The Richmond palladium. (Richmond, Ind.) 1906-1907, 1906-04-30
Indianapolis
Cincinnati
Chicago, New York
and Richmond
NEW YORK MARKETS
STOCKS Begin TO FEEL THE EF-
FECTS OF THE SAN FRANCISCO
DISASTER HENRY CLEWS
WEEKLY RESUME.

in his Weekly financial resume says:
The stock market begins to feel
the San Francisco disaster more
keenly than at first anticipated. Fol-
| lowing the first shock there was a
natural bracing together for resisting
its consequences, but as the appalling
extent of the calamity became more
generally known values in highly
inflated market gradually began to
yield. 1t is now estimated by good
authoTitys that the total destruction
OF property will approximate about
100000, 600. Probably not more
than half this amount, or S150,000000.
will be covered by insurance. and of
the losses which will have to be paid
by the insurance companies more
than half Of that sum, about s70,000,-
coo or $S0,000O00, will fall upon
American companies, the balance be
ing sustained by foreign concerns.
Added to- the actual destruction Of
property will be. the Reorganization
and loss of business for weeks and
months to come; so that it is yet inn
possible to calculate the. real damage
to trade and industry resulting from
this catastrophe.
BY no process of intellectual juggl-
ing can such wholesale destruction
OF property be turned into a ball ar
gument. The loss is actual and ire
mendous and must. exert a depress-
ing effect which however widely dis
tributed will have to be endured. So
far as Wall Street is concerned its
chief influence will be felt in the
money market which has been over
taxed by numerous insistent de-
mands. High priced stocks and high
rates for money are utterly incom-
patible. Since there is little pros
poets of cheap money for some time
to come it is inevitable that readjust-
ment must be effected through liQui-
dation and lower prices for securities.
! The present tendency of the mar
ket is naturally downwards. Values
are too high, and until money be-
comes easier stocks must decline.
market is not on the edge of another
| fit of indigestion resulting from the
enormous flotation of new stocks and
| bonds, a good portion Of which are
still awaiting buyers. There is a
growing short interest in the market
which is an element Of safety, and
will undoubtedly check any serious
decline, and may in fact soon become
! large enough to induce sharp rallies
| The fact that many of the big traders
are turning proves a division of opin
| sol, 81,
enough to stimulate further activity
A reasonable decline will be benefi
cial in various ways, not only check
| ing reckless speculation and further
imitation, but encouraging a return tC
normal conditions, more favorable tC
sustained activity than the recent
speculative mania which upset all cal
culations based upon either good
judgment or customary presidents
Any material addition to the present
short interest will probably soon in
duce a temporary recovery.
Stock Market Report.
New York, April 29.-Openine
prices Saturday in the stock market
showed mixed changes from Friday
nights closing level. Some of the in
ternational stocks mad an advantage
from higher prices in London before
the opening, but their advances were
not up to the London parity, and
| there were declines at other points
Great Northern prd. and Chicago G
| Northwestern rose IL and Delaware
& Hudson a point. Smelling fell l Il
and Virginia-Carolina Chemical /.
| There was considerable waverine
| before the market eventually weaken
to below yesterdays low level, amone
them Reading, Union Pacific, Anal
| gamated Copper and the United
States Steel stocks. In the course o.
the hours trading. wide and frequent
changes were common in the active
speculative stocks.
Forced to Lowest Level.
Liquidation was continued on
large scale. Some attempt at a rally
was made after the appearance of ths
bank statement, but leading specula
tive stocks were still pressed for SALE
and forced their prices to the loves
level of the day. Union Pacific a
14AL. sold IL lower than Friday
Reading at 120 was IL lower ant
Amalgamated Copper at 1007s wa
IL lower.
NEW YORK STOCK MARKET.
Open Clos
Anal Copper. ..10215 1011