The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1906-12-20
New York Stock Market

NEW YORK. Dec ia violent snssn Of
nquication swept over the stock market today
enc caused & downward rush Of prices that
looked threatening at one time. A substantial
recovery occurred before the closing. The storm
customary expectation of the stock market have
enjoyed rights recently, a phrase which oper-
emphasis The continued strtngency of the
money market had q discouragiag effect on
weak spots spread TO pretty much the whole
market although there were few prominent
The confusion in the market for St Paul con-
unueo and was an unsettling influence on the
WOE market The subscription rights came
on both classes OF the stock this morning. The
riznS were also admitted 10 quotation on
the stock Exchange. The opening price for st.
showed rise Of 81 over the closing price for
the stock yesterday The hope thus engendered
mat the disturbance IN the stock was over was
short-liyed. and It soon began 10 recede again
under heavy offerings The adnittance to
cause Of confusion by providing a market rsiu-
alton for purposes Of fxing collateral in loans
on ST Paul The suodenness with which the
books OF the company were closed after the
announcement OF subscription rights and The
call for 8 $4,000 900 installment of subscrip-
tons on December 81 on the eve Of the yearly
money settlements was the subject of some bit
rer criticism and of professed fears Of hidden
suit OF this line Of reasoning led 70 some ex-
cited unloading on the part Of the speculat tors
ing the leadership IN the market of the most
:nhuent1sl capitalists in the country, who were
speculative position from harm from the money
situst ton Professional traders were loud ia
protestation OF a suspicion that the course Of
events had been especially arranged to cause
g break II prices There was an extraordinary
confusion and contradiction also in the esri-
mates Of the real value OF the rights which
have been offered so abundautlv in the last
few days. st. Paul Northern Pacific and Great
Northern preferred stil suffered acutely there
fore. ID the prevailing weakness. The high
priced stocks generally were sufferers in syru-
pathF. There was an enormous speculation in
Reading ana heavy selling when rurors were
circulated that there was 10 be change IN
conhdentially made of a G per cent dividend
rate Tor that stock. Tie extent of the recov-
cry from the extreme declines pointed strongly
also 70 extensive operations by bears
Sterling exchange weak in response TO
the money strinRency. and London showed keen
appreciation Of q demand for gold on the part
OF New York.
The news Of the presence IN Wall street Of
the Secretary of the Treasury came at time
when the Liquidation had spent most Of its
force The increase in the dividend IN Lehieh
Valley also revived hopes which proved faIla-
cious Of advance IN the Reading rate The
covering by shorts became quite precfpitafe and
The closing strong and showed q number
OF substantial net gains after level Of prices
ct the low point ruling all the way from one
70 seven points below last night.
Bonds were weak Total sales (psr valued,
50 29s 900.
United States bonds were unchanged on call
New York Stock List
F. r. Hutton & Co.. 490 California street
members Of the New York Stock Exchange, fur
nish the following list OF bond and stock sales
yesterday: