The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-03
GENERAL FEAR
FOR THE FUTURE
uoiIroad Stocks Not Being
'''''1 Sought by the Public at
Any Price.
rrunFNCY is DOWNWARD
.rueR FAVORABLE BANK
STATEMENT.
TENDENCY is DOWNWARD

-. YORK March 1.-The stock market
- taa another Of the spells Of recur-
-. ,.s,-ness which have characterized
I'm ,-osk There was a sharp rally af-
u - oDnearance of the bank state
- /, did not hold and last prices
mn 80 Of the conspicuous stocks were
~ loa-sst Of the day and OF the week
ne northwestern group broke padly, es-
.,niaIIv The Hill stocks Ihelr weakness
- connected with the reports from
,m,.assiogfon that the interstate commerce
y a.,sisSion's INQUIRY into the subject of
- --lc-ssnitsIization would turn next to
- ~ ,-o-ibsry, Pacific and its reorganiZa-
,ior several years ago. \ disturbing e1-
sact was produced TOO, by the reports
that suits would DC SET on Ioot as an
oI,tcome Of the Hartman investigation 10
ooTnel the giving OF testimony which
~ f-sf,,sed and to dissolve the Hartman
~omblnatiop OF railroad properties. Fear
- q strike OF Pennsylvania railroad en-
niovss was fostered by the large vote re-
11orted in favor Of strike Dy the COM
i,,.'s vsrdmen. The violent declines in
Inc local traction stocks. LED by the In
tc-borouph Metropolitan issues. was not
evnlained. but was Of sympathetic effect
mon the general weakness or the mar
ket -. -,
o,nacted the cash decrease being limited
ia e 10000 compared with early estimates
todsv running as high as s, 900. The
"a 29i go loan contraction, in view of the
heavy financial operations OF the week.
including the operations for the March
Settlements also was Of good effect on
sentiment. Large arrivals Of gold were
reported In London from South Africa.
hut $4,000 was Withdrawn from the Bank
Of England for shipment to Argentina.
The time money market here was called
strong at a fractional advance in rates.
he 1rrix al in
London was considered unlikely. in view
of the small change in conditions in the
International exchange market for sew
ersl weeks past.
Total sales of bonds, par value. s54s..
CO.
The entire uncertainty of speculative
sentiment over the outlook Is the infer
ence suggested by the constant reversals
Of the movement Of prices In the stock
market during the week. A movement in
one direction did not extend beyond a
DAVIS trading.
The interstate commerce commission $
inquiry into the Hartman railroads oc-
cupied so LARGE a share Of attention as
to almost exclude any other subject. The
coming of this inquiry has been a fact
an Influence upon the stock market for
q long llme past. The nature of the dis
closures 20 be made and the substan-
tistiOns presented were quite clearly fore
seen. and this prospect has been one Of
the notable factors Of depression in tie
market for some time past. Because the
subject has been so long considered and
acted upon there was some expectation
that the actual opening of the inquiry
and even more so its termination would
lead 10 some recovery from the previous
depression. The stock market specula-
ton rarely concerns itself with past
events But the point OF future interest
regarding the investigation has 70 dc
with its results upon the public mind and
upon the public and government activi-
ties toward the subjects of the inquiry
Il vas from this standpoint that opera
tors in stocks were disposed 10 draw I'm
favorable auguries.
The wide publicity given to the testi-
many, the eager public interest displayed
and the nature of the general criticism
evoked by il OF the methods and prac-
ices revealed made a portentious impress
son upon the financial world. A ma
terlal growth OF dissatisfaction with the
powers enjoyed by the great corporations
Is considered inevitable. The contention
Of the government authorities which
prompted the inquiry. that additional re-
straints should be placed upon the DOW
srs OF corporations, especially over the
issuance OF capital the purchase of Sc
curites other than their own and the
nlaking Of charges for service 10 the pub
ne has been strengthened by the revela.
IONS brought out. New legislation as
Soralngiy IS believed to be certain The
hostility CT the public toward corpora
Tons, even in its present stage. is the
cause OF many misgivings upon the part
OF those largely interested.
clseouragtng effect is looked for or
any general demand for the securities
ana the difficulties Of securing new cap
llsl tor projected enterprises are expect
90 20 9e increased. The effect on foreign
cdpital is especially feared and a cor.
!!,sspehding check upon the recent fiota.
tIon OF American railroad notes in foreign
.loneH markets which was affording q
material relief from the overstrain upor
our supplies of capital
Money has become firmer with the pre-.
ssaIetions Tor the March settlements
SSehtlment upon the money outlook has
- cVihe percepubly more cheerful with
me passage through the senate of tbs
Aidrieh currency Bill.
noros we're dun and generally heavy
-, = registered have advanced Il and
NE oia IS : per cent on call during tbs