The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-14
most A PANIC
SIN WALL STREET.
hrd of Years for Heavy and
o'reeipitate Selling Broken
d Wednesday.
6tGENCIES OF THE MONEY
,5TIATION UNDERESTIMATED
king Credits Practically
withdrawn: Borrowers
!, Are in Bad Condition.

Inv YORK. March 1S.-The stock
IV., was shaken into decentralization
nv n course of liquidation which
r,3olence and precipitation had not
eoualed in New York for several
i The overwhelming outpouring of
ns came as n general surprise, as
.s,ve progress was supposed TO have
already effected In the necessary
,fation 10 meet the present situation.
n,ppositlon had been fostered by
>sletiou OF the market for several days
but apparently the exigencics OF
money situation had been greatly
4 krestimated
lbrm for the adequacy OF available
.llss 10 meet immediate or early
.irsnents was acute today. not only
New York, but in London and Ber-
!, an unsuSpectcd extension of spec
Hve accounts and they were indis-
rina,ely forced to sale, apparently
rnv sacrifice. Banking credits were
rficaly withdrawn from the stock
.Het, and the borrowers were called
10 pay their obligations. AT the
4 time bids in The market for stocks
Ined 10 be withdrawn and prices were
red down points at time before the
Drptivc demand.
'he Immediate pressure of the money
net, which precipitatcd this series of
ofs. was attributed TO the large de-
1ls convereing upon the 10th OF the
lent month. These include subscrip-
Us 10 the new Chicago & Northwest
fstock. 10 a Pennsylvania note issue
4 seyeral large dividends, including
\ Standard Oil Preparations for these
.nncnts were In force today and in
Ned higher money rate from the out
!, The banking position was weak at
close OF last week. and the sub
tsury has taken from the banks since
\ time upward of 1000. 900. The Gus
y collections Of the government are
hing on very large scale. but the
Is arc taking advantage OF the new
n OF s9,000000 upon monthly retire
pf Of circulation to retire the full al
pnce and deposits OF money at the
itreasury for that purpose are increas-
largely the withdrawal from the
Ike. Meantime the Treasury depart
ID has given no intimation of an IN
Hon 10 use the new discretionary
yer OF the Secretary to deposit Gus
rs receipts with the National banks.
ondon already was upset BY the
pey situation before the market oper-
rs began here, and as soon as the
NJ York market opened foreigners be-
10 unload holdings here in a way
Started prices sharply downward.
liquidation steadily gained force
rueh The accumulation OF influences
4h follows inevitably from a violent
line IN prices, and the market be-
ne quite demoralized. Seemingly the
f2'pte necessity for further drastic
f'dalion became recognized a feeling
Hopelessness over any early market TO
We The success ot this operation
.pp'ed the spaSmodlc method pursued.
ne acute weakness OF The Hil and
Uiman stocks indicated that the
r-panic condition today was the aft
tp~ih OF the unbridlcd speculation in
tt stocks entered upon last fan, and
Fh mas never been satisfaCtorllv
afed up In the market since. Such a
as Today must necessarily have ac-
'pllshed much toward the purpose.
Violent rally in the latter part of
nay Indicated the cessation of the
':onre. but the closing tone was cv-
[,gly nervous and with some stocEs
RToWesl and others fast falling back
EH previous low levels. Union Pa
}2epeclailE broke violently at the
NJ ah extreme liz below Yesterdays
Y pLee. The fall In the Hill stocks
almost as violent, and In Reading
<nru ,h over u st Paul Chicago e
hWestern, Canadian PacItic. Anal
pn.sd Copper and Colorado Fuel fen
-afa OF seven points. The range of
w LOT practically all the active stocks
!, rom to over points. The ex-
~ me shock of such an enormous
/, .nssage ON values is not to bc esti-
IN Immediately. Even after the fan
.r,s r,0es was checked. important after
TO. o VIDE extent are to be looked
M ne nervous action OF tho market
last left opinion entirely al sea
~ Mhetner the worst had been seen
R,s ''t :, were weak. Total sales. par
'r,iso 'raV States bonds were UNCHANGED