The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1907-02-28
RUNNING OFF IN
STOCK PRICES
Extensive Selling Movement in
Wall Street With No Sup
port for the Market.
GENERAL PUBLIC DOUBTFUL
HARTMAN INQUIRY CAUSE OF
APPREHENSION.

New York. Feb. 27-The stock market
was upset today by selling of the same
extensive and varied character as that
which broke prices on Mondays low level
for the year. Yesterdays rally had given
the impression that Mondays selling was
largely for professional short account. To-
days selling had much the appearance of
liquidation. and the market was in the
same unsupported condition as on Mon
day, fact which accounted largely for
the material inroads on prices on conf
pafatively light selling. 1t was general
ly held that the DEVELOPMENTS at the in
ter-state commerce commission inquiry
were responsible for the tone of the spec
ulatlon. II was not any immediate item
of information disclosed that prompted
the selling Of securities but the fears
of the ultimate consequences growing out
of the investigation.
The recognized aim of the investigation
is TO demonstrate the desirability or nee
esSity of more stringent control over rail-
road companies by the government. es-
peeially in the matter of issues of capital
and purchase of stocks in other proper
ties. on account of the bearing on the
freight rates charged which these mat
tiers have. II is believed that so far as
the<fmpressiOn upon the public mind OF
those concerned. the inquiry viii nave
the effect of STRENGTHENING the contention
of the government substantially apd of
furthering the efforts to secure fegisla-
ton to secure those aims. The acknOWl-
edged effect of the hearing on the mind
of observers is that of an exercise of in
dividual power through the resources of
the great railroad companies that seems
invincible.
The showing is imposing. even to the
Wall street mind which has some fam1l-
iarity with the conditions and views them
with the spirit which custom breeds. a
decided growth in the agitation for re-
strictiOn and control of corporate powers
is expected. Some disturbance was
caused to sentiment by supplementary
rumors of interest felt on the part Of
the stockholders of some of the great
railroads in a movement parallel to that
in the insurance companies following the
insurance investigation. These rumors
were poorly defined and were given their
principal influence by associating some
of the names presented in the campaign
against the old insurance control in the
alleged plan for the new crusade of mi
noritv stockholders. Additional legal re-
straint upon the fiduciary activities of
railroad directors and executive officials
were the suggested method of procedure.
The news of the passage by the senate
of the Adrich currency measure was OF
disa ppOinting effect on the market Ihere
was a momentary rise in the opening
dealings. but prices promptly sold OF
again with a grow ing downward impetus.
The average level at the lowest was
rather lower than was touched Garner IN
the week. The average was AFFECTED by
acute weakness in few prominent
stocks There was some extensive buy
ing curing the final hour. which seemed
TO he prOfit-taking by the bears. Ii had