The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-09
LIQUIDATION IS
STILL GOING ON
uoriods of Extreme Weakness
in the Stock Market With
Prices at Low Ebb.
BEARS HOLDING THE FORT
CLOSING TONE WAS DECIDEDLY
WEAK.
BEARS HOLDING THE FORT

work. March S.-There was rur-
s-astie liquidation in the stock mar
~" .a5sv and periods of extreme weak
Ast 5,,ripq which prices plunged down
Ae1l level in many cases lower than
70 seyeraI days past. AT the same ume
-. wss evidence from time to time OF
.-ntion Of stocks of kind TO lndl-
mat prices have fallen to level
= some demand is attracted of an
elseestnert or semi-inVestment charac-
~ There have been more or Tess par
~ huving in small lots all through
el"1rsek's decline. such as is taken out
uio -. ", market to hold for an investment
q u mi buying attracted by the In
l-r.raent return or of marginal charae-
- bas been slower of development
Thare has been notable iack aiso OF
,i.ioo nv banking and other large finan-
V vi IL interests for purposes of support.
~ Ia cnening break in prices today did
i,len brVing of this kind, however,
"a ne perception OF il was a prime fac
or IN f1rning the bears to cover and az
tsctine the following material recovery
rally. - =, .he latar ynart,at
a.. ,hsv had not exhausted their ammu-
uitiaa This did not prevent growth
- oninion. however, that the period OF
ert,ve liquidation was approaching IT'S
term Sentiment was more easy today
zen during the early hours, than for
~ ~ time mast, and this confidence was
NOR general that the liquidation would
run its course without panic OF disas-
The week has been free in fact from
ruynors of financial endorsements, al
thoueh the extent of the decline makes
the fact of enormous losses naYlhg oc-
CURED a matter Of course me conVlc-
ion remains general that these have fall
In generally uDon the millionaire class
and among those who could shoulder the
burden without TuinOus consequences. 1t
4 this conviction which gives the pres
ent decline the name or the rlch man
nanic'' among professional operators.
Yesterdays weak closing paved the way
for the flood Of selling orders under
which the market was swamped at the
anening Gloomy sentiment was accen-
tuated by the discouraging views upon
the Industrial outlook expressed by E. H.
Hartman in one OF various interviews
with him which spread this morning.
His assertion that if orders on hand with
the United States Steel corporation were
not subject TO cancellation. their compile
ton would develop the lack of demand,
was the occasion for the special drive
AGAINST the securities Of the corporation.
The severe decline in those stocks was of
substantial effect on sentiment. Union
Pacific also responded 10 the pessimistie
utterances Of its president with a ma
teral addition TO the reduction in the
price caused by the per cent dividend
coming off. The persistent absorption of
Reading snd the support of il was a fac
Tor in keeping the bears uneasy and in in
ducins the active covering movement of
the day
There was good accumulation also OF
the group of Morgan stocks which brooks
Violently yesterday, and Southern Rail
Way preferred rebounded violently when
Il became known that the dividend rate
mas maintained. This checked momen-
tsFiiy the decline in the general market
which was resumed with the renewed at
lacks on United States Steel. The drop
IN prices at the last was much the same
as hat Of yesterday. and the closing tone
MAS decidedly weak.
News was little regarded in the days
noYement and very little of Importance
cane 10 hand The indicated loss in cash
hF the banks for the week pointed to
some subsistence TO the flow Of currency
INTO the interior. and exchange at Chi
eago rose from 25c to 15e discount today.
Bonds were weak Total sales. par val
ne. h79seo
[. s bonds were unchanged on call.