The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-10-14
LOWEST NOTCH
FOR MANY YEARS
Long List of Securities Persist
emily Sliding off on New
York Exchange.
MANY REASONS ADVANCED
DECREASE IN EARNINGS OF
RAILWAYS.
MANY REASONS ADVANCED

New York Oct. 1S-Eyents in the last
weeks stock market ran into demoraliza-
ton by the end of the week as a Gull
mination of growing uneasiness over the
unexplained situation and fears Of bus
mess depression reaction as an outcome
of the money stringency.
The publication on Saturday of an al
legged order by r. II. Hartman TO cut
down expenses in all departments OF the
railroad systems under his control ac-
corded so well with these fears that the
effect was acute and but little modified
by the subsequent denial of such action
by authority Of Mr.. Hartman. The leth-
arglc demand for securities was no new
feature in the situation last week. but
for some time past il has correspondent
with an almost equally torpid state of the
selling so that occasional attacks on the
market by bear operators had little effect
in dislodging offerings.
Urgent Selling Last Week.
But last week the selling was urgent
The consequence was seen in the range
of prices for long list of securities
which is the lowest of the present year,
and therefore, a number of years past.
The movement seemed TO have its incep-
ton in Holland and Amsterdam sent sell
ing orders to the New York stock market
direct in such volume as to attract at
tention and to give rise to rumors that in
volved affairs in the market. Stocks
which have been favorites with the Dutch
holders made precipitate declines and this
had a sympathetic effect on the whole
market. The firmness of the New York
money market with loans on call touching
per cent every day until Friday and
with time loans for some periods COM
handing as high as Z per cent, discour-
aged holders of securities on margin, es-
pecially those Of the low priced non-divi-
dend paving. which were conspicuous in
the weeks declines. Lenders of money
,,.T, 90 1raT
were disDosed to restrict creditors with
the manifest declining tendency OF prices
and the calling of loans precipitsted the
fall in prices
Tight Money Market.
The tightness of the money market ex-
tends to commercial credits and discus
sion was very persistent in the financial
district of chances of over-extension in
some cases. which might result In dam
aging conditions from the difficulties of
the money market.
Many annual reports Of railroad COM
Danies made their appearance during the
week and were DISTINGUISHED by the uni
form complaints of the DEAFNESS OF ma
terials and labor and the harassments OF
restrictive legislation ard the decrease in
net earning power which follows.
Monthly net earnings OF railroads re-
ported bore out these complaints as TO
the actual showing involved. Copper con-
tinued 10 work to lower levels. but au-
thOr1tleS IN the IRON ana steel trade eN-
pressed confidence In its position and re-
ported sustained activity in various de-
Dartments.
Traction Disclosures.
All allowance must be made for the
influence of the disclosures brought out
by the New York local traction inquiry
and the financial methods revealed were
feared for the public Reproduction that
might be melted for corporation power
and the disturbance they engendered.
The upward course Of foreign exchange
also measured another pressure on bank
ing resources in New York due to re-
mittance for redemption of foreign hold
ings of New York City revenue warrants
maturing and also for American securi-
ties coming home TO the New York mar
ket.