The Montgomery advertiser., 1906-04-21
THE STOCK MARKET
nELlEvED THAT LIQUIDATION HAD
 HUN ITS COURSE.
Se1ling Relaxes When the Deciinins Tee1ency of Prices ts Arrested. Better News from San Frau-
 cisco ls welcomed.

New York. April 20.---The effectiv ere sponse of today's stock market to the measures of support accorded IL, awak- dAtton on account of the Califcrnia ea- lamity was about concluded for the present at least. The fact that the selling pressure relaxed when the de. ctining tendency of prices was arrested pointed to the conclusion that the liqui- datfon was running into the hands or those prompted by apprehension Of the Tall In prices rather than by necessary or realizing money resources.
 The beilef that this condition had been reached was a paIpable relief to acute depression Of sentiment whicn weigned on the situation yesteraayi s the grateful news from San Francisco that the course of the destroying nre was arrested at last. The measure TOT Union Pacific with good effect upon the whole market. When the decline in prices was fairly checked ana re- covery to about las: nights level nad became more conservative and the vol une of the dealings diminished consld- : erabiy from the rate of activity ever since the news of the earthquake was received.
 The money market hardened decid- edly both for call and time loans, but the recovery in the stock marker con tinued in spite of this development. The
  tinued in spite of this development. The prospect for a very strong bank state ment tomorrow played part in this indifference to the action of the money market. The market for foreign ex- change was practically demoralized and the violent downward plunge in the rate gave assurance of large additional gold imports. ss,25o,ooe being announced be- fore the close. The principal factor in the break fri the exchange market was believed to be the obligations created against foreign fire insurance % fornis y yreliabls eiais ies estimate ss m can be had of the extent of those claims CT in deed of the losses in the disaster But it is known that large portion Of the
 The shares of these companies have fallen heavily in quoted value as re- suit of the claims they will have to pay and liquidation in the stock market is claimed that buying of stocks here today was for London account. and was a. factor in the weakness of the ex- change market. But this claim was re- tive position of the two markets Large transfers were made during the day from this city for San Francisco ac- count, part of 1t directly through the 1t to Chicago. It is taken for granted that large additional amounts will be sent to the Pacific coast as soon as the state or confuSion SuDSlueS 10 some ek- tent and the work of restoration be- gins.
 The onward movement of gold is ex- pected to help offset the special Cali fornia requirements for the present. during the week exclusive of today's operations to the amount of about sl5,- 00e,o nearly all of which is accounted for by Government deposits against en- small gain in the Interior express movement is indicated. but the receipts on balance are much smaller than last week. Profit taking had a slight effect on the closing tone. which was, how ever, near the best.
 Bonds were heavy Total sales. par value. S2.920,000. United States bonds were all unchanged on call.
 NEW YORK STOCK LIST