The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-05
VIOLENT BREAK IN
THE STOCK MARKET
Whole List Is Quickly Swept
i'm Downward Movement
Throughout Day.
FUTILE ARE THE EFFORTS
TO CHECK GREAT DECLINE
Belief in Large Liquidation OF
Investment Holdings Cause
of Gloom.

NEW YORK. Mar. 4.-Prices broke with
violence in the later dealings in the STOCK
market today and che market gave every
appearance of wholesale liquidation being
In force The early action of the market
gave an impression Of bear attack. There
was moment OF strength in a few Is
'ues al the opening and there were points
NJ resistance In the early decline, but
The whole list was swept into the down
ward movement and the decline gained
Impetus as the futilty OF efforts at sup
por, was perceived and stop-loss orders
were uncovered upon the decline.
The supposstion gained ground also thai
here was some large liquidation of what
are called investment holdings going on.
These reports caused gloomy feeling
over the whole Industrial and business
outlook They were accompanied by some
feeling. but which were without confirma-
Ion. For instance. 1t was affirmed that
efforts were being made TO secure The
cancellation OF some OF the orders on the
books of the L s Steel corporation for
future delivery. owing to disinclination OF
the contractors 10 accept the deliveries.
railroad was seeking to abrogate some
t'f its ordera for freight cars, prompted
tby a revised view of the outlook for traf-
ec. These reports were without con-
tirmation upon inquiry In official quar-
ters.
The earliest show OF pronounced weak
ness was in the Hill stocks. with the
Hartman stocks in company The rapid
downward course of these stocks gave
rise to talk of liquidation OF Hartman
holdings of the Hid stocks and Of market
reprisals foT grievances believed to grow
OUT of the Hartman investigation. or of
some OF the Information furnished for the
purposes of that investigation. Another
source of weakness was the alleged needs
Of various corporations for new capital
and the high rates they would be Obliged
10 pay for II. Reports Of net earnings Of
railroads for January coming 10 hand
showed the ,nroads resulting from the In
crease in wages that went into effect on
January |. This effect Of the growing
cost of operations of railroads and the
difficulty OF securing capital for the bet
tcrments which alone would avail TO in
crcasing cost. brought into consideration
naturally the integrity of dividends.
\ number Of preferred stocks on which
the dividends have comparatively mar
precpitate declines on comparatively
light dealings The cumulative effect of
these considerations and the growing
weakness Of the market had demoraliz-
Ing effect and the fall became rapid.
The early resistance was in the depart
msnt of specialtes for the most part
and among the industrels. Reading was
strong and seemed to be accumulated with
persistence into the afternoon. The Cop
pcrs and L. s. Steel were late In Welding
prompted by a favorable view OF the pas
sage OF the Aldrich Currency bin Money
here grew easier ON call with the progress
OF liquidation, but time loans We're strong
ly held. The Saturday bank statement
was believed to indicate the shift in the
terror. The closing tone was feverlsh and
unsettled and the rally dine 10 covering
ri shorts was poorly held.
Bonds were weak. Total sales. par
value. 81 1li,000
United States bonds were unchanged
call,