Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-04-20
NEW YORK STOCKS AND BONDS
California Calamity Induces Further
Drastic Liquidation,
SLIGHT RALLY FOLLOWED BY DECLINE
Pressure to Sell Increases as Day
Progresses and Closing Is weak,
with values Lowest of
the Day.

NEW YORK, April ls-There was further
drastic liquidation in the stock market in
duced 10y the California calamity. Al one
time early In the day the market looked as
though the principal strain upon II had been
passed and there was substantial recovery
from the sharp opening declines. But prices
broke badly again later in the day and the
market took on semblance of demoraliza-
ton.
The early recovery was partly due 10 sup
porting orders which were distributed, sup
possibly by banking interests for the pro-
lection OF the market but also TO consid-
cradle uncovered short requirement, due to
the very heavy selling yesterday by profess
sional operators in the belief that additional
liquidation would come upon the market
today with realization of the extent Of
the disaster. This calculation proved to
be not mistaken and the shorts Of yester-
day had ample opportunity to secure profits
with the large accumulation of selling or
ders this morning With the early unsettle-
fhent of the market somewhat quieted and
the level OF prices restored. II became clear
that there was no effective demand to eX-
tend the recovery. Sentiment was so far
treasured for the moment, however, as to
give rise TO much discussion of the mtugat-
ing features of the situation. The precedent
of the Baltimore fire was made much Of
and the prompt recoveries which followed
a that time The necessary tratic to be
afforded the railroads in the affected ter
ritury in the work OF restoration was cited
and il was even argued that first accounts
of such disasters were bound TO have some
thing of eXaggeratiOn. But with the
further details from the scene Of the Catas-
trOphe, the news or the unchecked progress
of the fires and the reports of damage in
outlying districts, Il began to be seen that
the dimensions of the disaster were ex-
panding and were still beyond possible cal
cula ton.
|, The money market responded to the stu
alton to some extent with hardening in
both call and time loan rates, but sterling
exchange became very weak again and
promised to open the way to a resumption
Of the gold import movement. No actual
announcement was made, but negotiations
were understood to be in progress. There
was a deposit Of upwards of 100000 at
the local subtreasury for telegraphic trans
fer to San Francisco and large shipments
were reported to be on their way by express
for the same destination. 1t Is not supposed
that the extent of requirements in San
Francisco will be fully defined until the
state of contiagration there has somewhat
subsidized and plans begun to take shape
Cor rebuilding and restoration.
The coal strike outlook had it's part in
todays weakness, as was shown by the
violent decline in Reading. The mood of
the speculation was exempllfed by the sud
den drop In Amalgamated Copper on the
bursement. The course of our foreign ex-
change market was followed by a sharp
advance in the London discounts by a
higher price for gold in London and by a
drop in sterling exchange at Paris. The
weak return of the Bank Of England
showed the effect OF our heavy gold with
drawal and the stock of France also
showed decline in strength on the week.
The pressure of liquidation grew more ur-
gent and as the day progressed the closing
tone was very weak at about the lowest.
The days net losses run from to points
In practically all the active stocks and
from to over points in the prominent
speculative leaders, including Reading the
Pacfcs and the metal stocks except the
United States Steel stocks. which showed
seine power of resistance.
Bonds were weak. Total sales par value,
s2,3SO,001 United States bonds were all un-
Quotations on the New York Stock ex-
change