The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-03-26
INSANE FEAR
CAUSES SLUMP
With Bettered Conditions Wall
Street Market Suffers
Great Decline.
SATURNALIA OF THE BEARS
NO EFFORT TO CHECK THE
RAIDS.
SATURNALIA OF THE BEARS

Neg York March 25.-Todays stock
market Hoffes any clear analysis. The
,-rf4r. facts upon which there j. no
-,ou for dispute are that there was I'M
l-idIed impulse To sell securities and an
,r,,csf entire paralysis of demand. The
.-.rs.auenrpS To- prices were such as might
I.. imagined. That any urgent necessity
.- for..frar holders of securities to part
f+b Them did NOT appear from any facts
Inn 10 the public. The banks were not
.IIir,- loans and the withdrawal of cred
&c.. III money lenders could not he as
ffI a- tha impellnE cause of the
ilT7p of course the violent decline ana
80 -l,-fuIago i'm collateral caused a re-
.r4-sfnl-rt constantly of loans and TINS
.rr4nlaa. of course. forced vulnerable
holdings upon the market IN the course
If the fall But SUrlngeHcy OF money Wds
-t the primary cause IN forcing any IL
,t5gffan So far as the dread OF failures
~ rba coming stock market settlements
i London and Berlin WAS concerned. the
.ifu4tfau was admittedly improved over
last week.
EsrIv prices of Americans reported from
r0ndou showed some violent rebounds
frop7 Saturday-~ closing level here. and
psrIiu WIS reported to be buying Amer-
-ln securities u London. Measuring ad-
,-frsS from the highest quarters in the
financial world abroad were received as TO
he Improvement iu the situation. Ber-
jir was aI1egrd tU nave completed neces-
.4ry arrangements for the approaching
ssttIemeut which has been the dreaded
,fnt PuDOrs of an important house IN
london i'm financial difficulties We're said
=, be- dispr1ved by the most careful inVes-
-gation Large orders were executed in
mis- market 10 buy stocks for foreign ac-
count. but with hardly more than mo-
mentary effect on the Drices. ore par
ri.rI1ar fin which London did offer an
,,autgiv decreasing factor was in the dis
order IN her metal markets. Copper and
-7r both showed heavy declines and spec
ulative compliments in the copper mar
ket were said-to be involved The large
speculation i'm copper. securities in this
market had been based upon the conf
dent assumption of sound conditions in
the metal market This confidence was
shaken and the metal industr1als proved
extremely vulnerable as consequence
including l. s Steel stocks Large
pooled holdings of these securities were
believed to be- touched by the demoralzed
declines. Holders of Amalgamated Cop
per and of L. s. Steel seemed to be sud
denly awakened TO the recollection OF past
performances in those securities follow
ing the quick transformation from the
condition of great prosperity on their
trades to acute depression and rapid
shrinkaEe of earnings The operations
of the bear coatiH gent in the market are
believed to have taken upon the proper
lions of a Saturnalia. Individual opera
tions upon the short side ia at least one
instance were believed to he UnOpposed
ON behalf of the controllers OF outsiders
in any property. A striking feature OF
The situation seemed to be the consensus
among the larger interests that support
ing measures would be futile to check the
selling frenzy. Engagements of gold in
london for import and additional lati-
tude allowed by the secretary Of the
treasure in the security for government
deposits. although promising 10 help the
money market through. were entirely lg-
uored influential men in the banking
world did not hesitate to characterize the
selling as prompted by insane fear In
formation from commission houses of the
terms ia which some of the selling orders
were couched have color to this charac-
terization. Fears of coming prostration
# business and of the stripping of pow
OTIS Of management and control from cor
porati0ns were alleged as PRINCIPAL
grounds for the alarm II was late in the
day before prices reached the lowest level.
but the actual closing reflected nervous
feeling among the shorts in the feveTish
rebounds caused by their rush 10 take
profits
Bonds were weak but not notably active.
Total sales par value, S33s2.0o0.
L. S bonds were unchanged on call.