The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1908-09-21
ALLEGED SCARE
IN WALL Street
ReaCtlonary Zone Attributed
to the UtteranceS of Hill
and Hartman.
DEPLETED BANK RESERVES
RAILWAY EARNINGS LESS THAN
GENERALLY EXPECTED.

New York, Sept. 2O.-The pronounced
ieactionary tone which developed in
the securities market LAST week was
generally attributed to what the finan-
cial district called a political scare"
Liter the result of the Maine election
became manifest on Tuesday, the struS-
gle to maintain prices became manifest.
The special force given 10 The political
scare" was due II the influential finan-
ciai sources which gave it countenance.
Il. II. Hartman ana !. j. Hill. ncwly
returned from n prolonged stay in the
N'6st. gave pubic ut-crance to views
expressing a feeling of doubt over iiie
outcome of the elc -tlnns and dissaiis-
faction with the ianguIi interest in the
campaign manifest i by voters.
Some other Causes.
Coupled with this ole OF admoniJion
against the assumptions current in
Wall street on the political situation
were ether circumstances which intensi-
fled the impression thac these accepted
financial authorities f0uni something TO
criticise In the course 10 which the
speculation has run. This impression
was decisive in checking the specula-
tive operations for an advance and N
precipitating liquidation
During Mr.. Harrimans retirement in
the Oregon forest the speculation has
centered around mis- personality to a de-
gree rarely witnessed in the stock
market. The connection of his name ~
however remote a degree with any
property has served to stimulate an
animated speculation in its shares and
To stir IN a cloud of rumors and sup
positions as TO his plans regarding the
property Immediately on his return
10 the financial district, Air. Hartman
called in the newspaper :nen and blunt
ly denied many of the IumOrs which
had been in circulation regarding his
properties and his plans. This action
cut away the ground from under the
speculative position of the most ac-
tive element in the market operations
and implied the disapproval of the man
credited with lending all his powers
and influence to the movement.
Market Quickly Turned.
When ii was realized thar the sup
posed responsibility for The course of
the market was being practically dis
avowed there was a quick return II
more attentive consideration OF some Of
the unfavorable factors in the situa-
ton Among these items it was not
tions for call loans, presumably en-
ployed in market operations, were con-
trOlled by the financial institutions hold
ing close relations with the wealthy
group credited with the leadership IN the
stock market.
The dependence of the speculative po-
sition upon this relation was a cause
of uneasiness. This was aggravated by
the course of the money market. The
process of pooling up idle reserves in
the New York banks manifestly had
come TO a pause with the beginning of
the flow OF currency out of New York
bank reserves and into western and
southern channels of trade.
Railroad earnings were so far from
showing the hoped for recovery that
dividend prospects came in for revived
discussed. This discussion bore with
special weight on the great systems
which made the largest issues of new
stock just previous to the financial de-
preston. especially Great Northern,
Northern Pacific and St. Paul The
slowness of the recovery in the iron
and steel trades which has been the
object of constant remark was r.
ported to be emphasized and further re-
auctions in the price of copper extended
the unfavorable influence into other
fields of the metal industry.