The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-23
BAD DAY
Fin WALL STREET
|r,r Level Than That Reached
During the Semi-Panlc
Attained.
ulRS MAKE A RAID
ON THE ERIE STOCKS
,rssn, Hill and Hartman
6rsups Are Also Much At
fected by Depression.

- YORK. March 22.-The stock
'tw .,,rnsd very weak again today
- sha stocks which were under
., ", nrsssure broke through the low
~ pnhsS in the panic last week.
ss nnfably true OF the Eries and
sshsss OF those stocks was of
.'svmnathetic effect upon the whole
fpe other dominant iactor IN the
.,,., vas the consequences reared
PIE advance yesterday IN the Bank
<rsncs discount rate.
4. srgravating cause OF tnc "eah
|'s ,bs ErIes was clearly que TO the
.'scsrnent of the management that
VA abandon projected betterments
a,ate OF New York from fear OF
~ ss,sr;eyence with the intended meth
W bnsnclng the work proposed by
'.,lan for control OF public utilities.
- N this open explanation there
',eurrsnt many rumors OF internal
-sns,on In the company and OF DIS
-;o,ment as TO the results OF appoint
~ already made The bears. In fact,
',sr,d in the securities OF the COM
4" freely and boldly. They were not
Y ~ however, by any protective
<Sryss for the securities in the mar
4 This suplne attitude of the friends
-.,troIers OF the property had dis
-.scine effect on any Views favorinS
.5rssoe ass in prices. Instead of the
against the supposed large out
1s,rg shor, interest which was talked
srTIilr the hardening period of prices
.iebday. the bears undertook fresh OPP
Hons on a large scale, and had good
- IN precipltating fresh liquidation ,
sSrIous quarters OF the list.
he Morgan group was especially al
'r5 when the entire lack OF support
',fs Eries % was perceptive. The weak
y spread 10 Southern Railway and
ne whole Southern railroad group.
\ Hlls and Harrimans also were
u,tly affected, and had the usual ef-
4 Of dragging down st. Paul. ALchi-
[. and Reading. United States Steel
. heavily sold. but on a narrower
q range than the low priced shares
|6e effect OF the advance in the Bank
France rate was heightened by re-
|n from Paris that a further rise was
rlcged next week. The action is
|<cted against movement OF geld
'71rdon. and also to Berlin Its spe
1 Interest TO New York is that pay
n for participation In note issues OF
rsrican railroads are supposed to be
n'sed In both these movements. This
1rtment Of capital out of France evil
<ib Ia Intensified by the wide dis
|nncy between the ruling interest
y In Paris and the rate Of return
thsse high grade note Issues. The
g Of France finds Il unwise 10 per
h IA Keeping home interest rates so
4 ont OF line with the worlds aver
n e7tn with the advantage Of stabil
n the money market for business
h lfade. II is as recognition Of the
i n money rates that the action Of
\ French bank is regarded as jmpor-
Il Iaiher than from any likelihood of
'kIng reserves I'm other centers being
'.zd. Private cables from London.
ned some anxiety there regarding
income Of the stock market settle
next week. Preliminary estimates
y weeks currency movement indi-
n nn Increase OF upward Of 5000, 40
ash holdings OF the banks. 1t Is
[1fsd also that the drastic market
Iddiion Of last week as II came late
ne week. will affect the averages of
ban account this week as much
NJ: strong bank statement Is
indicated. The market closed weak
around the low point, at severe de-
r. The effect of the break in the
IL mlng again aggravated by the
Ur IN Canadian Pacific.
"a $4,000.
ed States 2s registered declined
t., The old Is per cent, and the
s, per cent on call