The daily morning journal and courier., 1906-04-21

SeOSAs-DSHks OpVAeu euS 4A"ANcS
 Weak but Strength Soon Followed
 Gold Coming From Europe--Higher
 Prices Expected.
 The bears opened prices as low as they could yesterday, but were soon set to covering their contracts, and the market became quite buoyant.
 The crisis was really passed Thursday afternoon, when the news from San Francisco was as black as it could be- Later adviees have been of a more con- servative nature, and, with prepara- tions already being made for the re- building of the city on more substan- tial scale than ever, hope replaced dis couragement.
 A short interest had no doubt been created also, which was an important factor when the improvement began,
 The dogged way in which stocks were absorbed yesterday morning revealed some anxiety lest prices would break away and further demoralization ap. pear. Happily, this was averted.
 The great loss of capital by the dis aster. will, in part, be offset by the in- flow of British gold to pay insurance losses and by the big lot of funds plac- ed for the benefit of the sufferers. A large proportion of this will be unem- ployed to rebuild and restock San Fran cisco for weeks to come except as it is available by the banks to loan out. Bulls are predicting higher prices in the near future.
 During the first hour it looked as if stocks would break heavily before the day was over. But the stocks were we'll taken on the decline and they rallied well at midday. Brokers often employ ed by bankers bought a good deal of Union Pacific and Southern Pacific.
 Stocks were absorbed on large scale by strong financial interests. It was this buying that eventually led to the substantialraIly which the list had be- fore noon,
 The calling of loans yesterday, in some cases at least, represented the desire to use a part or all of the funds for relief to San Francisco. The gen. ef.al feeling, however, was that there would be no decided stringecy of rates, but that banking facilities were suffi- cient to obtain sufficient funds from Europe to make good the depletion of local supplies.
 1The weakest spot in the market was in United Railways of San Francisco, There was very little demand for the shares even at the great concessions made. The common sold down 15 points to, 50, which cuts the recent value all most in half. The preferred dropped to 5s5
 Sentiment was improved, and many seemed to feel that the worst was over, from a stock market standpoint. Unit ed States Steel was the strong feature. It receded see rcely any during the morning, but showed fairly rAllying power. The buying Of Steel was as good as anything on the list. This was due to the belief that the company's busi- ness would be largely increased as a re- suit of the great confagration in San Francisco. M
 Philadelphia has suffered heavier losses in. United Railways slump than in any eone stock since the collapse of Lake Superior Consolidated four years ago,
 Some of the stocks bought yesterday to hold the market for breaking will have to be reckoned with in the first rally of-importanee that occrs,
 Gold began to move again from Lon don to New York, and more will follow doubtless eight or ten millions in all. This, with the gold about to arrive, will go far towards offsetting any drain of reserve money to the Pacific coast.
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