The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-15
|F|GN OF PANIC
/ IN WALL STREET
L. Violent Declines Under
Since Days of
Northern Pacific Corner.
|ppREHENSIONS OF RAILWAY
uiGNATES THE CHIEF CAUSE
|nciaI Announcement Made
4 That No Change of Policy
Is Expected.

-, ss n.r cent money and the gener-
4. .sssIuistIc sentiment developed as a
~ ., the recent heavy decline. trad
/, On The stock exchange today reached
'.,sre Of generalization bordering on
-,a.I manic. The worst period OF the
r,s shortly before the closing OF the
IN exohange session. although there
...an extremely violent Falling OH in
- between II and j o'clock. New
~ racords for the year and In some IN
r.,Ss for several years were estab-
Ia IN the active speculative Issues un-
y nyecipItate selling, with the market
,srrsn,iv without buying orders. then
~ of The bears TO cover thell snort
-,rtrac,s and realize their prohls Ihe
Lag ouotatious showed the following
|.riines for the day IN leaains SHARES;
smnlgamated Copper III; American
|,'sirinc lsI: ST. Paul. 133. Consolidated
~ :. Delaware & Hudson, l93. General
--r,rlc %: Great Northern. Oh, Mime
|ro,ls 81 Gaul g. Sault Ste. Marie, g.;
I<soun Pacific. a: National Lead. l2s:
;rV York Central, 6: Norfolk & Western.
4: Northern Pacific. s; pennsylvania
,fr. 81: Twin City Rapid Transit. o.
ic 'niop Pacific, 20g; Z. :. Steel, "a and L.
4. Steel preferred T. In most instances
.,n these figures do no, represent The
'<-rpme declines, as Reading closed >
olnls above the lowest OF the day. The
.,al sales of the day were 2,1l9.9p6. the
.rrest total of any day OF recent trad
re. The announcement OF Government
.ief for the money situation was not re-
<lssd until after the close Of the stock
kchan2e
'fjther than higher money and the gen
tally bearsh feeling there was nothing
. account for the markets weakness un-
- 1, was the nervousness of stock mar
I'd traders as To- the attitude of the Ma
bnal administration toward the railroad
Just before the midday
rtak rumor WAS circulated and was
&en credence TO the effect that n banker
% had just returned from Washington
"a reported 10 his friends that the Pres
MI had declared that his Views as TO
Is railroads had not changed. and that
y saw no reason 10 change them at this
me. For several days Wall street had
Aken the view that The heavy decline
ID mol been without effect in Washing
<n. and that modification OF the atti-
|de Of the President and the Interstate
5mmefce commission toward the great
Iunk lines might be looked for. Great
appointment was expressed at the news
.tilied 10 the banker quoted as author
IA for The statement that there Will he
n such change. The banker himself when
|Ipoached on the subject by newspaper
Uen. said he did not care to be quoted
h7fher than TO say that he believed the
'mlnistraton thoroughly understood the
Nsncial situation and the conditions as
Hty applied 10 railroads and Industrial
Hfporatlons
Rumorg in circulation during the af-
moon That Government relief might be
N1Rcd for, official confirmation OF which
~ received after the close. were with
fhect on the stock market trading
{1t OF The reports In circulation yesier-
~ as 10 foreign financial difficulties
trtlved confirmation today, and, in fact,
|" London market showed advances for
ter vas without effect on the New
}ik exchange except for "A short time
@ief ihe opening OF trading.
NSuhlness on the New York exchange
'fisd rather quietly. apparently intlu-
~ ny the better prices In London. but
pn II o'clock heavy selling move
To- was In progress and prices lost
PF TO points. Union Pacific led
NrY decline. with n break Of 81
70 ~. and AmalGamnted Copper
'yseo WIN drop of 81. TO %. United
IEF Steel offered more resistance than
','N Of the list. and after selling AT 80
'sned TO above 81. helping To steady
tenalnder Of the list. As prices
|Anie1 therc was n falling Off I'm bust
r. and The marke, remained relatively
~, until between l. and O'Clock.
'-n ine bears centcred their efforts
tnlon Pacific. Reading and Anal
naled Copper, Tho whole list was
od oy The rapid falling of I'm these
.s and the scene on The stock ex-
se oecamo one of wild confusion.
- seemed 10 he absolutely no SUD
70 tne market, and the trading be-
ne demoralized
'ns downward movement seemed 10
IT, 's 'oice In a short time, however.
1E.sD pf; f;succeeded toward 30 o'clock
o, me widest trading that has been
pa,a w INC exchange since the North
Mi c ,eni1 excitement Of 1901 Reading
~ iap'oiy 10 below par. getting down
,9 ps as e6l. while Union Paciic went
Nrs.. o. Faul 10 1870 and Amalgamatcd
.s,,s, 20 - Al this time traders
ueN had seen the worst OF The
In W. ,s sun more sensational declines,
,.ns L,., "osl exciting trading scenes.
Do pn, before the close of the mar
sionero.n onens @ VINO had called on their
,r,o1,'s and who had not received sat
\ II,ef. response threw over their
- Utmost without regard for the
.,rr'! would bring. and il was In
-. ,sp ,ldt The extreme low prices
ai sanSncd' ca Amalgamated Copper sell
4 ~ a, I, Atchison al S22 Baltimore &
ol =, 20. Canadian Pacific al I6T :,
~ southern Pacific al so9 ana f.nimSS,
Ilhr hs i+pi. After the most urgent
y I.ne .,, .al necn accomplished there were
IN AZ ~ III number OF the shares.
1hir sho, leaders closing from 1 to !
all street was so excI,od l,,.,
NJ r,r.sl"u OF the afternoon thai almost
IL, unlor received some belief ono rc
1Nfkei nea considerable effect ON tho
hIFiv and on Union PaCi6c no,tir,,-
JIfrd H. h,h' serious break had oc-
'tH. Hs,Jne Jne friendly relations between
Ehn Ionh ana the banking firm OF
|IUort. Mr 20" According 10 this
WI by ibn hartman had been request
Mac arn,, ranking firm to take up n
I'Ifs csJn' OF securities which Ibcy
Eost l,..s or him, The story was
[ 'Indinv an'ly denied. but noiyyIth-
Az ,uv denial continued TO hnvc
Ev brenG ~, reason put forth for The
~ nccomn,h w I Mon Pacific and Read.
In psi,ipenled by the sharn fallina
N, ,so ,,Sirnore & Ohio, was ssid 1n Ie
vuiies IN non Pacific was having am.
>>rlilmora hhancinE It's purchases ol
Ecks 4, ONO. AtChison and othe,
NJ. n NJ, o'her 10 finance those opera
iEed Ia issus asserted the road would h,
hing Of ~ ori-time notes. and TN,
IL the fnct '"sc notes would bc artcora,
rt4llIsnoIeei that the receni Icci,mo, q,
srUes Of ~, ONO and Atchlson show
N pries. many millions Of dollars IRON
~ H. which they were purcbasec
az, hartman iniercsts. IN Wa, we,
sbo;,a b; also. that the decline IN
pib whini a heavy loss to Balilmor.
Hahg stocl no'ds about $50. 900 600 o
I'd Wa. sne close Of the marke, muc,
N taIinre, ASpressed that there had bee,
" ihe rurcou curing the day. and that a
none nVeS I'm IN the street there SCENE,
% King or hreStlng the Eovcncy OF an,
'encc The Tb'HNer3se N3se house Of any i'm
ters Tor further coliaterai iGu Inil fmeI fren
81 hat, 80 lnei With prompt response
'd' as they were conccrncd