The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-24
WEEK HAS BEEN
BAD FOR BULLS
Close in Wall Street Market at
Level Nearly as Low as
the Worst.
CONDITIONS IN LONDON
ARE ALSO UNFAY0RABLE
Hill and Hartman Stocks Still
Going Down; Bank State
ment DisappOints.

INV Jim, NldlCu -Os"OCcuIlLleS
here and in Europe were all violently
agitated today and the decline in Amer
lean securities forced the average level
of prices within measurable distance
of that touched in the demoralized sell
ing on Thursday of last week. For
eign markets were disposed to assign
the dominant influence upon the situa-
tion to the condition Of the New York
stock market. The point on which
fears of consequences from the New
York condition converged, however, was
London. This is owing to the neces-
sity of providing there for fortnightly
settlement on Monday The large in
terest of the London market in Cana
dian Pacific accounted for the slump
In that stock today. It was believed
also that a stock market pool, which
holds a large block of that stock, was
called upon TO take 1T up today and
that q large proportion of the pool S
holdings were thus forced upon the
market. The stock broke an extreme
SM points, and went far TO demoralize
the whole list
The Hill and Hartman stocks also
showed losses of AZ to So points. A
singular incident of the relapse was the
OIL lOWcG IUOUtN TdIcS III JJpU-
don and Berlin. There was no urgent
demand for money here, either. The
bank statement, however, was disap-
pointing, both in showing less than the
expected gain IN the cash and less than
expected scaling down of the loan
item An increase In loans of upwards
of $10,000,000 by the largest bank alone
largely affected the showing, practically
all in the other banks reporting a loan
contraction
Heavy movements of gold were re-
ported between different centers abroad,
suggesting a scramble amongst markets
there for the supply. Foreign advlces
reported an expectation that New York
would take Monday S arrivals of South
African gold iii London. Foreign ex-
changes moved upwards, however, in
this market. The hasty proft-talSing
by the bears seemed TO be almost
wholly responsible for the demand
which rallied some stocks from the
lowest. but the market closed feverish-
ly irregular.
Total sales of bonds, par value,
Sl,I00,00o.
The stock market Of the week has
q damaging storm as swept it last week,
The convulsive rebound of Friday and
Saturday of last week clearly was due
30 the scramble TO cover of professional
bear operators, who had recklessly per
sisted in selling stocks down TO the
lowest depths of the declines of Thurs
6sy. It was to be expected that the
higher range of prices thus offered
would be taken advantage of to close
accounts which were carried safely
through the panic plunge in prices,
which, nevertheless, were considered so
far crippled as to make the lenders OF
money disinclined to carry them, Tins
renewed liquidation was violent at
times and was accompanied by rumors
of financial embarrassment of broker
age houses and Of crippled firms being
helped to avoid bankruptcy. These re-
ports failed in all cases OF yerInca-
ton by any event, and this fact IN
itself had a uuieting effect upon the
market. The market continued unset
tied and quick TO take alarm at any
whisper of unfavorable developments.
On one point opinion has been con
sistcnt and persistent. That Is that
the bulk Of enormous liquidation, winch
was thrown upon the market and con
senuent losses cntailed, were attrlbuta-
blo TO individuals and groups of large
wealth. In some quarters the suppo-
sition was held that large controlling
interests in the great railroad systems
themselves were involved and pendant
TO this theory was that the less m
formed following of this class were the
principal sufferers, the latter suppos1-
tion taking form In rnmors OF me
losses OF q socalled social pool, made
mn of wealthy individuals not closely
connected with the financial adminlStra-
ton of the corporations themselves.