The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-24
SLUMP At HOME
AND OVER SEAS
American Securities Hammered
Down in Europe Owing to
Conditions in New York.
RANK STATEMENT WAS BAD
MARKET FEVERtsH AND IRREG-
ULAR AT CLOSE.
RANK STATEMENT WAS BAD

~ev- York March 23-SecuTities here
aud i'm Europe were all violently agitated
.,ss, and tle decline in American securi-
-i.s f1rr.d the average level Of prices
,irhiu measurable distance of that
-,,rrrH Dob the demOraliZed selling on
rbilrziag of last week. Foreign markets
ysrs disposed TO assign the dominant in
Iuancp uuun the situation TO the condition
nj the Ngw York stock market. The
mimi ON which fears of consequences from
tba New York condition converged, how
,-ar. was London. This is owing to the
necessity of providing there for a fort
rirhtIy settlement on Monday. The large
interest of the London market in Ca
,4diau Pacific accounted for the slump in
rbsr stock today. 1t was believed also
fI9r a stock market pool, which holds
large block of that stock, was called upon
d. take IL up today and that large pro-
Iorfiou of the POOLS holdings were thus
forced uu1u ii,v market. The stock broke
an extreme SIS points, and went far to de-
m0raliZe Jle whole list. The Hill and Har-
rimau stocks also showed losses of 4S4 to
81. points.
4 singular incident Of the relapse was
Nh. quoting of lower money rates in Lon
don and Berlin. There was no urgent de-
mand for money here, either The bank
statement. however. was disappointing
both In showing less than the expected
aaiu boz the cash and less than expected
scaling down of the loan item. An in
crease iu loans of upward OF $40, O0G. 900 BY
the largest bank alone largely affected
the showing. practically all in the other
banks reporting d loan contraction. Heavy
movements of gold were reported between
different Centers abroad, suggesting a
scramble among markets there for the
Supply Foreign adyiCes reported an ex-
pactation that New York would take
MONDAYS arrivals Of South African gold
90 London. Foreign exchange moved up
ward however in this market. The haSty
pr0iit-taEing by the bears seemed to be
almost wholly responsible for the demand.
which rallied some stocks from the low
est bat the market closed feverishiy ir-
regular
Total sales of bonds. par value. 81, 100
eg
The stock market of the week has
shown the usual after-effects of such d
damaging storms as swept it last week
The cOnVulsiVe rebound Of Friday and
Saturday Of last week clearly was due to
the scramble to cover OF professional bear
operators, who had reCklessiy persisted in
selling stocks down 10 the lowest depths
Of the declines of Thursday. 1t was to be
expected that the higher range of prices
thus offered would be taken advantage
of TO close accounts which were carried
safely through the panic plunge in prices.
which. nevertheless, were considered so
far crippled as TO make the lenders of
money disinclined to carry them. This re-
neWed liquidation was violent at times
and was accompanied by rumors Of fl
uaucidl embarrassment of brokerage
houses and of crippled firms being helped
10 avoid bankruptcy. The market
continued unsettled and quick to take
alarm al any whisper of unfavOTable de-
Ntlopmeuts
on one point opinion has been consistent
and persistent. That is that the bulk of
enormous LIQUIDATION. which was thrown
upon the market and the consequent loss
es entailed were attributable 10 indiVid-
uals and groups of large wealth. in some
quarters the supDosition was held that
large controlling interests in the great
railroad systems themselves were involved
and 4 pendant TO this theory was that the
less informed following of this class were
ihe principal sufferers. the latter suppo-
sltl0n taking form in rumors of the losses
Of s0-called social pool. made UP of
wealthy individuals not closely connected
with the financial administration of the
corporations themselves.