The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-23
BEARS HAVING
THEIR OWN WAY
Fresh Operations on a Large
Scale Undertaken in
Wall Street.
ENTIRE LACK OF SUPPORT
NEW LOW LEVEL FOR SOME
LEADING STOCKS.
ENTIRE LACK OF SUPPORT

Nev York. March eo-The stock market
ta-ued very weak again today some OF
the stocks which were under special pres
-gre broke through the low level reached
fr the manic last week This was notably
true Of the Fries and the weakness OF
those stocks was of large sympathetic ell
feet upou the whole list The other dom
INFANT factor fu the market was the con-
someone's feared from the advance yes
ferdar in the Bank Of France discount
rate. The ag-rayatins cause OF the weak
ness of the Fries was clearly due to the
announcement of the management that il
would abandon projected betterments in
the state of New York from fear OF the
Interference with the intended methods
of financing the work proposed by lcgis-
ftion fur control of public utilities. Back
Of this open explanation there were cur
rent many runors of internal dissension
IA tEa company and Of disappointment as
tn the results OF appointments already
W7Go.
The bears. IN fact. operated in the secur-
flies of tu. company very freely and very
boldly They were not opposed, however,
Dr. amy protective measures for the Sc
CUriti5- i1 the market. This supine atti-
fuds of the friends or controllers of the
property mad a discOuraging effect on any
stead of the turn against the supposed
large outstanding short interest which
vas talked of during the hardening period
Of prices Yesterday, the. bears undertook
fresh operations on large scale and had
good success in precipitating fresh liqUi-
dati0n i'm various quarters of the list.
The Morgan group was especially affected
when the entire lack Of support in the
Fries was PerCeptive. The weakness
spread to Southern Railway and to the
whole southern railroad group. The Hills
and HawimauS also were acutely affected
and had the usual effect of dragging
down ST Paul. Atchison and Reading.
Z. :. Steel was heavily sold. but on q
narrower price range than the low priced
shares. The effect of the advance in the
Bank or France rate was heightened by
reports from Paris that a further rise was
expected next week. The action Is direct
cd against a movement of gold TO Lon
don and also to Berlin. Its special inter-
est To New York is that payment for par
ticipation in note issues of American rail-
roads are supposed 10 be involved in both
these movements This movement of cap
ital out of France evidently is intensified
by the wide discrepancy between the rul-
ing interest rates in Paris and the rate
of return on these high grade note issues
The Bank Of France finds il unwiSe to
persist in keeping home interest rates so
far out Of line with the worlds average
even with the advantage of stability in
the money market for business and trade.
II is as a recognition of the rise in money
rates that the action of the French bank
Is regarded as important rather than from
any likelihood OF banking reserves in 9TH
er centerS being affected. Private cables
from London reported some anxiety there
regarding the outcome of the stock mar
ket settlement next week. Preliminary
estimates of the weeks currency move
ment Indicate an increase of upward of
S6G0GN in cash holdings of the banks.
Il is expected also that the drastic mar
ket liquidation of last week as it came
late i'm the week Will affect the averages
" the loan account this week as much
as last 4 strong bank statement is thus
Indicated. The market closed weak and
around the low point. at severe declines,
The effect of the break in the Fries being
again aggravated by the slump in Cana
dian Pacific.
Bonds were irregular. Total sales, par
value 81 7g2 600
T. 5. IS registered declined 4 per cent.
the old IS Is per cent. and the new As i
per cent on call.