The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-15

their position as 10 the stock market
was satisfactory.
The sudden and acute outbreak OF re-
newed weakness today owed most of It's
violence TO the feeling of dependency In
speculative circles regarding the effects
of the public agitation against corpora
tions and the nearly universal trend OF
legislative measures against them. The
extreme sensitiVeness Of sentiment upon
the subject is founded on suppositions
of what the great authorities I'm the rail-
road and financial world think upon the
subject. Recent events have created the
impression that these authorities are In
a condition OF keen anxiety and even OF
fright about the prospect they have 10
face In this matter.
Some OF the steps taken with the in
tention OF allaying apprehension up
pally instrumental in aggravating it This
was notably true with visit TO Wash
ington early in the week OF j, p. Nor
gan with the avowed purpose OF acting
as mediator between the President and
the railroads in an effort 10 induce the
President TO take some steps to allaY
public apprehension regarding the credit
OF railroad companies. There was mo-
mentary sense of relief manifest In the
stock markets of the early part OF the
week without any clear Idea being enter
tanned of the steps 10 be taken. or the
purpose that would be served by them,
a vague supposition was entertained that
some stirring measure was TO be taken
at Washington which would put a new
face upon the matter.
The panic broke out upon the stock
market today In connection with dis
houses that no change of policy or OF ad-
nnistratlou was 20 be expected in
Washington. This appealed strongly to
the speculative Imagination and fears as
sweeping away the last bulwark OF pro-
lection for the railroad companies at the
onset of the indignant public disapproval.
and even threatened confscation. Specu-
lative operators saw this View of the sit
uatlon confirmed I'm the mysterious and
overwhelming outpouring OF stocks which
they attributed to capitalists who hold
controlling interests i'm the great rail
roads. The supposIton that railroad
capitalists held this opinion of their pre-
carious situation has been fostered by
their attitude before the public and the
complaints and even appeals through
public channels which they have been
making recently, There came into the
market today also rumor that differ
cnces had arisen between Kuhn. Loeb e.
Go. and II. II Hartman. which had
prompted a call upon that capitalist to
take up his vast holdings OF stock with
that firm This rumor denied. but
the fear II engendered had It's part in the
decentralization Of the day.
The excited market was accompanied
by rise In the call money rate to 20 per
cent. and the time loan market was prac-
tically unduorable. This gave rise TO
fears Of oVerstrained credits In one direC-
ton and another and rumors pointing es-
pecially 10 the market for copper securi-
ties. Bankers asserted that the most eN
haustve scrutiny OF conditions failed to
show any threat OF embarrassment This
is considered the most remarkable fea-
ture OF the present situation.
The market had substantially recovered
AT one time during the morning when
The wild liquidation In Union Pacific
started the decentralization In the whole
list. There were some violent gyrations
due to the rush of shorts TO secure profits
at various times. but the tone OF denlor-
. allzation continued IN to the close. The
intended plan OF relief by the Treasury
department was not made known until
after the market closed. but very spe-
cinc reports were current of the intended
| situation about o'clock. without appre-
/ clabIy affecting the market.
Some Of the most conspicuous OF the
/ days extreme declines were: Union Pa
/ ciOc. 25l; Reading. 229; Smelling. 81;
/ Amalgamatcd Copper. lS3; Delaware &.
/ Hudson. l94. and st. Paul. Northern Pa
! cIhc, Southern Pacific. Great Northern
/ preferred Anaconda Pullman and Brook
/ lyn Rapid Transit, 10 to 13l.
! Severe losses Of less amounts were uni
] ycrsal.
Bonds were slightly affected by the
acute weakness OF stocks, but were gen
| orally lower.
United States bonds were unchanged
I on call.