The sun. [volume] (New York [N.Y.]) 1833-1916, 1906-04-24
FINANCIAL AND COMMERCIAL.
MONDAY, April 20.

A wave Of liquidation and speculative
selling for the decline, started ostensibly
by renewed fears regarding possible adj
verse financial effects from the San Fran
cisco disaster. swept over the stock market
to-day and brought prices to a lower level
even than was seen in last weeks break.
There we're few stocks that did not fall at
least a full point, and In the active shares
declines varying from two to four points
we're common. The new from San Francisco
was favorable In that it was evident that
the destruction of property there had
ceased. but all dispatches from the scene
Of trouble emphasized the length OF tire
that must elapse during which the dis
tressed people there must De cared for
and a steady drain Of funds from the Eastern
financial centres he experienced. The weak
ness Of the market to-day seemed really
due to two main considerations, one OF
them the idea that despite the addition to
the stock Of money in the country through
gold imports the general money market
would be tight for a long time by the neces-
sity of sending funds to the Pacific coast,
and the other uncertainty as to the finan-
oial status of fire insurance companies
and other institutions and corporations di-
rectly affected by the great calamity. Es-
Inmates as to the exact amount of money
damage lone in San Francisco are still
practically little less vague than they have
been at any time. The assumption Is, how
ever, that the insurance claims when ad-
justed will be found to be in the main for
total losses, and inasmuch as the liabili-
ties assumed in the ruined district by
the insurance concerns are well known
and the assets Of these companies are also
a matter Of record impressions as to the
inroad upon the resources Of the companies
resulting from the affair may be readily
gained, 1t is practically admitted in
insurance circles that the abilities of certain
small companies to withstand the strain
that has been or soon will be put upon them
is doubtful, and there is also no question
that some Of the larger companies will at
least be compelled TO assess their stock
holders. 1t should be remembered. on the
other hand, that the stockholders in these
companies are perhaps to a degree greater
that those of any other corporation people
of large means, who accept Incidents Of this
kline as part Of the ordinary routine of a
business investment that has, taken over a
course of years, given them immense
profits. People in the financial district
w 10 ~ - " W Vi iaNh, = thcteh
full of the pyndicameut of the fire Insurance.
companies than they were OF indications
regarding the money market. Money is |
being shipped from this city, Boston,
Philadelphia, Chicago and from almost
every large city in the country TO San Fran
cisco, OAKLAND, Los Angeles. Sacramento,
Portland and all other places on the Pacific
Coast that can serve as points OF distri-
ht,tiop ~ f,,pIu at tho rota 81 ,,ilinpa 90
dollars daily. Probably no less than
100000 was sent to California from this
city alone to-day through the Sub-Treas-
ury and by means Of direct shipment by
mail and express, Al this suggests that
although we are still! receiving large sums
Of money from Europe, relatively high
rates for the llse Of money must prevail
here during a season when, normally,
money shoulc he easy. and the event, as is
not unnatural, is more or less disappointing
to hose who had been planning a s~peoula-
tive campaign for the advance in seclri-
ties in the next few months.
There were no particular developments
in the money or sterling exchange mar
kets to-day or In the foreign financial
capitals, Opening rates for call money
were 5}3 per cent. and were gradually
' - AliH iSHA' SlAcuN no
day. Time money was in more demand
ami between 5l3 and 0 per cent. was paid
for it for all periods. Sterling, which was
at first weak, turned strong and closed
at three-e!ghths of a cent in the pound
advance, ana whether on account Of this
circumstance OF tor some other reason
there were no further gold Engagements
to-day by orr baLte.s in Europe. In
I pnJnp .rI pnr;a rF-antinp uaE for tho
time being Greeted to the Russian loan
which will be issue1 tomorrow, and it
seems clear that if tie loan is we'll taken
in the foreign markets. the favorable in
fuence Of the affair viii be ielt here as well
az in Europe. The ma:Ne,S abroad seemed,
if anything, frmer TO-DAY than they were
at the close of last week. Here the prices
of all the leading stocks followed to-day
q rather Uniform course. They were at
the outset a little lower than they closed
on Saturday, but 500 rallied, 80 that dur
ing the first hour of business the market
presented a really strong appearances.
I hen heaSy selling OF stocks began. and
continued almost hoGt cessation until
the end Of the day. There were no features
IN the downward movement worth specify
ing, but there we're not a few evidences
tina: while heavy pressure in the nature
OF short" sales was brought to bear upon
the marttt br a large body Of the pro-
iessional trading element. there was no
genuine liquidation for the account
OF various market operators who, by reason
Of their large financial means, are in the
habit of making commitments in the mar
ket in a purely speculative way. much more
extensively than they or almost any one
A.. ---.Il l... l-,,-l, * la,,- - l.,,l.
ago. These operators are as like as not,
OF course, to buy back tomorrow or next
DAY the stocks that they to-day sold.
NOV York stock ExonanEs Ralos April 70.