The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-05
PRICES BROKE
WITH VIOLENCE
,uboIesaIe Liquidation in Pro-
aress in Wall Street Almost
Without Resistance.
orAps RUSH TO THE ATTACK
s.LLy AT TIE CLOSE NOT WELL
HELD.
BEARS RUSH TO THE ATTACK

xort March 4-PTices bTjEe with
49, IN he later dealings in the stock
'io. -. today. and the market gave every
AalAs -sacs Of wholesale liquidation being
= force. The early action OF the market
:. an impression Of bear attack. There
a. u.au,enl OF strength in a few issues
~es ~ onening and there were points OF
AZ w IN the early decline, but the
Iesis.rl,s, ~ vas swept into the downward
Nii ',ar,snt and the decline gained impetus
ny, ~. f5silitv Of efforts at support was
as te ~ and stop-loss orders were I'M
$3.50 slse.,aS ,,noD the decline. The supposltion
s ~, ground also that there was some
go a. Heuidati0n Of what are called in
ats5.,ent holdings going on. THESE re-
Yes s.n -sused a gloomy feeling over the
49, Industrial and business outlook.
- - zere accompanied by some rumors
llihlos,,,sted 10 deepen the gloomy feeling.
~, wbieh we're without conflF nation
~ ,rstance. il was affirmed that ef-
forts we're being made 10 secure the can
a'i,s,ion Of some of the orders on the
800 If the United States steel corpora
,ion for future delivery, owing 10 disin-
ssirstion Of the contractors to accept the
deliveries. Il was asserted that the
PENNSYLVANIA railroad was seeking 10 alb
logate some OF its orders ior Ireignt cars
nr59mnted bv a revised view of the out
iaot far traffic. These reports were
Tithout confirmation upon inquiry in Of
RE re earliest show of pronounced weak
ness was in the Hill stocks, with the Har-
riman stocks in company. me rapid
daunward course of these stocks gave rise
"a faIk Of liquidation of Hartman hold
mss IF the Hill stocks and of market re-
reals for grievances believed TO grow
sst an the Hartman investigation, or of
scne Of the information furnished for the
sWpases OF that investigation. Another
ssrree az weakness was the alleged needs
4 various corporations for new capital
and the high rates they would be obliged
"a nav for IL, Reports of net earnings of
railroads for January coming TO hand
showed the inroads resulting from the in
crease in wages that went into effect on
Jan l. This effect of the growing cost
Of operations Of railroads and the diff
Guilty Of securing capital for the better
ments which alone would avail 10 inereas-
ing cost brought into consideration natur-
ally the integrity Of dividends.
4 number Of preferred stocks on which
the dividends have a comparatively mar
iGw surplus Of earnings to depend made
prectpitate declines Of comparatively light
dealings. The cumulative effect of these
considerations and the growing weakness
If the market had demoralizing effect on
the market and the fall became rapid. The
early resistance was in the department OF
speeialties for the most part and among
the indgstriais. Reading was strong and
seemed 10 be accumulated with persist
ence into the afternoon The coppers and
United States Steel were late in yielding.
London seat higher prices at the opening.
prompted BY a favorable view OF the pass
age Of the AidFich currency bilk Money
here grew easier on call with the progress
of liquidation, but time loans were strong
~ bed The Saturday hank statement
was believed to indicate the shift in the
currency movement in favor of the inter-
ioF The closing tone was feverish and
unsettled and the rally due 10 covering of
shorts was poorly held.
Bends were weak. Total sales, par
raine. H7li00
United States bonds were unchanged on
cali