New-York tribune., 1906-12-19
Closing prices Of active bonds dealt in, with
STOCK MARKET OPERATIONS.


yesterdays stock market while throughout the
list there was an active selling pressure in the
greater part of the five hours of business. Losses
in the leading issues We're large enough to cut
off many millions of dollars in market value
extending TO II points in St. Paul. 8 points in
Great Northern, points in Northern Pacific
and more than > points in Delaware & Hudson,
Union Pacific, Chicago & Northwestern and
Canadian Pacific while in Amalgamated Cop
per. American Locomotive. Atchison, Louisville
6, Nashville and New York Central the average
decline was more than / per cent. ST Paul
opened several points under its closing of the
preceding day, and at one time sold at 1S3. COM
pared with high point in Mondays market of
1895, the selling evidently being due to tho
rush Of operators to take profits and concerted
efforts by the bear element TO depress the issue,
the argument for a cheaper price being based
the company's intended large expansion in
its capital stock and on the known weak follow
ing in the shares, the latter being reflected in
heavy liquidation for commission house account.
Small margins We're quickly wiped out in
this issue; also in Great Northern. and to
great extent in Northern Pacific, selling
being especially heavy for Western account.
The danger of marginal transactions in high
priced securities made painfully apparent
to many operators who recently have been buy
indefinite period of improvement in prices
The terms of the new st. Paul stock issue We're
not favorably received by the Street and much
adverse criticism was heard regarding the man.
agements decision to give stockholders less than
forty-eight hours in which to make up their
minds whether not they cared to take ad-
vantage Of their rights. and the calling OF a
payment of S10.000O00 on the stock before jan
uary also was not liked, owing to the extreme
ly unfavorable position Of the money market.
The money market is carrying about all the
burden ii can stand at present. and the fact
that at the end Of the year preparations will
have TO be made to finance the largest January
interest and dividend disbursements in the his
tory Of the country ought to have influenced the
St. Raul directors against their stock issue at
this time or at least they should have postponed
the time for the first payment until after the
turn Of the year, as in the case Of the Great
Northern and Northern Pacific new stock, on
which subscribers make their first instalment
on January and 10. respectively AS the In
terests identified with the St Paul company
We're supposed TO be working TO prevent dis
turbance in the money market. the Street was
the more disappointed over their apparent dis
regard Of monetary conditions. On the decline
St. Paul and other shares We're taken by strong
buyers, but attempt made to rally the
market, which closed at or near the lowest of
the day the only important exceptions to the
downward movement being Baltimore & Ohio
and Reading, both of which closed at net gains
Of III per cent. Total transactions ran beyond
100000 shares, of which three-quarters was
supplied by ten stocks, Reading, st. Paul and
Union Pacific beirg the leaders in point of ac-
tivity. The great activity and strength in Read
ing was not explained by news developments
affecting the property but talk of an increa Sc
in, h rr;..
for thirty days quoted as high as 10 per
cent. while call funds averaged IA per cent.
Owing 10 Treasury deposits with the national
banks and the repayment Of interest on gov
ernment bonds, the local banks have gained so
far this week on their operations with the Sub
Treasury, and as exchange at Chicago New
York is at a premium, interior movements Of
currency. at least from the Middle West, are in
favor of this centre. 1t is therefore probable
that the Clearing House institutions will be
able 10 show surplus in Saturdays statement
but IT is not likely that there will be an i'm
portant decline IN money rates Foreign bank
ers are handling some of the local borrowing
through the medium of the exchange market.
but there is no demand in the London market
for gold for American account. and apparently
Mite chance OF shipments of the metal 20 this
SIDE or the ocean In the future. despite the
TACT mat sterling is at low level A falling
on IN the demand for structural steel is at
tr1buted entirely to the condition of the money
market contractors delaying specifications and
orders. owing TO their inability TO secure ac-
commodation at reasonable rates and in vari-
Gus other lines OF trade the Influence of the
practically prohihtive quotations for money is
becoming evident Though manufacturers have
enough orders en- their books to keep them busy
for several months ahead. new orders are much
lighter in volume than recently reported, and