The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1907-03-06
FUT|tE EFFORT TO
| CHECK THE TIDE
$$ccks Continue to 60 Down;
Market Breaks Violently at
the Close.
HEAVY SELLING OF
I ATCHIS0N THE STARTER
Hartman Stocks Follow Suit;
Many RumOre Indicate to a
\ Gloomy Outlook.

4 NEW YORK. March st looked for
a time today as though stocks had made
a stand against the violent selling pres
sure which had forced prices downward
proyed only q breathing spell, and the
selling movement late In the day was
+ In rather larger volume and more pre-
cfpItate in It's character than that of
Yesterday, with a panicky break at the
last The fall in prices was notable for
an absence OF news 10 account for II. The
Violence OF the fall. however. gave rise
to plenty of rumors of money difficulties.
10 which the urgency OF the unloading
of stocks gave plausible color. No an
nouncements of any embarrassmentS
reached the public, however.
The enormous and unexplained selling
turning prices downward 1t was assert
cd that long standing confidence in an
Increase In the Atchison dividend had
been abandoned by a speculative party
very heavily involved with the stock on
that assumption The stocks came out
I In blocks of thousands OF shares and the
prices declined rapidly In spite OF the
Execution of some very large buying or
ders, which had the appearance OF being
made for support
The rest Of the market ignored the
,Atch!son selling for time and held its
rally well. The complexion of the market
changed when the Hartman stocks be-
gan 10 come out again. especially South
ern Pacific. Rumors of this kind were
actively circulated throughout the day.
but were entirely without official sane
tlon possible confirmation,
The most effective influence in the
early rally In the market was the large
demand for the Hin stocks at advancing
.uiiotations 4 very clrcumstantiaI report
vas current that arrangements had been
perfected by private agreement for talk
Ing over some OF the large holdings of
these stocks which were hanging over
the market. The Hartman holdings Of
a i,. a
nm some such arrangement. a statement
kwth an appearance of inspiration was
2eHen our during the day denying yester-
tIays s rumors That the Hartman holdings
|Rere being iquidated To provide re-
sources 10 meet a note falling due at an
early day for the purchase of Baltimore
rs Ohio stock for the Union Pacific this
year.
Money was slightly easier. both on call
and on time, bu, this was attributed
ls rgely to the effect of the stock market
n9uidatlon- chicago reported the largest
shipments Of currency 10 the interior
.uurlng February on record. and the i'm
preston was general that closer money
conditions were In prospect. The con-
viction that with this prospect the only
Effective relief was to be had by stotiS
market hquidation and a release OF funds
70 meet The universal pressure for money
and capital lay at the bottom of the gem
era disposition TO get out Of stocks. The
aenoralized tone at the closing left much
.h'iSN. iVl hii' iblule course pl the mar
Ret The special weakness OF stocks
which have been held in the Union Pa
,cihc treasury gaze an impression that
that company's holdings were being liqui-
dated Atchison fell an extreme seven
points; Southern Pacific and louisville
Nashville five, and the general list up
to over three points.
The Hill stocks were tho only ones in
the list to save anything Of the early
gains
Bonds were Irregular. Total sales. par
value s2.ll0O00
the coupons l per cent on call