The daily morning journal and courier., 1906-04-19

News-Heavy Break on San Fran
 cisco Street R. R. .Shares--An Excit-
 ing Day.
 The stock market was decidedly weaker yesterday and prices fell off easily. This was due to the San Fran cisco catastrophe, the more gloomy outlook for a settlement of the labor difficulties in the coal fields; the presi- dents special message to congress urg- ing the necessity for new legislation for the prosecution of corporations, and the appointment of the chief inquisitor in the life insurance Investigation to conduct the federal inquiry into the af- fairs of the coal-carrying railroads.
 The presidents insistence on new leg islation to facilitate the investigation of the trusts was damper.
 Stocks broke violently early in the afternoon end transactions were on a large scale.
 At midday the market was almost de- moralized, and the west, in particular was sending in selling orders "by the ream," to quote an active broker. How much was sold for San Francisco ac- count 1t would be hard to say because of the confusion existing in that city A feature of the market was the coli lapse in San Francisco street railway shares, United Railway common declin- ing early iE the afternoon 28 points, to GA. It closed Tuesday at 92. The pre- ferred during the same time broke from S5 to 75. The buying orders in tbese shares were limited. Nobody seemed to want them. Southern Pacific and Atch- fson, which have terminals in San Francisco, were also under pressure. Southern Pacific declined two points to 67m by early in the afternoon, while Atchison declined IFS to 97% during the same time. The heavy selling of Union Pacific was largely due to the same con- alterations. Union Pacific controls Southern Pacific, and hence would be injured to the same extent as the lat ter. Union Pacific declined 21s points to 155B up to early in the afternoon.
 The executive officers of the western lines have refused the request of the Missouri river jobbers for special rates which would give them an advantage over their Chicago competitors
 A good many requests were made yesterday for January loans' at 5a per cent. Some money was placed at that level but the ordinary bid made was 5A. These loans carry the bor- rower through the first of the year div Idend period which was the special pro- tection sought
 The American Steel and Wire com pfAny, subsidiary company of the Limited States Steel corporation, has purchased 100000 pounds of copper at current prices. The company is said to be in the market foS 100000 pounds of additional copper, but is experiencing Some difficulty in finding sellers for this tamount.
 There is every reason to believe that programme for a rising stock market had been mapped out, based on the re- lief to the money market, and that leading interests had bought good many stocks Friday and Saturday with this end in xiew. Probably few of them took profits" on Mondays bulge,
 Great Northern preferred was very weak early losing 3 points. James J. Htl gave out what the news agencies promptly called a cheerful interview. This made some of Mir. Hills enemies say ill-natured things.
 News that is wholly unlocked for is the kind which most upsets Wall street. The presidents programme regarding the coal railroads and the trusts was not expected by anybody in Wall strest when business closed Tuesday. This of itself was sufficient to Upset important plans and caused cliques to postpone their programme to put up stocks The San Francisco earthquake, followed by disastrous fire, did the rest
 Transactions in bonds included $2O00t Delaware and Hudson fours, full paid at 109, $10,0 900 Westinghouse fives at STA 10000 Marine 41as at 79ha79, $3,000 Ha- vana Tobacco lives at 75, and $20,0Ot Interborough- Manhattan 4hs at 9015.
 Liquidation partly subsded in the last hour but the undertone of the, stock market was weak. The San Francisco Street Railway shares rallied a little the common to around 7S and the pre- ferred to 77 shortly before the close.
 The Chicago fire of October, 1871, oc. cured with a violently stringent New York money market; so did the Bostol fire of November, 1872; while even tht Baltimore fire of February, 1904, occur red when Wall street was still chokeC up with undigested securities.
 Amalgamated Copper declined be- cause the rest of the market was very weak, but as the stock went down th' room was filled with rumors that thu dividend rate would not be increased a to-day's meeting.
 The stockholders of the New Yorl Central and Hudson River Railroad company met in annual meeting in New York city yesterday and voted to in crease the capital stock of the compan! from $15OODO, 900 to S2500OOO0O. The olt board of directors was reelected.
 Stockholders of the Southern railwa! in special session in Richmond, Va. yesterday voted an issue of $2OO,OOO,0o fifty-year 4 per. cent. bonds The stock holders adopted resolutions approvini the scheme devised by the directors fo the general improvement of the differ ent lines of the Southern system Thl bond issue is part Of the scheme to extending and strengthening the sys tenn
 The anthracite stocks were amonI