New-York tribune., 1906-12-19
BIG DROP IN MARKET,
ST. PAUL LEADS THE WAY.
Announcement of 500, 900 900 Issue
Causes Bad Break IN Stocks.

Another severe break occurred yesterday in
the stock market the primary cause being the
announcement Of the issue Of about SlO0 600 600
new - Paul stock. with only one day elapsing
before the present stock would be selling ..er
rights on the 81 Paul trading post some early
cor7er had hung number Of lemons The stock
which had touched 1a9Ss on Monday and had
closed ~ 1877. opened wide" Yesterday n,o-,inp
with sales Of $500 shares at from 1914 TO 1a3
snd before the close touched lS3 Its initial
weakness was the signal for host of specula-
tive holders II sell and under their offerings
me price rapidly declined, The general list sag
g.nE in sympathy
Great Northern and Northern Pacific which
had declined sharply last week when their pros
peot+ve hig stock increases were announced.
were next 70 -. Paul the chief sufferers in yes
terdsTs market. and the only conspicuousIy
strong issues were Baltimore & Ohio and Read.
ing
Baltimore & Ohio. on reports 81 an impending
lssa- ot no" stock. which were later authorita-
tVey denied and on ruuaors Of ar increase IN
The dividend rate. closed at 11qa. a net a5-,ono.
o' = points after having reached 121as Read
as. reports Of higher dividend for which
were also circulated closed at 49, the highes.
Of me day, and Ia points above MONDAYS final
figure
Money market conditions continued extrerne,v
uhtaFoTaole, with no prospect Of the early aIIe
FlsNon - the stringency: and the knowledge
lna' I'D ADDITION 10 the January interest and
DIVIDEND disbursements. more heavy than AZ
tnls season IN any previous wear the strain
"el.c ne imposed on the money marker ~ na-
menL 0f The first instalnent of the s11hscrin+io1.
On ne rev -. Paul stock-a sum annroxtr7a+
--s fih''s'Fs' less the subscriptions of for
g e-.afeioiders. who have until January 10
70 make Jne paTment-Uas an important facro-
'sHs-.s Tot Weakness in the stock market
A1'ther depressing influence was the ad-
p-, 4-4s 70 per cent Of the German Imperial
. ID discount rate. The feeling in the Strezt
Was a. no time during the day panickv how
e.e' a.thougn the T. 81 informed judges of the
tIlsNoh believe ilat the liquidation has nor
!Nt --iF run its course.
ga. money -as u per cent at the opening
500 ae1.'nll'S 10 Is, and in the afternoon run
---- "l L. - per cent. The ruling rate was
= - -.7 lasJ loan oI the day vas made at
j. easing Etringency prevailed in the time
.neE market, where the quotations during
most ~ The DAY we're nominal with no funds
actually A. the disposal Of borrowers and such
loans as were made, toward the close. were the
subjects q special negotiation. For sixty -dav
money p Der cent was bid and asked. ninety
GAYS. per cent bid and s z asked, four months
per cent bid, ~ asked, and for five and six
months nominal rate Of Ga per cent was
r. Tie last hour 8. Paul ran down from 1871
n lks. maximum decline for the day Of IA
points "a wing 10 lS5 L AZ the close, net loss
~ u = points The preferred lost Sl2 points.
Graar Northern closed ar the lowest, 1884, 10La
points below Mondays final price and Northern
Pacific closed fracJionally above its lowest AZ
zoo 7at loss Of points
Some of the other net losses were 3la points
N Union Pacific I Is in Southern Pacific AZ
N canadian Pacific. in Delaware & Hudson.
l-2 In Archison and i'm New York Central.
An7a.z7r-at@d lost point and American Smelt-
lng and Refining q. while the United States
Ste issues each declined only 81 per cent
Iota- sales were IN excess Of 100000 shares.