New-York tribune., 1906-04-20
unlisted tEx dividend.
Closing prices Of active bonds dealt in. with
net changes, follow:
STOCK MARKET OPERATIONS.

In many stocks in yesterdays trading pan
icky selling recorded. notably in Reading.
which suffered a maximum loss of than 9
points, without improvement before the close.
Weakness in this stock. while due in part TO the
serious situation in the anthracite coal fields.
reflected selling induced by the tremendous
property losses in San Francisco. The entire
list moved under the influence Of this great
calamity and the realization as each successive
bulletin was received of the colossal proper
tion of the disaster created a most pessimistc
feeling in the financial community and resulted
in forced sales of stocks. particularly for the
account Of interests identified with San Fran
cisco who found it necessary to secure immedi-
ate resources TO meet the pressing demands
created by the destructive earthquake The
fact that New York will be an important fac
tor in the financing of the rebuilding of San
Francisco naturally means that there will be
less money available for speculative purposes.
and of course. to people who are interested in
nothing save speculation. this is a matter of
serious moment. The idea that the industries
of California will be seriously checked for a
long time to come and that the railroads which
handle the traffic Of that state have suffered
large property losses was responsible for heavy
liquidation in Union Pacific Southern Pacific
and Atchison. while the San Francisco Traction
shares for a similar reason suffered extensive
tic at present than the circumstances of the
situation warrant. as far as the future of the
material prosperity of the great Pacific Coast
state IS concerned San Francisco will be re-
built, the other towns which have been affected
will again prosper and the diversified industries
OF California will not be depressed for any
length OF time.
Transactions We're heavy IN volume through
out the list with the biggest dealings in Anal
gamated Copper, Reading, Southern Pacific.
Union Pacific and United States Steel common.
The last named issue relatively firm, re-
ceivng excellent support, which represented, no
doubt, the theory that the rebuilding Of San
Francisco will result in a tremendous demand
for structural steel. Notwithstanding the fact
that the directors of the Amagamated Copper
Company declared an extra dividend Of "a OF
] per cent. the stock declined with the rest or
the list. ending the day at net loss of 29s'
while Anaconda suffered loss of ia on the
basis Of a par value of 100. AS the actual par
value of this stock is %, the real loss was much
less than that indicated in the days net
changes. Probably large part of the selling
throughout the list represented urgent liquida-
tion, especially in such stocks as Reading and
Union Pacific in which an extensive bull in
terest has existed for many weeks. Commission
houses were sellers throughout the day, and on
the decline accompanying this movement a
large part of the buying was for the account
Of traders who had put out short contracts in
Wednesdays market. London was a moder-
ately active buyer OF Union Pacific. but in the
London market American securities were weak.
while the general markets abroad were heavy,
weakness being due firmer discount rates.
and perhaps in part TO the heavy losses which
English insurance companies will suffer as a
result of the San Francisco disturbance. II is
not unlikely that many OF the large insurance
concerns. both in this country and in Europe
will be compelled to sell some OF their invest
rnents in order 10 provide cash to settle fire
losses.
In the last twenty-four hours money market
conditions have been changed to some extent
owing TO the earthquake in San Francisco. The
practical destruction of that city
enormous drain the money supplies at other
centres. chiefly New York and as a consequence
there is little prospect of easy for loans in
this city in the immediate future. The Treasury
has expressed its willingness to increase TO a
large extent government deposits in national
banks in San Francisco. while New York stands
ready 10 send large sums TO the stricken city,
despite the fact that bank reserves at this point
unusually low for this period of the year
The demand from San Francisco for money in
connection with the financing of the rebuilding
OF the town viii be heavy and will fall in great
part New York. and this phase OF the situa-
ton suggests the probability OF a cessation OF
shipments OF currency TO New York from other