Omaha daily bee., 1906-12-15
new YORESTOCES AND BONDS
There Was Great Variety and No Little
Fsvsrishnsss in Movement Of Frioss
HILL AND ST. PAUL ISSUES THE FEATURE
Call Money Rises 20 Nineteen Per
Cent on Forecasts Of Poor Bank
Statement - Bonds Are
steady.

NEW YORK, Dec. H.-There was great
variety and no little feVerishness in move
ment Of prices in todays stock market The
general tone became much better than yes
terday and a recovery from yesterday
losses was achieved, but in a very spotty
and irregular manner.
The overwhelming share OF attention was
given to the northwestern transconunental
group. There was evidence early in the
day on the further divergent movement IN
the HUI stocks and St. Paul, but the former
met effective support and the latter touched
its highest level comparatively early in the
day. The report Of the question raised by
the attorney general of Minnesota OF the
legality OF the Great Northern stock issue
now offered TO stockholders at par was be-
weakness in Great Northern preferred and
Northern Pacific on the assumption that
the proposed new stock issue of the latter
would be affected by the question OF the
Great Northern stocks validity. The esti-
mated value OF the st. Paul rights equals
or exceeds the price at which the Great
Northern subscriptions rights are selling
in the outside market. As both stocks are
Z per cent dividend payers the inference
would follow that the price of the two
stocks should approximate a parity with
rights in both cases included. A shifting
on large scale OF speculative holdings
from Great Northern preferred to st. Paul
would go far to explain the contrary move
ment of the two stocks
Money continued in strong demand today,
the call loan rate rising as high as IL per
cent and recedlng only after the demand
/ had suffered. Forecasts of the bank
| statement were not reassuring as to the
| re-establis hment of reserves to the re-
I qulred legal proportion OF the deposits. The
| banks appear to have gained on balance
l on the interior movement and 100000 gold
( has come from Canada, but this was not
/ sufficient to offset the absorption OF 45Sl'.
/ 900 by the subtreasury. With an indicated
/ cash loss of several million dollars the
| restoration of a surplus would be depend
! ent therefore on a very heavy loan con
| traction Cross influences seem to have
| been at work on the loan account
! large calling Of loans having been
| made in preparation for payments falling
I due while some extension of credits was
/ probably involved in other quarters in the
ments. Sentiment is rather confident, how.
ever, over a relaxation OF the money mar
I ket next week. Tomorrow payments will bt
made of the government interest due up tC
] May next amounting to some $l2,OOOOO. II
/ Is expected that the government deposits
! with national banks elsewhere to the
! amount Of 100000 will begin to return tC
| New York next week and the effect of tho
/ purchase by the treasury OF $1O,0JO,OOO gov
| rows large dividend and interest paymen
! will be followed in natural course by th
return of these funds to the channels O
! the money market. II was the eXpecta
ton that the present pinch in the none!
market would be moderated by these infiu
ences that kept the tone of the stock mar
ket strong today. shipment Of $4,000
to Argentina was in effect transshipmen
of gold received from Canada.
Bonds were steady. Total sales pa
value. $2,291 900. United States bonds wer
unchanged on call.
The following are the quotations on tn
New York Stock exchange: