The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-15

New York. March f4.-Under the effect
Of . per cent money and the generally
pessimistic sentiment developed as a re-
suit Of the recent heavy decline. trading
on the stock exchange today reached a
sage Of decentralization bordering on ac-
fual panic. The worst period of the day
was shortly before the closing of the
stock exchange session, although there
was an extremely violent falling off in
prices between fe and l O'Clock. New lo%
records for the year and in some IN
stances for several years were established
in the active speculative issues under
preciptate selling. with the market APP
parentiy without buying orders than those
81 the bears to cover their short con-
tracts and realize their profits. The clos
ing quotations showed the following de-
clines for the day in leading shares:
Closing Quotations.
Amslgamated Copper 1Ts1; American
Smelling. l6is st. Psau- 1874, Consolidated
Gas :; Delaware & Hudson. 1914 General
Electric OLE; Great Northern, 5IS: Min
neapolis. St Paul & Sault. Ste. Marie,
SO: Missouri Pacific, "a National Lead,
ia; New York Central. 6; Norfolk &
Western, "a; Northern Pacific 8; Penn
ylvania Railroad, 81; Reading, 0%4;
Southern Pacific 5ss Twin City Rapid
Transit. D; Union Pacific. 20s4; I. S. Steel,
Sis. and L. S. Steel preferred, 1. In most
instances even these figures do not rep
resent the extreme declines as Reading
closed , points above the lowest, and
Union Pacific az above the lowest of the
day The total sales were 2,7l9.S0S, the
largest total on any day of the recent
trading. The announcement of govern
ment relief for the money situation was
not received until after the close OF the
stock exchange.
Result of Apprehension.
Other than higher money and the gen
orally bearish feeling there was nothing
10 account for the markets weakness un-
less it was the nervousness of stock mar
ket traders as to the attitude of the pa-
uonai administration toward the railroad
explorations. Just before the midday
neak a rumOr was circulated and was
gwen credence 10 the effect that a banker
who had just returned from Washington
had reported to his friends that the pres
ident had declared that his views as 10
me railroads had not changed and that
ne saw no reason TO change them at this
uhe For several days Wall street had
taken the view that the heavy decline had
not been without effect in Washington
and that modification Of the attitude Of
lhe president and the interstate commerce
commission toward the great trunk lines
might be looked for Great disappoint-
heht was expressed at the news credited
10 the banker quoted as authority for the
statement that there viii be no such
change
nOOScNeib was FoStco.
The banker himself when approached
On me subject by newspaper men, said
ne dld not care TO De quoted further than
10 say that he believed the administra-
uon thoroughly understood the financial
s,suauon and the conditions as they ap-
pued to railroads and Industrial corpora
uvIs. RumOrs in circulation during the
afternoon that government relief might be
looked Tor. official confirmation of which
vas received after the close. were without
erect on The stock market trading None
~ me reports in circulation yesterday as
20 foreign financial difficulties received
ssoniirInation today. and in fact the Lon
uvn market showed advances for Ameri-
al securities. This fact however. was
Nlthout effect on the New York exchange
eSSeept Tor short time after the opening
OF trading
Market Opened Higher.
business on the New York exchange
e,altsG rather quietly. apparently influ-
sleed by the better prices in London, but
r 0stote il O'Clock a heavy selling move