The bank statement
showed only a nominal decrease in the
surplus, but the heavy gain reported IN
cash was regarded with dstruSt. owing
10 ITS large excess over any previous es-
Inmates based the known -
of money.
None OF these had indicated more than
q nominal gain and had varied up To an
Indicated loss or nearly S2GoO0G, while
me bank statement reported an increase
OF A4O6,VO The reported loan exDansiOn
u 4pWdIds OF Sl9utHUJ was also regarded
Win dlsquiet The selling in the last half
houf was rather precipitate and although
some rallies occurred by reason OF hastV
covering. of shorts by the successful bears.
'lt.S cloSlhs was unsettled and irregular.
Total sales of bonds. par value 81. 500 600
Operations IN stocks have continued 10
oe ihiineneed by opinions over the money
uuliuok- me SUR OF speculative interest
early in the week had its origin almost
entirety IN the suppositiun that tho au-
tulih strain ON the money markets had
passed the worst and that gradually re-
turning ease was to be expected
mere was no actual stifteuing of money
t3tra 10 accompany The late reaction I'm
5He at9ih MARKET but conditions pointed
ust!"cdiN 70 "a recurrence of requirements
mat would tend 10 harden money again
me rise OF prices of stocks was eDgin-
S5Feu by party of professional oper-
ators. and only slight outside interest was
aItIdcteu al any point i'm its progress.
me movement was supposed to owe itg
aaSCEs.' ~ ~ 20 The driving L. cover of
an extended short interest, which had
awaited squeeze i'm money to find ODD0r-
tSuh!ly 10 cover their shorts at a profit
,oeSius money rates working easier and
prices of stocks advancing. they felt com
Ptted 60 cover. Win this requirement.
Tor stocks satisfied, the market showed