The Montgomery advertiser., 1906-12-15
THE STOCK MARKET
GREAT VARIETY AND NO LITTLE FE- VERISHNESS NOTED,
General Tone Became Much Better Than on Previous Day and Recovery From
 the Losses Was Achiey-

New York, Dec Il-There was great variety and no little feverlshness in the movement of prices in today's stock market. The general tone became much better than yesterday and a recovery from yesterdays losses was achieved. but in a very spotted and irregular manner The overwhelming share of attention was given to the North western transcontinentaI group! There was evidence early in tho day of the further St. Paul but the former met effective sup port and the latter touched its highest Iev- ell comparatively early in the day. The report of the question raised by attorney general of Minnesota of the legality of the Great Northern stock issue now offered to stockholders at par was believed to account Northern preferred and in Northern Pacific on the assumption that the proposed new stock issue of the latter would be affected stocks validity.
 It was asserted with great positiveness that preparations were completed on Thurs day before the news of the Minnesota decis- ion before the announcement of rights to subscribe at par to ss3,00o.00o of new Northern Pacific stock. Today confident assertion was made that 1t had been decided to issue the s75, 100000 of St. Paul prefer red stock already authorized with privilege to stockholders to subscribe at par. With estimates of the value of the rights thus ac- crued on St. Paul stock, the assumption was suggested that the feYerish movements or ment of relative prices rather than import ant transfer of holdings. The estimates of the value of the St. Paul rights equals or exceeds the prices at which the Great Northern subscription rights are selling in the outside market. As both stocks are per cent, dividend payers, the inference stocks should approximate parity with rights in both cases included. A shifting on large scale of speculative hoio1ngS m, ,,s would go far to explatn the contrary move ment of the two stocks.
 Money continued in stong demand today. ts,. coHi rafe rising high ly per cent. and receding only after the principal demand had been satisfied, Forecasts or the re-establishment of reserves to the re- quired legal proportion of deposits. The banks appear to have gained on balance tn the interior movement and million dollars gold had come in from Canada, but this not sufficient to offset the absorption of $4,5S1,O00 by the sub-treasury.
 With an indicated cash loss of several would be decsndent, therefore, on very heavy loan contraction. Cross influences seem to have been at work on the loan ac- made in preparation for payments falling due. while some extension of credits was probably involved in other quarters in the accumulation of resources for these pay ments. Sentiment is rather confident, how ever. of relaxation of the money market next week.
 Tomorrow payments will be made of the government interest due ur to May list next, amounting to some $12.0o0,o00. It Is ex- p6Cbeu NA6I NhG NSROoANS "AN'. national banks elsewhere to the amount of SIG. 100000 will begin to return to New York next week, and the effect of the pur- chase by the treasury of $10,o00,O0o of gov ernment bonds will also be felt. TomoT- rows large dividend and interest payment will be followed in natural course by the return of these funds to the channels Of the money market. It was the expecta- tion that the present pinch in the money market would be moderated by these influ- ences that kept the loans of the stock mar ket strong today. A shipments of $25O,O0O to Argentina was in effect aranshipment of gold received from Canada.
 Bonds were steady. Total sales par value S2, 29l, GOO. United states bonds unchanged an call
 NEW YORK CLOSING STOCK LIST.