The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1906-12-14
STOCK MARKET
IS UNSETTLED
Spectators Fear That Another
Financial Duel Is on Between
Hill and Hartman.
GIT. NORTHER GOES DOWN
-ARGE INTERESTS BUYING ST.
PAUL.

New York Dec. I3.-The action Of the
stock market today was the occasion of
much perplexity and finally of anxiety.
The contrary effect on different stocks
Of seemingly like influences was difficult
of Interpretation and ended in arOusnc
q fear that a financial duel f some kind
was being worked out in the stock mar
ket. Interest Centered on the i'm 5ail-
road stocks and on St. Paul, The former
on account of the severe weakness which
they showed and the latter on account
of its practically single resistance to the
weakness which the Hill stuckS induced
by sympathy in the whole market. II
has been assumed for SCme time PAST
that the large buying OF st. Paul was
in anticipation OF valu able rights to sub
scribe to new stock, already authorized
but not yet issued. IN the case of Great
Northern preferred the subscription rights
laHe already been conferred on stock
holders, while in the case OF Northern
Eacific it was confidently expected thar
plans for new capital issues would ne
announced at any moment during the
day. Yet the Hill stocks kept falling
away to indefinite new low levels. while
St. Paul rose buoyantly on cry heavy
absorption
The market took IN an appearance too
much resembling that preceding the
Northern Pacific corner in May. 1901, to
allow nerves OF stock operators to escape
sitOgether an unSettiement. 1t VAS in
ferred that the new ca pitai issues of tie
Hill stocks had brought renewed differ
cnces between the pow erful capitalists
which were IN conflict in the original
struggle Tor control OF Northern Pacific.
II has been held as an article of faith
in the stock market ever since the North
ern Pacific struggle was precipitated.
with the ultimate purpose of control of
Burlington, that precautionary ownership
of St. Paul shares had been extended
by the two parties to the former Strug-
gle. II was feared that the two were
fornhaffiDur i'm this br4x-ipcr roIax- 70 f,r-
tifS their respective positions and th2t
the Union Pacific interests We're divest-
ing themselves of their holdings in Great
Northern preferred and Northern Pacific
In the same connection
The general topic of the huge capital
requirements now defining themselves
came IN for a good deal of discussion in
connection with large stock issues which
are being projected. 1t is expected that
these will be largely added 10 with the
turn of the year. The example of .he
Great Northern stock. on the heels o.
the new stock rights. was the ground
for apprehension of like response in other
stocks when the expected announcement
Of stock increases arc made. under which
the money market became stringent again
today, but this factor has been so often ig-
Hored in the present speculation that il
was not given credit for much force in the
days weakness. The large selling Of
loans by an important private banking
house yesterday was the occasion of some
mystery and rather added to the fears
llldl ldISt liltdlltidl DbtIdllODS llllSll Dt
IN progress of d retalitaOTy character
The resources made available to the
New York market by the treasury le
lief plan were handed over To the banks
today and there were some additions on
transfer of the treasury deposits from
interior banks But the total of these
additions TO the banks cash made up
only a small proportion of the week
losses on regular sub-treasury operations.
Banks continued to TeadjuSt their loan
accounts therefore to repair the deficit
in the legal reserves. Exchange made 4
further decline towards the gold import
point but outgO Of over $4,O00, 900 gold
from London TO South America added to
the scarcity in that market At the low
price of the dsy Great Northern pre-
feTred showed a loss of 14s4 from last
nights prices. and of 221a from the high
price yesterday morning after the details
of the stock issue were published. The
ore certificates fell ~. the subscription
rights in the outside market 2i2 and
Northern Pacific 1l5s St. Paurs ex-
IRENE rise waS Al, but il reacted over
a point before the closing The market
closed weak and not far from the low
est
Bonds were heavy. Total sales, par
value. s2.022. coo.
United States bonds were unchanged on
call.