The Salt Lake tribune. [volume] (Salt Lake City, Utah) 1890-current, 1913-02-25
VIOLENT DECLINE
IN STOCK MARKET
Average Series of Standard
issues Go TO Lowest Level
for Past Two Years.
INVESTORS KEEP AWAY
Reports for Copper Trade In
dicate Another Break in
Metal Prices.
INVESTORS KEEP AWAY
By BROADAN WALL.


1TEW YORK, Feb. 24.-Thcre was a
~ violent decline In the stock mar
" ket today, the average series of
low level for tho past two years
The break was accompanied by little in
the way OF news. although after the worst
OF 1t was over the news came out that
called for April L. Some OF the declines
were. American Tobacco 10 points,
Reading 81. Union Pacific 8. Southern
Pacific II, Steel s. Shelters ., Copper Q,
Gas II, Can %. Can preferred 4s, Mexi-
can Petroleum So. Sears-Roebuck 3. Utah
Copper Il and Chesapeake & Ohio Ii
The market failed to rally at the close.
.s T6s IN III teaay saHs nss weak and
to state OF generalization had not the
probability OF 9 decision from the supreme
court in the Minnesota rate case acted
as a check alike upon those who wished
10 dispose OF stocks and the trader who
was taking advantage OF the declining
tendency. The announcemen from Wash
ington that tho supreme COURT had ad-
jourued 10 reconvene at $3.50 o'clock was
;aken TO indicate that the case might be
decided after the close Of the market
and there is no doubt that this news had
a slightly steadying effect upon nervous
market
Prices opened unsettled and soon devel-
oped irregularty with nota BILE weakness
IN California Petroleum. Mexican Petro-
lcun and American Can. Every resource
known TO the professional menipulator
had been used TO create the impre ssion
that Can shares should be looked upon
in the future as investments. Elaborate
10 justify the sale OF bonds, SO that the
surplus might oc used for reducing past
due dividends on the preferred stock
Stock exchange houses have circularized
their clients and glowing reports OF cur
rent business were sent broadcast A care
fu analysis OF past earnings from previous
reports made by other statisticians do not
result in the same favorable arrangement
OF the figures. As an investment the
common shares OF course, are not worthy
OF serious consideration. AS a specua-
t!on the prospects are mono too bright
and the street feels that the insiders, are
loaded with their own goods and there
wlll be some difficulty IN getting the pub
lie TO share the burden.
When liquidation gets well under wey
Il somewhat resembles a fever, which the
doctor will tell you has TO run Its course
As ono industrial stock after another Is
forced upon the market bankers put
themselves more and more on the defen-
sive, SO that brokers arc finding them
selves In difficulty In adjusting shares.
The market was exceedingly thin in
spots. A broker attempting TO sell 100
shares Of Lehigh Valley at the market
about II o'clock had TO offer the stock
from l551, where the last sale occurred. to
lS3 before finding a purchaser When so
We'll known an issue records such wide
fluctuations the careful investor Will be
Glow in assuming new obligations until
the situation improves.
Reading was again under heavy pres
sure, losing over points on active trad
ing.
Reports from the copper trade indicate
that lower prices will probably be reached
for the metal before any permanent i'm
prpvement may be expected AmalGa-
mated broke rather sharply going as low
as Ssh.
Southern Pacific showed comparative
steadiness after selling at the new low
point OF 9Sg. All things considered the
stock looks cheap and Is one OF the few
Issues that can be recomme nded for con-
sderaton az This time.