The San Francisco call., 1906-12-18
View York stock Market

NEW YORK. Dec. 1.-THE stock market
wss subjected 70 considerable liquidation today
and e fall IN prices was the consequence. There
was evidence OF relief from the process and q
tendency toward recovery In the intervals Of the
active selling. but the closing weak. with
call money at 20 per cent. Various explans-
lions were current OF the weakness. which
partly represented the conjeetures Of traders to
account for the fact of the selling. which was
obvious. The buoyant upshoot OF St Paul. which
later. not only failed Of sympathetic efrect on
on the loan croTd. which suggested the exist
ence Of short interest in distress The stock
was reported at one time TO be loaning fat IN
spite OF the stin money rate. The price ran
previous record price of 1885,. made in Sep
tember, 1902 Fears OF q corner in St Paul
had 70 do with the nrst selling movement of
proved disappointing at first. In spite OF the
Saturdays bank statement still showing de-
tcit, The hope was entertained that the Treas
ury relief measures and the receipt OF checks for
large dividend payments made Saturday would
cause prompt relaxation today. When money
went 10 u per cent early in the day the effect
was chilling TO speculative sentiment Later
money market under the fnsl furry 70 the
5s5 hsss5 81 rd5 me dse me 3s Money o rate ns re-
counts rose slso In London and Berlin, the
strength Of the market at the latter point
arousing fears OF q coming rise in the official
q
The Hil stocks were weak again in contrast 10
81 Paul. and the subscription rights both for
Crest Northern preferred and Northern Pacific
new stock fel sharply in the outside market
This kept alive the question OF the ability OF
The market 70 absorb the very large capital is
sues already made or in contemplat ton. Sub
scription began today 70 the new $50, COZ, 600
issue OF New York Central stock. for which
the privilege remains open until near the END
of the month The January settlements will
call for larger disbursements than ever before,
and bankers are inclined 10 proceed cautiously
until these payments are met On January
also the law calling for the nnsl installment of
I per cent 10 trust company reserves VIII
bring the cash holdings in their own vaults up
70 per cent OF deposits. The per cent add
ticnal would call for some $40 600 00o and the
precedent Of the former instsllments shows that
the larger part Of the sun was Withdrawn from
The banks, The discussion OF the car shortage
on the railroads. especially those in the West,
gave evidence Of increasing acrimony under
attention, which was attracted TO the opinions
attributed 10 members OF the Interstate Com
merce Commission that faults Of operation by
the railroads were responsible as much as actual
shortage of equipment. REPORTS Of the intended
introduction Of bill IN Congress TO provide for
the forcible breaking of car freight blockades by
Governmental intervention had Oppressive
effect on the market. Sterling exchange moved
Preparations for yesr-end remittances abroad.
Reading was especially weak because of ques-
tl0nllg OF recent predictions Of an increase In
the dividend rate at the next meeting.
Bonds were heavy. Total sales (par value).
81 COG 00O
United States Is advanced 4 per cent on call.
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