New-York tribune., 1906-04-26
Closing prices of active bonds dealt in, with
STOCK MARKET OPERATIONS.

In the initial dealings in yesterdays stock
market the movement of prices showed great
irregularity, with moderate declines in num-
ber OF issues, while in the second hour. under
the influence OF an active demand from the short
element, the entire list advanced, gains of per
cent and more being common. This improve
ment lasted for a short time only, and in the
last half hour of trading sharp break devel-
oped in most of the active issues. the move
ment beirg accelerated by extreme weakness in
Consolidated Gas. which sold at a price lower
than any recorded since 1896. Accompanying
the decline IN this issue there was correspond
ing movement IN the company's convertible
bends. which quoted at the lowest point
ever reported. The weakness in Consolidated
Gas securities was due to selling based on the
general expectation that the directors of the
company will reduce the dividend which will be
payable I'm June. and which action will be
taken to-day. While reports of further earth
quake shocks in San Francisco may have had
something to do with the decline in the last
hour, the chief reason for the recession was the
lack OF outside interest the midday advance
and the apparent unwilngness of the substan-
tial market interests TO encourage activity
the bull side OF speculation. The extent of the
decline suggested the presence in the market of
heavy selling orders. and the fact that bond
houses reported genuine liquidation In railway
mortgage issues encouraged the belief that
large amount OF forced selling was under way.
In addition TO Consolidated Gas important de-
clnes recorded by the greater nuuber of
standard securities including a poins loss ip
Great Northern preferred. TX in Northern Pa
cifc and ! :. in St Paul
In the last five days New York has sent to
San Francisco upward of $2O.O00,OOO while ship
ments from other points bring the total TO more
than S30.0O0O0O with the chances favoring fur
ther large Withdrawals for Frisco account. Not
withstanding the fact that a large amount OF
gold is under engagement abroad for export to
this country, TO say nothing Of the gold in tran
sit and that already arrived the enormous drain
of funds from the East for the Pacific Coast
will prevent early easing in the general
money market Time money is being maintained
at a level which is not at all attractive to bor
rowers though at the moment rates for call
loans are on basis which does not involve par
ticular hardship the part of people who wish
TO secure this form Of accommodation. 1t easily
can be realized that the movement of currency
to the Far West cannot continue at the present
rate without being accompanied by decided stiff
fening in loan quotations. The San Francisco
banks have not yet resumed business. and un-
doubtedy their banking machinery Will not be
set in motion for number Of weeks to come,
but in the mean time the financial institutions
at that centre will continue TO draw on New
York in order to have their cash holdings in
strong position when they ready to open
their doors.
San Francisco intends to rebuild, according to
current reports, a most stupendous scale and
this fact, of course, will involve most active
demand for money in the Pacific Coast city but
It should be borne in mind that this money i'm
mediately will go into the channels OF trade and
that nearly every active industry In the coun-
try will be benefited. The question OF the in
surance losses continues to be debatable sub
ject in Wall Street, well in insurance cir
cles. and while many companies are now revis-
ing their estimates of the amount of money
which they will be compelled to pay out it may
be 3ust as we'll for the Well Street community
TO be prepared for large demands on the banks
from the insurance companies for payments to
The fire victims and for a certain amount of
liquidation OF securities held by the insurance
concerns Already there hos been considera BILE
seiiing OF this character. especially in bonds
ana though the larger companies doubtless will
arrange 10 secure temporary loans, IL is likely
mat many of the smaller institutions will he
compeued TO sell the greater part of their as
sets Whlcn are In the shape of stocks and bonds
Chooupeeoiy there will be long delay in set
ting insurance claims, and this fact together
with the time IL will take To reests hIisb San
Francisco on business basis, will tend TO main
Tain the money markets of the country on a