The Montgomery advertiser., 1906-12-19
THE STOCK MARKET
MARKET WAS CENYERED IN ST. PAUI,
 BREAK IN THAT SECURITY.
sab-Treasury Operations Begin to Reflect the Government MOueV Kelief
 Measufe8-~M0ney Gen.
 ttnued Stringent.

New York. Dec. is--The whals of shs days stock market centered in St. Peul and the demorallzed break in that security weakened the rest of the market eftectuaIly. The action of St Paul was accepted as a demonstration that the rate of issue of new capital has become asublect of grave un- easiness for its effect on future values of securities The recent violent decline in Great Northern preferred and in Northern racifie was regarded as inccnclusive 7n that point owing to nulube of co: piisating fec- tors It was believed. for instance that the plan of deferred dividends in the new inssallments ln Wbies ts etstsst sei1s @aas S Ss paid at a lower rate that the dividend re- turn on the stockR was resented by the Har- rinan interests as this large holding of the two Hill stocks would make them lenders ot the treasury resources of the Union Pa eific to their business rivals under this FIman holdings of the Hili stocks was sup posed to be coming on to the market in large volume with insiders ineiHposed 10 support them So make market for tie Hartman realizing.
 The Hill stocks centlnusd to slide down. wards and the price Of the subscription !. Of all these stocks made wide declines. Some dissatisfaction was expressed at the sudden closing of the St. Paul books tomorrow for reduction of the rights and the resulting confusion in adjustment of leans in which St. Paul figures as collateral.
 es ,nsssont toF Ss sa per stock which would call for Sl0.o0o.0oo on December 3lst was felt to add a serious complication to. the very crisis of the year and money settlements. Estimates of the sufficioncy of earnings to meet the large additional claims of these great additions to present stock was vague owing to the impossibiiity of fixing the amount of earn inKs to result from the new outlay. But a large increase in requirements WAS oh- vtoua and the resulting decline in the mar gin oe surplus earnings was of marked ef- feet on sentiment towards the stocks. The attractiyeness of subscription rights.sfrcm the standpoint of the present high market prices disappeared from view entirely. The hears operated freely and bought eagerly at intervals to secure their profits. The re- sulttng rallies were short lived and the semi -demoralized closing was near the lowest itself
 Baltimore and Ohio and Reading offered points of resistance to the weakness Ans' both were subjects of rumors of intenaed dividend increases. The general weakness was by no means commemorate with that in the stocks in process of issue imitation.
 union Pacific was most acutely affected outside of the three central stocks In the days movement and suferad an extreme loss of about four points. Great Northern pFeferred'g extreme decline was l0h and The sub-treastry operations begin to re- fleet the government money relief measures,
 tho banks having gained S3,472,00p on that 1 account since the last bank statement. Mon ey continued stringent and went to 25 per est. on call, 10 per cent. fer 30 days, M 9 per cent for 50 days Gnd per cent bid for 90 days. The rise in tha Imperia. Bank of Germauys discount rate from [ | per cent to per cent. was of I-oderate eff | feet in aggravating the stiffness of other money markets.
 | Bonds were heavy Total sales par value | S2,oss,0o0. United States 2s. advanced 4 per cent. on cali.
 NEW YORK CLOSING STOCK LIST.