Evening star. [volume] (Washington, D.C.) 1854-1972, 1906-04-23
Several Dominating influences
on Market Today.
HIGHER TIME Loan RATES
Extensive Inquiry for Loans for Six
and Nine Months.
GAN FRANCISCO CATASTROPHE
Sharp Contraction in Activity In Con-
trast With Fridays Dealings
A Sharp Break.
HIGHER TIME Loan RATES
sAN FRANCISCO CATASTROPHE

Special Dispatch to The Star.
NEW YORK. April 23.-Hardening condi-
lions in the money market and misgiVihs'
,,,,,t ra,,ard IN the ultimate financial aspects
of the San Francisco catastrophe Fere
.aen,nplv the dominating influences In To-
DAVIS dealings in securities. The Tightening
+apdencies I'm the money market were moro
definitely expressed in the rates for time
loans than for those on call. There was an
extensive inquiry for loans FOR SIX ana hiho
months periods, 5A and per cent peins
freely bid for accommodation covering such
terms The main cause OF the actiFi'y ia
the money market was. 1t Is neediess u say
the transfer of funds to San Francisco from
various points and apparently shipments
thither must be reckoned upon for virtually
an indefinite space of time.
Ccmpensating developments In the money
market might be named in the additionai
engagements OF gold for import when were
announced with the course of the DAY. anu
which found their most direct rehectioh
ar a gain by the banks from the subtreas-
ury of 3d. 400, 900 since Friday last, accoFh-
ing to this mornings figures UneasiheS'
respecting the state of affairs at San FRAN
cisco was apparently induced chiehy py
consIdera tons of the status OF the Sinai
Germ expressed in this respect did not take
q particularly definite shape even In the
way of rumor
1t was understood however. that. not
withstanding their advertised attitude. tne
insurance companies contemplate ura"inS
a sharp line between the losses which have
been incurred at San Francisco resulting
from the earthquake on the one hand ana
the devastation by fire on the other Thsir
responsibility for the first will be repudi-
ated while it is unlikely that any contest
will be had with regard to the damage
which can be referred indirectly to the
flames.
AT the same time the position Of the
Insurance companies in this respect Will
unuuestionably open up an indefinite Held
of litigation and discussion Of this aspect
of the case acted as depressing influence
ppon speculative sentiment today.
London Market Weak.
There was a virtual absence of any news
over Sunday relating to the stock market
aside from the intelligence having a more
or less bearing upon the state OF affairs
upon the Pacific slope. The London stock
market was generally weak, and appre-
tensions seemed to be entertained there
that the Bank of England's rate of DIS
count would be restored to a per cent
basis on Thursday next.
Open market discount figures were quoted
close to the banks official minimum rate.
Transactions in the local market for foreign
account were, however. limited to sales or
about l.. 600 shares.
In the early part of the day the United
States Steel stocks showed exceptional
strength, both because of favorable fore
casts with regard to tomorrow's quarterly
report. and also account of the theory
that the corporation would benefit substan-
TALLY through the reconstruction of San
Francisco. but later in the day those Sc
curities participated In the general decline
3n prices Amalgamated Copper on large
transactions followed the same course that
was pursued by the United States Steei
shares.