Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-04-27
NEW YORK STOCKS AND BONDS
Market Subjected to Further Drastic Liqui-
dalton and Values Are Lower,
INSURANCE HOLDINGS THROWN OVER
shares Sold Through Banks and Il -
RumOred that Pledges for Loans
Are UuIoaded because Margins
Are wiped out.

NEW YORK, April 26.-The stock mar
ket was subjected to further drastic nqui-
dalton today with damage resulting 70
prices. This outbreak Of weakness merely
represented the working out of the prob
lem thrown upon the financial world by
the San Francisco calamity. Selling was
clearly in evidence for direct account OF
some OF the insurance companies. Stock
certificates in the names Of these com
panies were delivered at the Stock eN-
change and the selling of these was on
orders from some Of the principal bank.
ing houses. This gave rise to natural
companies we're simply employing the
banking houses in a brokerage capacity
to effect the sales Of securities out Of
their treasury holdings OF whether they
had figured as collateral for loans by the
bankers, who llquidated the collateral
owing to the shrinkage in values and the
wiping out Of margins. The sentimental
effect of this sellingg was bad in any
event and had a decidedly depressing
effect on speculative sentiment through
out the street. The shrinkage in values
also brought out large sales for account
OF some OF the great commission houses
go of some heavy speculative accounts.
Selling of this character from western
sources was particularly marked and had
the appearance of being presumably owing
to the wiping out of margins.
The movement of currency to San Fran
cisco continued today on very heavy
scale, transfers through the sub-treasury
having mounted to over 100000 before
2 o'clock. Engagement was made during
most of which was secured in Paris. The
decidedly weak return of the Bank Of
England explained the unwillingness of
the London market to part with gold.
The retention of the official discount rate
at Y per cent with the private rate fully
up to that level makes ii certain that
heavy resort will be made to the bank
by the market while thisf condition con-
tinues. The fact that today was pay
day for a periodical Stock exchange set
Element in London is believed to have
influenced the Bank of England authori-
ties In refraining from advancing the
discount rate.
Reports of a large loan intended by the
Pennsylvania company. was an adverse
whole market. Reading showed some re-
sistance to the days weakness and con-
fidence was professed by the buyers of
the stock in a settlement of the anthra-
cite labor troubles. High grade invest
ment stocks were especially affected by
the days selling. Bear operations were
eager sellers on the declines and their
for occasional rallies. Little support was
accorded the market while the liquidation
seemed to be forced, but with the lull
In the selling pressure measures were
taken to effect some restoration of the
days losses. The demand was languid at
| the recovery, until the late announce
ment just before the close of large en-
| lated an active demand, Reading leading
as at other times during the day and
| the closing was generally firm.
Bonds were weak. Total sales par
value, S2,710,000. United States bonds
were all unchanged on call.
The following was the range OF prices on
the New York Stock exchange: