The daily morning journal and courier., 1906-12-25
STOCK MARKET FEATURES NO CHRISTMAS JOY IN TUMB-
 LING PRICES.

Heavy Liquidation Followed by Light Rally and Then Fall-Further Break in Reading-SOme Pools Hard Pressed-The Heavy Liquidation fla High Priced Stocks--The Days Gos- sip.
 It was gloomy day in Wall street yesterday. Not at all infected by the Christmas spirit
 Prices fell off at the start, then rose bit and then dullnes and falling price came.
 The tumble in price was not promo tive of hilarity, but the brokers after the closing of the days outings tried to make merry in accordance with the annual custom.
 Reading sold as low as 129, compar- ed with 149 a week ago. Great North ern touched 186 1-2, against 235 when it sold ex-rights early in the month and northern Pacific was quoted at the same figure, compared with a recent price of 225.s The late break in St, Paul carried it to 147 5-S, and the rights to 33 1-2, the closing being 34.
 Northwest, which was 207 a few days ago, was down to 192 yesterday, clos ing at 193.
 The high interest rates have been undermining many speculative &C., counts.
 It was the bluest Christmas eve in years. Most every trader had heavy losses to think about, and commission houses were trying to see where their stock profits for the year were coming From.
 Whether the renewed break was due to conditions that prevailed Saturday or to the drastic measures adopted against our stocks by the London market was debated question.
 There was noticeable lack of support yesterday.
 So far az accessible records go the 'contango" of 10 to IA per cent. asked in London on American loans yester- day, is without any precedent. Neither in 1893 nor in 1890 was any such figure reached. What bearing this policy, if continued, will have on the New York stock and money market, cannot be said off-hand
 London traded in 10000 shares in this market, most of the early trans actions being sales, which probably amounted to 30,000. The purchases were made on the break, and repre- oIv,it t,nrii rz,b were facilitated by the more rapid de- cline here than in London,
 The liquidation of the high-priced stocks like Great Northern Northern Pacific, Northwestern and Delaware and Hudson showed that the market for shares of this class was still linn ited
 Regarding the cause of Readings continued weakness various theories were offered yesterday. It was report ed that after the close on Saturday a speculative pool, which probably had some 100000 shares left, tried to effect a sale of it's holdings to Henry C. Trick, but was unable to reach any agreement.
 A good deal was said about the strong character of the buying, but this did not make much impression when liquidation and bear raiding was in progress,
 Losses of a point or more were sus- tained by Steel and various other ac- tive stocks. The market was thor oughly demoralized during the first hour.
 Although the Wabash plan was de- clared operative mainly through the hold on the situation possessed by the Gould interests, the stocks and deben- lures. were very weak. The former sold at the lowest prices since May, 1905. The plan has been looked upon as one bringing the shares near a dividend basis, but evidently some of the hold CTS do not like the creation of so much new stock.
 The 20-point break in Reading in the past week has caused much suffering among houses that have carried large quantities o. this stock for speculative account.
 There was relatively little demand for money The call rate was hardly noticed, owing to the weakness of the market and the very slight calling of loans. There was almost no inquiry
 Continued on Eighth Page.)