The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-19
PRICES DOWN ON
STOCK EXCHANGE
Upward Plunge of Saturday
Was Too Great for the Mar
ket to Sustain.
LOWER RANGE IN LONDON
EXCITEMENT SEEMS TO HAVE
DIED AWAY.
LOWER RANGE IN LONDON

New York March 1S-There was
marked abatement of excitement III IHe
dealings in stocks today from the ehoI-
nous transactions and wild price tlucIud-
lions of last week The price movement
stIU showed a degree of feverishness that
was the after effect of last week tur-
r,,Ient market. but the reduction in the
,-aIr1rn. of the DAYS sales Is conclusive
evidence Of the settling back OF the mar
ket into more normal conditions 80 also
WAS the check TO the headlong advancing
tendency of Saturday which was wholly
due 10 the distress of bear operators who
had continued 10 sell stocks short reck-
I-ssIv down to the lowest depths Of
THURSDAYS plunge and who We're com
ueIed To buy To- cover on Saturday by
the volatile recovery. The very violence
of the recovery gave warning TO its IN
reliable nature and speculative sentiment
was quite prepared for a check and
reaction today
I'm fact. the London market had already
anticipated this course before trading be
gan here and sent over a materially low
On RANGE OF prices than the closing here.
The drop in the opening dealings here was
wider than anticipated and had the eff
feet of reviving some of the excitement
which prevailed last week. But it ap-
reared that she wilder fluctuations We're
largely due To the plunging operations of
a professional element which had become
habtuated to free action by last week ;
experience. Effective support appeared
IN the market and the proceedings then
were much Quieter and more orderly. al
though the renewed weakness of the later
market made the lowest prices of the
iav. The market continued TO show the
normal effects following such price con-
s0rtous as those of last week. That is,
10 showed the lack of the large demand
from shorts which was squeezed into COW
ering i'm Saturdays market and felt the
effects of reselling TO take profits by
those who secured stocks in THURSDAYS
slump or who had bought on Friday mere
ly for the purpose of supporting prices
and aveTting what threatened TO become
a disaster 70 the market.
The diminishing activity of the market
Indicated the disposition to pause after
the severe experience OF last week and
take stock OF conditions and of promise
before entering again upon large opera
tions in stock. General information as
20 the causes and the sources of the un-
loading which produced the CONFUSION
IN the market is still largely lacking.
Certain conclusions. however. find war
ranted acceptance. The extent Of the
liquidation must have gone Tar Ia cure
the trouble, whatever u was. 1t Is grant
ID also that the investment demand IN
covered by the extent Of the decline must
have largely reduced the floating supply
Of stocks in the market. Not only was
the absorption by private investors very
~. uul investment INSTITUTIONS are De-
heved 70 have taken advantage of the
opportunity to extend their holdings of Sc
curities at an attractive rate of return.
Confidence is felt also that the reduc-
ton Of credits effected will afford avail
able resources for the better digestion of
some Of the new capital issues. which had
become glut in the market. Obstructing
IFS channels against the movement Of 9TH
er desired issues The money market
showed the effect of the passing of the
D.. #Fs...
conducted to recovery in foreign eX-
rbange. The Bank Of England. however.
lad 10 advance its bid again 10 secure the
E1ply Of gold in the London market
Ailroad traffic reports offered no trace
Ere8ctiOnary tendency in business. which
IRE stock market slump has increased the
TatChfulness for.
The last prices showed substantial loss
IS from Saturdays closing level.
Bonds were irregular. Total sales. par
value. $4,000
United States bonds were unchanged on
call