New-York tribune., 1906-12-18
STOCK MARKET OPERATIONS.

Stock market values did not move in a manner
that encouraged the advocates of higher prices
/ at least those operators who believe that ire
spective of money market considerations, quota
tions ought TO go to a better level. With the ex-
ception of St Paul, the greater number of Is
sues were heavy in the best part of the day.
while in the last hour St Paul declined with the
rest of the list, losing more than points from
its early high price, which was 1898, closing
at a net gain of z. Manipulation was apparent
in this issue; indeed it not difficult for the
latest neophyte in the Street to appreciate the
fact that st. Paul was being advanced in order
make a good market for the stock, as well as
for other high grade issues in which there was
steady liquidation throughout the day. Houses
that are supposed handle the transactions of
the so-caIled Hill element received buying orders
for ST. Paul. but the idea that MI Hill and his
associates We're taking St. Paul stock failed TO
impress the Street with the idea that the ST.
Paul company is to become Hill property. Mr.
HILL with his Great Northern and Northern Pa
cifc, has his hands full, and the chances that
he does not wish again to become involved in
trouble similar to that which developed as the
result of the Northern Securities merger. There
is more St Paul stock in the hands of the
Standard Oil party than before recorded in
the history OF the road, and if people want to
know who is in control of the company they
would better ask William Rockefeller or H. H.
Rogers.
1t was announced before the close of business
that the ST. Paul directors would offer stock
holders the privilege of subscribing TO $6G327
1O0 new preferred stock and $33. 1S}, 40 COM
mon, the proceeds 10 be used in connection with
the financing of the company's Pacific Coast
tension and other purposes. 1t is thought that
the other purposes may include the purchase CT
the control Of the Pacific Coast Company which
has valuable terminal facilities in Seattle and
which would be a valuable asset for the
/ st. Paul. st. Paul is pushing its lines TO the
! Pacific Coast and its owners are not selling to
/ Mr. Hill any else Great Northern and
! Northern Pacific stocks both dropped in mar
/ ket value following the recent announcements of
! increases in their capital stock, and it is not
unlikely that 81. Paul shares will take the same
course in the next few days. The persistent.
| strength of money rates naturally tended to
check operations for the rise in the days trading
/ and Induced pressure from the floor element in
the greater part of the five hours of business.
| In Reading, Great Northern. Northern Pacific
/ Union Pacific, Chicago & Northwestern Della
! ware & Hudson, Brooklyn Rapid Transit the
copper shares, Canadian Pacific, Mexican Cen
uai, >Atchlscn and southern Pacific declines
amounted to ! per cent and more while St
Paul Chicago Union Traction preferred and
Virginia Iron. Coal and Coke were among the
> few issues that showed net gains at the close
The marketing of the high grade issues such as
Chicago Northwestern. Great Northern and
Delaware & Hudson, was feature of tho mar
/ ket that caused some uneasiness in speculative
circles. Call money closed at 20 per cent.
High rates for money in the current week
doubtless will be effective in attracting to this
centre funds from nearby points. from New
England and from the Middle West. but ship
ments Of currency New Orleans and San
! Francisco probably will be made in moderate
volume. And there is to suppose that
The banks will not pay TO the federal Treasury
! large sums of money customs account
| Furthermore. il is quite likely that heavy
amounts OF money win be withdrawn from the
banks for Christmas shopping. If. however the
banks are able TO reduce their loans there will
be some chance of a restoration OF the Clearing
House reserve above the 25 per cent limi: as
the payments to tie banks by the Treasury
On account of government deposits and interest
on government bonds Will serve to offset the
loss by the banks TO the government on ordt-
nary transactions. For many the none
tary outlook is more encouraging than 1t was a
few weeks ago. but at the same time II should
not be assumed that the market is about To
enter uyon period of easy loan quotations In
ihe last week of the year rates doubtless Will
be adversely influenced by the preparations for
the January interest and dividend disburse-
ments. while in the early year the banks
will be compelled TO return TO the Treasury the
government deposits which were made in Octo-
ber as we'll as those now being received by the
banks in different parts of the country. The
industries OF the United States promise to make
further records in the matter of activity specu-
lators are beginning to get busy for big expan-
sion IN stock market dealings in 1907 and bank
ers are figuring on the enormous proposed out
put OF new railroad securities which will have