The daily morning journal and courier., 1906-04-25

of Market Support-GOssip.
 After a weak opening yesterday stocks rallied and there was a marked gain in prices in the active stocks be- fore the close.
 Things looked squally at the opening, when prices fell off rapidly, and new low prices for the year were made.
 Union Pacific went as low as 14S, Reading sold at 123, New York Central 137R, Amalgamated Copper 1065s, and losses of points each occurred in Northern Pacific and Great Northern. These declines were, in a number of cases, recovered from.
 There was very heavy trading in the first hour.
 The heavy flow of currency from the east and Chicago to San Francisco con- tinues The sub-treasury yesterday transferred $2,6O0,00O, Already nearly $11,0O0,0OO has been sent from New York and this, with the $15,0O0,000 placed at the disposal of the San Francisco banks by Secretary Shaw, makes the relief fund about $30,OOO, OOO
 United States Steel stocks led in the rally, the buying of these issues being influenced by the very favorable state ment of earnings, which appears in an- other part of this issue.
 New York Central has not sold so low in nearly year. The annual report did not give any encouragement for an increased dividend, and there has been selling against the new issues.
 Among the stocks which came out yesterday was American Sugar Refln- ing preferred, which Is seldom seen on the tape nowadays. There were two transactions in immediate succession, one of 200 shares at 1S6ss and a second one of 200 at 1Se1k.
 The liquidation, as a whole, has been by those who week ago would have been regarded as the solid element in the market.
 United States government per cents. declined three-quarters of point yes- terday, Fire companies of this coun- try hold $5,000,000 of these bonds in their assets.
 No adverse influence was noted from the reports of great labor troubles in France. At present the Russian loan seems likely to be promulgated. Fa- vorable crop reports are coming in from all over the country.
 That the outflow of currency has not yet reached it's end was indicated by yesterdays very sharp drop in New York exchange at Chicago. It fell from par to 50 cents per $1,00O discount, and the fall was ascribed to the San Fran cisco shipments.
 Call money yesterday was very easy at the expense of some tightening in time accommodations.
 Sooner or later the influence of the San Francisco disaster will be found for the time at least, to have spent it. self.
 The contest in the market waged around the Union Pacific post. The of ferings of this stock were enormous and looked like liquidation.
 The rally in the market came when 1t was found that stocks were being ab- sorbed at the low levels. The short in- terest is believed to be very large.
 One reason for the continued decline in the market is the offerings of high grade securities by the fire insurance companies. It has been estimated that at least $65, ,OO0, ,O0O worth is held subject to a liquidation at the time of such a catastrophe as at San Francisco.
 Although the foreign exchange mar ket ruled somewhat higher, one large importer admitted that he was consid- ering the bringing over of one or two million dollars, and that the transac- tion might be put through In day or so. The cables reported the Bank of England as giving up z 9351 ,OO0 gold for New York yesterday.
 There were periods during the day when the liquidation was greater than it has been since the last decline be- gan. Commission houses threw over stocks on a very heavy scale and sev- eral of the pools displayed signals of distress.
 In four stocks-Reading, Union Pa cifs Steel comman and Amalgamated Copper-50 per cent. of the entire trad ing occurred yesterday. On about S0,- 900 shares Union Pacific broke from 149H to 14S. Copper on 10000 shares went down from 1OS to 1O69s, Reading on 45,0O0 shares from 125 to 12Sk, and Steel common with 72,OOO shares from A1SL