The San Francisco call., 1906-12-19
NOV YorII stock Nrarket

NEW YORK Dec ls-The whole of the
DAYS stock market centered In ST. Paul aud
the deulorslized break in that security Weakened
the rest of the market efectua lsy- The action
Of 81 Paul was accepted as demonstration
that the rate Of Issue of new capital has become
subject Of grave uneasiness for its effect on
future values Of securities. The recent violent
Northern Pacific was regarded as inconclusive on
that point owing n a number II complies atine
factors. It was believed. for instance. that the
plsn Of deferred delivery in new stock while
payments we're being made on insJallments "f
Than the dividend return on the stocks was re
sorted 10 by the Hartman interests. as their
make them lenders OF the treasury resources OF
the Union Pacific 10 their business rivals under
this plan Il wss for this reason that the
Hartman holdings Of the Bill stocks were sup
posed to be coming the market in large
volume. with the insiders indisposed 30 support
szing As St Paul continued TO advance yester-
day on the stock issue prospects, and rose to a
the special causes having TO do with weakness
Of tie Hil stocks did not apply 10 the stock
fions for st. Paul stock this morning. which
ranged from 19l 10 1913. compared with 1917 last
night. With the downward successive plunees
the liouidatioB continued the price ST one
time reached 1S3. a decline OF 16& from TIE
high level touched yesterday. The Hill stocks
continued 70 slide downward in company. snd
the price Of the subscription rights on the curb
70 the huge new issues of all three stocks made
pressed with the sudden closing Of the St Paul
books tomorrow for registration of the rights
CONFUSION
loans in which St Paul hgures as collateral.
The provision for payment Of 10 per cent
installment OF subscription 10 the new stock
which would call for SO. 600. 900 on December
81. was felt 70 add a serious complication 10
the very crisis OF the year-end money seftle-
nents. Estimates Of the suffciency OF earnings
To meet the large additional claims OF these
great additions 10 present stock were vague.
owing 70 the impossibility Of fixing the amount
IF exchanges TO resulting outlay. But =
large increase IN Requirements was obvious and
The resulting decline IN the margin of surplus
earnings was of marked effect on sentiment to-
ward the stocks. The artractiveness OF subscrfp-
ton rights from the standpoint Of the recent
high market prices disappeared from view entire
eagerly at intervals to secure their profits The
resulting rallies were shortiired. and the semi
demoralized closing was the lowest. ex-
cept for the spasnodic rally in st. Psul itself.
Of resistance 10 the weakness and both were
subjects of rumors Of intended dividend in.
creases- The general weakness was by no means
commensurate with that IN the stocks in
process OF manipulation Union Pacific was
most scutcly affected outside of the three cen
trail stocks IN the days movement and suf-
Northern preferrcd's extreme decline was l01k
and Northern Pacihcs 81 The .subtressuri
operations began to reflect the Government money
relief measures. the banks having gained So. .672
ment Money was stringent and went TO q
2er cent on call 10 per cent for thirty days
e ~ per cent @ tos sixty osys and per csni
Bank of Germanys discount rnte from 6
Ter cent WIS Of moderate effect IN aggraratins
the stiffness Of other money markets.
United States % advanced ]. per cent on call
New York Stock List
z. F. Hutton & Co. 400 California street
nish the following Inst OF bond and stock sales
yesterday: