New-York tribune., 1906-12-29
Closing prices Of active bonds dealt in. with
DeT chances fol1ou--
STOCK MARKET OPERATIONS.

STOCK MARKET OPERATIONS.
Transactions in yesterdays stock market were
made up in great part of the dealings of the
board room element and Of a few commission
houses who generally operate for substantial
speculative interests Price movements were
extremely irregular, with fluctuations confined
within narrow limits final quotations in the
active list showing about an equal number of
small net gains and losses, Northern Pacific,
Great Northern and Atchison being the only
prominent issues which presented final changes
of more than l per cent Reading was heavily
dealt in, but closed at an insignificant advance,
while in Analgamated Copper. ST Paul and ST.
Paul rights, Pennsylvania and Union Pacific,
which, with the stocks just named supplied the
best part OF the days business. trading was not
accompanied by especial variation in prices 1t
was of day in speculation and nobody ap-
peared TO care much which way quotations
moved. An advance in call money served in a
measure TO check speculative activity but it
failed to bring out liquidation. Nor was there
any liquidation in Pennsylvania. owing to the
death of the head of the property A banker
identified with the Pennsylvania company's
financial operations said yesterday that the sue
cessor TO Mr.. Cassatt would not be any man at
present connected with the property, and the
suggestion was made that Mr.. Murray, of the
Baltimore Ohio might be the next president
Mr.. Murray has made Of the Baltimore & Ohio
Il splendid property. and the Pennsylvania would
make no mistake in asking him to take the
place hlled 50 long and ably by Mr.. Cassatt
The market closed about as dull as IL opened.
can money was strong in the greater part Of
the day, with a high level of 1S per cent and
renewals at 10 and 16 per cent, while in the
time department quotations suggested the i'm
probability Of the development Of easv loan
figures in the near future. In the first week Of
the new year there may be a repetition Of the
high prices that prevailed for money in the first
week OF January OF the current year when call
funds went as high as 60 per cent but after the
return TO the banks Of the January interest and
dividend payments lower rates ought to devel-
op' though not easy rates. 1t will depend to a
great extent upon the return movement of
money from the interior. Under ordinary con-
ditions currency comes to New York in volume
IN January and February. but this year the
demand for money is so active in all lines Of
trade, so much money is being employed in the
channels Of business and so many people are
carrying more cash in their pockets than ever
before that the flow of money TO this centre
may be disappointingy small The deposits
that recently have been made by the govern
ment with local and out-of-t town banks must
under the ruling Of the Secretary Of the Treas
ury at the time this form of assistance was
government in the course Of the next thirty
days. but it IS conceivable that in the event, Of
continued high rates for accommodation the
Secretary will modify his order TO an extent that
will make it possible for the banks to hold these
deposits for a longer period Of time Accord
ing 10 the known movement of money the local
banks gained in the week S2SGOOOO in cash.
part of the gain representing shipments from
the South
The first S10000000 instalnlent on the new
st Paul stock must be paid Monday while on
January 4 large instalment on Great North
ern's new stock falls due, factors which may
have some bearing the money market Re-
gardlng 81. Paul s financial plan, 1t may be said
without fear Of contradiction from the rank
and file Of Wall Street that the whole thing is
the most unsatisfactory affair of its kind ever
brought out in the financial connnunity Small
holders fare poorly. and there is no provision
for an equitable distribution in which the hold
er Of one shaSe will have the same privilege
as the owner OF 10000 shares though ostensibIy
every holder is entitled TO subscribe TO new
stock in the proportion Of IS per cent of his
holdings As a matter Of fact, the holder of
one share subscribe to nothing while tba
owner Of two shares can subscribe to so per
cent OF his holdings. The owner Of three shares
can subscribe only 10 the extent Of 80 1-3 per
cent Of his holdings; the owner of five
shares 10 only 80 per cent. and the
owner Of 100 shares TO ~ per cent Of
MS holdings And the only excuse the man
agement has 10 offer for this unfairness and
discrimination is that dealing with fractional
shares would impose an extra burden upon the
clerks OF the road IN its stock department. St
Pau does an enormous business and is one Of
the greatest properties in the country. and its
present ootchy financing not only is wondered
az, but Is causing serious criticism in circles
wnere 81 Paul always has been considered to
stand Tor everything that is fair TO it's stock
holders' no matter whether they have been mil
honaire investors or small holders Tba Tpjino
OF tne management that there are to be no
4~Iact-0hal ~ a shares means that many small hold
ers wan De deprived OF profits to which thew are
es much entitled big interests.