The daily morning journal and courier., 1906-04-24
STOCK MARKET FEATURES
PRICES OPENED WELL BUT SOON
 FELL OFF EASILY.
Persistent Liquidation Finally Brought About Demoralization-Gossi of the

ADOut DemOraIiZafIOn--UOssl OA hhc
 Day.
 The market started well yesterday, but prices soon weakened and finally dropped rapidly.
 The market became a little demoral- ized at the last.
 The net loss for the entire list rang ed from to points. The selling con- verged in such shares as Reading, Un- ion Pacific, New York Central, Brook lyn Rapid Transit, St. Paul and Amal- gamated Copper, a very respectable list. In them liquidation by pools and indiY- idual holders occurred, and it seemed N to be plain that stocks bought last week when support was necessary were coming into the market again. On the whole the speculative situation was lIn- satisfactory and there is an immediate prospect for betterment.
 New York Central, which sold at l42 1-4 Saturday, broke to 139 3-4 yesterday on very small sales. This was a new low record for the year. Even Reading, which has been supported easily at times by its pool, showed absence of protective buying. All of the Pacific railroad stocks were very heavy.
 Effort was madeto hold Union Paci- fic at 150, but stop-loss orders there carried 1t down. Copper went down tc Fridays price and Anaconda broke about a dozen points. The pools were forced to sell freely and bear trades helped along prices.
 Bottom prices were touched in the last hour, when all of the active issues came out in large blocks on a descend ing scale. Most of them got down neal last Fridays figures, some of them a little lower. It was difficult to detect any pool support.
 Although the San Francisco fire is the dominating factor in the market tht enemies of the administration insist that the bewilderment of all corpora tion interests has as much to do witt the weakness of securities as anything else
 In connection with the late decline were current reports bearing on insur- ance company liquidation, and some oi these reports went even further. They had to do with the ability of certain companies to pay insurance in full on the San Francisco fire. The uncertain ty did not suit Wall street.
 The Pacific coast stocks are. among those that have benefited by the Frisco calamity. Seattle is anticipating g great boom and this, of course would help these issues.
 Of the gold engaged during the las ten days, $6,250,0o0 reached here yester. day. No new gold was engaged on tho other side to-day, although arrange ments were made to pick up any goli tlat arrived from South Africa at req sonable rates. In other words, the American bid for gold was still the chief factor in London's outside mar ket.
 A good many stocks sold lower yes terday than on Thursday and Friday ol last week, when liquidation was IT progress. At the new low levels many stop loss orders were reached.
 With the $6,3O0,000 in bonds deposited with the sub-treaSury last week by banks engaging gold on the other side some $2S, 1000 has been imported since the inflow from London was in augurated on March F.
 The two factors that made for mod crate strength in United States Stee shares were the general expectation o a great addition to orders for structura material from San Francisco, and thC prospects of ffattering statement fol the March quarter to be issued to-day The report so the gossip went to-day may show net earnings as high as $3S,. 100000, compared with $S5, ,250,000, ant the thrilled orders possibly as high a' S,0O0,0OO tons, which would be a new high record figure. The Pittsburg be- lief is that the steel mills are now sJ rushed with business that they would be unable to supply quick deliveries tC the coast and that with Germany 1T about the same state of enormous con sumption Enlgish manufacturers vii get the benefit of the new demand.