The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1906-04-28

ever since that event, and 1t has been
generally expected that so unprecedented
a scale of losses could hardly fail to re-
suit in some casualties in the insurance
field There was nothing which came to
light today to warrant the vague rumors
which were set anoat by the action Of
the market 1t was rumored during the
day that several insurance companies
had secured accommodation in large time
loans running in the aggregate to between
100000 and 100000 for nine months.
The rate of interest payable on these
loans was said to be per cent This
indication of the lightness of the money
market and the accepted prospect of its
continuance was an unfavorable factor
in the situation.
But the fact that the insurance COM
panies were protected by such accom-
mediation, 1t was hoped would avert
or defer liquidation of holdings of Sc
curities.
The fact that such an arrangement
means a postponement rather than an
avoidance of liquidation, serves to dis
courage speculative confidence in future
advance In prices. with such burden
hanging over the market to take advan-
tage OF any effective demand for securi-
ties Further large engagements of gold
for import were secured in Paris today,
the aggregate of the day reaching $1,000,
900. This was contrasted with $500. 900.
the amount of the days transfers to San
Francisco through the sub treasury This
subsdence in the tide of the movement
to the Pacific coast aroused some hope
that the principal requirements there, in
cident to the resumption of banking, were
now satisfied. But this encouraging de-
velopment availed nothing to check the
force of the liquidation which poured into
the market. The speculative account Of
the long side of the market proved much
heavier than there has been any sus-
picon OF, and the wiping out of margins
and the uncovering of stop-loss orders
brought a flood of sales orders from all
quarters The violence of the decline in
some of the high-priced railroad stocks
revealed the fact that prices had been
marked up unduly during the recent
period of confidence, while practically no
offerings were made in the market The
Hill stocks and the Northwestern Pacifics
We're the largest sufferers, and Reading
New York Central and some OF the highly
speculative industrials also fell abruptly
The break of % points in Great Northern
preferred. measured the maximum, but
the Chicago and Northwestern stocks,
Northern Pacific, Chicago and St Paul
Minneapolis and Omaha Colorado Fuel
and Anaconda offered examples of to
Is points declines. In the general list
losses of to points were fairly gem
eral. The rise in the early part of the
day was tho continuing effect of yester-
davis gold announcement, which prompt
ed the shorts to cover Ii only served as
better basis. for the renewed liquida-
ton.
The weeks currency movement indicates
a cash loss for the banks of upward of
$6o0O00O. There was little change, how
ever, in the days money market The
weakness in stocks continued throughout
the day with successive selling move
ments to new levels interspersed with oc-
casicnal rallies ON short covering
The closing tone was weak, although
mixed with some of the spasmodc raj
lies.
Bonds were weak Total sales, par
value, 49, SOS. 900
United States bonds were all unchanged
on call.