Omaha daily bee. (Omaha [Neb.]) 187?-1922, 1906-04-25
NEW YORK STOCKS AND BONDS
Heavy offerings in Fiut Hour Cause Heavy
Slump in Values.
MARKET REcOVERs ON BUNNe BY BUus
consequences Likely TO Flow from
San Francisco Losses the DOM
inRnt influence of the
Day.

NEW YORK, April 2A-The stock market
enjoyed some relief from liquidation but
not until prices had been driven to a point
lower than at any time since the news of
the San Francisco disaster This was dur
ing the first hour. in which business was at
a high rate OF activity. Transactions for
the hour ran to well over 10000 shares.
there was a quick recovery to the neighbor-
hood of last nights level Advances be
yond that point were slow and on a mod
crate volume OF business. The buying
decreased as prices rose above the level
Offering profit to the largest part OF the
speculative bull element.
There was no important new development
In the recent tenor of the news and the
market continued under the dominant In
TO flow from the San Francisco losses.
Discussion continued to center on the po-
stion of the insurance companies, the ex-
tent Of the casualties likely to result
amongst them, the methods they might
adopt to finance their losses and the ef-
fects upon the general supply Of credits
and upon the securities market. There was
believed to be liquidation in progress to-
day as well as yesterday for direct account
oi some OF the insurance companies Inc
erect was particularly marked in the bond
department and in high grade investment
stocks OF the kind usually held in the
treasures OF corporations with large re-
serves I'm investment. Bankers were OF
the opinion that the insurance companies
would have no trouble borrowing funds on
the securities Of these investment holdings
II they decide TO do so. But II is pointed
out that at current market prices the in
vestment held on securities is below the
interest rate for time loans in the money
market This might have the effect of
Swing the preference to sales of securities
rather than to borrowing money to secure
funds in hand for the payment Of insurance
losses. IL was also pointed out that with
the necessary period yet to elapse before
the additional period allowed for their pay
ment the necessity for realizing on assets
81 the in su c99mpSInies Is not im me.
character remains to be effected. however.
is generally believed, with natural repres-
sive effect on a speculative buying OF
The stream Of remittances from New
York to San Francisco was freely main
in New York exchange at Chicago drew
attention - the fact that large shipments
are being made from there to the Pacific
coast against New York credits in order
10 save time. This constituted an obllga-
ton OF the New York banks to Chicago
which Is to be reckoned with beyond the
York itself. The intention of the secre-
| tary OF the treasury to deposit N5,0O000O
banks will operate Of course to relieve the
situation. Reports of the light inquiry for
Russian loan bonds In London were re-
ceived with disappointment. prominent
relaxation of foreign money markets from
requirements for the Russian loans Is
dependent upon the facilities with which
| into general investment There is the posi-
/ biity so that the Bank of England has
/ pOotpohFu dCtlOl Oh al tuNduCe III lts us
count rate until the needs of the Russian
| loan has been filled. Selling of securities
| In London for Paris account was attrib-
| uted to the condition of unrest and fears
| of disturbance incident to a proposed gen.
| eral strike in France on May 1. The ex-
pectation of large earnings for the first
| quarter of the year to be reported by the
| United States Steel corporation helped its
stock Not much Of the days gains were
| retained after selling movement during
the final hour and the market closed heavy
and dull.
! Bonds were irregular. Total sales par
value, s2,475OO0. United States old As de-
| clined 1s, the new Is registered X and the
coupon Y per cent on call.
Tho following was the range of prices on
| the New York Stock exchange: