The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-20
FINANCIAL AND COMMERCIAL.


- ~
A view that was necessarily much more
serious than that which was taken yester-
day prevailed in Wall Street to-day regard
ing the financial effect OF the great disaster
in California, and 1t resulted in a democrat
ization Of the stock market which II it Tell
far short OF a panic was yet accompanied
by greater and more general declines in
prices than had been seen at any time
previously during the year. At the close
or business hours yesterday afternoon,
although it was known that >the damage
done by the earthquake and Ere in San
Francisco was large, strong hopes were
yet entertained that only a certain section
Of the city would be injured, and the I'M
doubted feeling of the great majority OF
those having speculative interests in the
market was that following the presidents
Of the past. and in view, particularly, OF
the great current prosperity oil the country,
q depression in security valuations on &C
count OF the calamity would be short lived.
But it was evident to-day, in the first place,
that injury was not confined to San Fran
cisco alone, but had widely affected the
entire State Of California. Damage to the
property of the great railway companies
whose stocks are 80 conspicuously dealt in
here did not appear to be great, so far as
any single instance OF destruction was con-
cerned; but it was clear that expenditures
for repairs on a large scale along the ines
of all these companies in Califonia would
have to be made. In San Francisco itself
each hour Of the day brought news enlarg-
ing the extent Of the havoc, The spread OF
the fire wbichit was believed yesterday would
be limited, was, according to Trustworthy
accounts, resulting in the practical annihila-
ton Of the city. This fear no. u~nuaturdlly
prevailed that the misfortune nigh, be such
az TO tax more heavily than could be borne
the recuperative powers of a people even
so Justly famed for hopsfulnes7 and
energy as those of San Francisco, and there
was consideration also OF the enforced
losses, or at least Inconvenience, that might
be visited upon people in the East by reason
of the sudden poverty Of many Of those In
California with whom they had had BUSH
ness dealings. The peculiar character OF
the disaster as differentiated from that
Of a mere conflagration was emphasized,
and the question could not be avoided
whether San Francisco had not suffered a
permanent impairment OF its business pres
tige. 1t was obvious, at any rate, that large
sum of money would have to DO sent from
this and other financial centres in the East
to the stricken city, and arrangements
were in fact made before the close OF BUSH
ness to-day for the remittance there through
the ~Sub-Treasury Of over 50, 900 900. 1t
was recognized, on the other hand, that
whatever strain might be caused by this
would be greatly mitigated by the oircun-
stance that heavy transfers OF money from
Europe to this country, drawn in large de-
eres from the Golfers Of the foreign fire in
suranoe corporations. would also be neces-
STATED. There appeared to be no doubt
to-day as TO the liability of all companies
carving insurance risks in California for
any damage lone to property in the State
by fire whether the fire was or was not the
result Of an earthquake. Damage covered
by insurance also seemingly included that
done by the destruction Of buildings in San
Francisco by dynamite at the direction of
the municipal authorities. and estimates of
the payments that would have to be made
by English fire insurance companies alone
on account Of the affair ran as high as
s35 600 900.
Opening prices Of securities to-day were
not as far below yesterdays final quota
tons as might have been expected from
the unpleasant import of the news in thu
morning newspapers. The Union Pacific
and Southern Pacific stocks, upon which
naturally, particular pressure converged'
were only a little more than a point lowe
than they closed yesterday, and while
there was heavy selling--of the United Rail
WAYS and Investment Company common
and preferred stocks. that is to say OF the
4. shares of the San Francisco street rail
way combination, the especial nature o.
the movement was realized and was no
held to be disturbing. From the outset
however, there was manifest liquidation
in Reading and other so-called poolec
stocks whose price has for a long tim
held at a comparatively high level, ant
although in the morning hours the stool
market displayed considerable residence
! uneasiness over the fact that the fire il
San Francisco was still unchecked was YER
evident and was responsible for keeping
out of the market many orders for tn
purchase of stocks for both speculation
and investment. Shortly before noon tn
market again broke heavily Upon the publ
cation of a despatch from the command
ing officer of the Federal troops in Sal
Francisco addressed to the Wal Department
at Washington stating that IL did not seer
possible to prevent the entire destruction
of the city. n also by reason OF Il per
nendicular decline of 0 points in Reading
said to be caused by the closing out OF
large speculative account for the rise /
the stock. Later prices rallied a littl
when it was announced that the Anna
gamated Copper Company had declare
a quarterly dividend upon its stock Of II
per cent, with an extra dividend of x Of
per cent. which it was considered virtual
placed the stock upon a 7 per cent. basis. b.
there was boon following another outburl
of liquidation. whose effect upon the markt
was increased by very free selling of stool
by spectators for the fall, and under tn
y prices were again depressed, closing as
rule at the lowest points OF the day. Fin
net declines ran in the main between tw
and four points in the principal stock
In the Reading common a fall of 0IS poin'
occurred. Rates for money to-day wei
, not in the slightest degree a financial facto
and we're indeed almost absolutely III
!. .sroJ frouo uaatar1ay Sterling a.