The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-15
SECURITIES DUMPED
UPON STOCK MARKET
Continued from Page 4.


Secretary Corteiyou's announcement Of
government relief was received with much
satisfaction i'm financial circles II being
pointed out that II would aid the banks
greatly in making the payments due on
the Standard Oil dividend
Victor MorawetZ. chairman of the At
Gibson, Topeka a. Santa Fe Railroad COM
pany's board, had the following 10 say
as TO the causes of the present depreS-
sion in financial circles:
Il am satisfied that the present depres-
sion is caused almost entirely by senti-
merit and vague fears. most of which are
unfouEded- Spectators for a decline have
taken advantage of this condition and
have used every trick in order to depress
values. with the result that many weak
or timid holders have been led to sell at
a sacrifice. Fears are entertained by many
that railway stocks and bonds have ceased
to be safe Investments because of the hos
tile attitude Of the public to the railway
companies and the danger that legisla-
lures and railroad commissions through
out the country Will reduce railway rates
and diminish the net earnings of the rail-
way companies There is also fear that
a severe stringency in the money market
may be impending. ! think these fears are
greatly exaggerated.
Halt Has Been Called.
1.-The people of the United States are not
going to do injustice to the railway COM
panies in the long run or pursue a course
of action which would surely prove ruin
Gus. Unjust and unrea sOnable attacks by
the sensational press against the railway
companies and against capital generally
do not represent the sober sense of the
people. and will not prevail The public
| investigation and criticism Of railway
companies and trusts has been going on
now for several years. and faiT-minded
men must admit that there were grounds
! for criticism and that a halt has been
called to some business methods and ten
! denotes which surely would have brought
| disaster in the end. Il would be aston
/ ishing indeed if no hasty or mistaken leg
/ isiation had been passed; but. I repeat, no
/ injustice was intended and no material
| injury has been done.
! Business on Sound Basis.
Although money rates are high, do
not anticipate any serious trouble. BUSH
| ness is upon safe and sound basis. Man
ufacturers and merchants are doing a
| large business requiring large capital, but
/ they are not carrying large stocks which
| throughout the west continue very large
| Atchison earnings for the first week Of
| March showing an increase of over 500
| ooo-and there is enough business in sight
| to tax all our facilities for months to
! come"
Confined to Stock Market.
THE noteworthy feature of the situa-
F! ton. next to the extent of the decline 1t
self" said F. A. Yanderlip. head of the
| National City bank, today, has been the
| resources shown by the holders of stocks
in promptly providing margins The
banking position tonight is remarkable
in the fact that the call for margins has
been met with promptness by practically
| every borrower. The decline, therefore
would not seem 10 be the result either OF
a stringency in money or an impossibility
/ to obtain credit, because in spite of the
great depreciation in prices, borrowers are
able to keep margins good. DemOTaliza-
ton has been confined to the stock mar
ket. We see no signs of its extending
elsewhere.
THE action of the secretary of the
treasury is admirable and conservative
Certainly no one can criticise it. and the
measure of relief which it offers will be
considerable. both in a sentimental anc
actual way"