The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-05-07
UPWARD RUSH IN
STOCKS EXPECTED.
.--------------
General Indication Of Advance
Following Last Fortnight Of
Violent Declines.
BUSINESS IS LOOKING 10 UP
Money III New York Likely to Be
Easy for Some Months
Now.
BUSINESS is LOOKING 90 UP
Especial to The Times Dispatch,

Especial to The Times l)lspatcn) II
NEW YORK, May e.--Wall Street saw
another week OF nervousness. reaching q
most acute stage at times, as result
OF the San francisco disaster. Whether
forced llqutdations from this cause had
been completed was the one point upon
which all attention focused and every
financial detail Of the result Of the calam-
ity was cngerly discussed. 1t was not
until the close OF the week that another
external influence doomed up In the Gar
held report concerning the Standard OIL
Company.
It was very clear that the responsibility
for the decline in values during the past
two weeks can be put up to the specu-
lators primarily. AS soon as the extent
Of the earthquake and fire became known,
It was apparent to speculators that tho
general advance would likely suffer a
serious break. for the reason that the
San Francisco losses must inevitably al
feet the money market
The first haste of spectators to close
out their accounts showed that the mar
ket was not disposed to absorb stock In
large quantities, and, as prices declined
further, liquidation of speculative hold
tings occurred rather easily. The specu-
lators then began pounding" the market
with all the energy they could command.
It developed that the amount OF stocks
carried on slender margins IN the hands
OF few big operatorsawas much larger
than was supposed. Many OF these men
we're forced to sell at whatever price they
could get, so the slump In the market
continued beyond the bounds expected.
II was also quite apparent that the de-
cline did not meet with the dlsfavor OF
certain clique Of powerful capitalists
Market Vulnerable.
The attack upon the market proved,
too. that 1t was vulnerable. There de-
welcomed that there had been concentra-
ton Of speculative trading in few
issues. THIS proved a bad thing for the
market isS5
It appeared at the end of the week that
the decline in active v stocks Of nearly
f1fteen points has more than discounted
anything that can be urged against the
market at the present~ttme.
The s4o, 100000 that has been sent west
ward to relieve the pressure that WIZ
come when the San Francisco banks shal
reopen, is believed to be about the- full
extent Of the western drain upon the
eastern banks. Money is likely to be
returning east soon. In the mainline,
the now OF Insurance money from Europe
will begin. There is thus reason to be
lieye that for some months. money In
New York will be easy, taking other
business conditions into consideration
Business in the country is looking up
and promises to be In splendid eondi-
ton, since the coal strike is practically
settled. The only flaw In this respect Is
the tie up on the Great Lakes, owing to
TIA longshoremen's strike So far, the
GARFIELD report is not believed to have
any permanent effect upon the market,
but the future In this respect must pc
rcckoned with. However, sthere is gen
eral indication of an upward rush in
stocks following the last fortnight Of
violent decliness. fs