The Montgomery advertiser., 1906-12-23
THE STOCK MARKET
WHOLE LIST AFFEoTED IN SYMPATHY
 WITH READING.
The Hi1 Stocks, Union Pacific. st. Paul and Northwestern Showed Renewal of the Weakness Which Has ,-- Affected Them. 54I ss-t

New York. Dee. ss-Readlng was aeutsIy depressed in today's stock market and the aseSy " unloading @ Of the stock wss unsxplsin- meut of the failure of & house with stock exchange competitions and branch office accounts in Reading were carried by the house The whole list was affected in sympathy hut to moderate extent in com parison until the final break In the market after the failure was announced. Traders joined in the selling of Reading under the suppositien that the heavy speculative iI- auidation was based on disappointment over the failure te raise the dividend rate on the stock.
 The Hin stocks Union Pacific. St. Paul weakness which has affected them ever since the new stock issues of Northwestern railroads was announced. The weakness of pearnce of the bank statement. All of the expected gain in cash was reported but the meager loan eontraetions was disappoint. ment A reduction of the loan account of less than half a million dollars was regard ed as an inadequate result to be shown af- soln T he panfs sh lsgdon rn %sh ,h hss SsJn The withdrawai of gold from the Bank of England for Egypttsn account vas renewed. dsnuts % a. o a rairoaa sssg vaT,nnn "a tI ie the neIghboThood of New York was con- trfbutory cause of weakness.
 The selling movement effectually broke up the dulIness of the early trading which Is usual on the eve of holiday.
 Total sales of bouds par value $96S, 900
 Speculative holdings of stocks have had a sharp shaking out this week and the tlQuidation has afforded some relief to the money situation and has been reflected in the quiet stock market which ensued.
 The great issues of new capital by tho Northwestern Railroad Companies have a foremost influence. the St. Paul issue this week coming on top of the Great Northerr and Pacific issues and with cumulative ef- feet. Those stocks have been the center of the speculation and have borne tho brunt Al HhA fua11f 1fvHY knvsA . a- gravation of the money pinch as an effect of these offerings had It's share in the influ- ence they exercised but the question of dilu- donate elaim of the shares to earnings was also taken Into consideration. The Slo0,- 100000 of new St. Paul stock, the S60,000r- 5000. 900 of Northern Pacific In the re- serve make formidable aggregate. II has been the general supposition that the for the Great Northern and Northern Pa etfic stock were not relished by the Harrt- man interests. Payment of interest on the subscription, instalments as paid with the issue of the stock deferred for more than "a year makes the Union Pacific treasury. in su.iness rivals It is this condition which gave ground for the suposition that the Union Pacific holdings of Great Northern preferred and Northern Pacific were eoIn- ing on the market with insiders fndisposed to support the stocks t
 It was hoped that the reception of the GL. being free from this complication. The violent slump in that stock therefore weak sned confidence in the ability Of the market to absorb such heavy capital offerings. But there were completing factors also in this issue. Tn fact there has been no financial transaction in New York for many years that has come In for so much criticism as the St. Paul stock issue. The features es- peciaily objected to were the short notice given of the closing of the books for sub scriptions to the new stock and the proVis-- ien for payment of S10,000, eco installment of subscriptions on December 3lst in the crisis of the strain of the year end money settlements. The closing of the books were announced on the second day after the an- nouneement of the plan.
 The disgruntlement caused by these incon- venences was believed to account for much of the unloading of the stock. IL was pointed out also that the dates fixed for the payment of successive instRllments on the St. Paul subscriptions in June and De- cember were periods of special pressure in the money markets and not calculated 10 conserve stability of interest rates The market discussion of the incident was tine- tureo with many expressions of speculation Of the motives of these arrangements in the belief that they were not calculated to ben eft or protect stock market operations.
 The deferred payn. -nts by instaliments for all three of these large stock Issues while calculated to save the immediate mon ey market from strain insure recurring re- quirements on the money market which must be reckoned with in the calculation of money conditions all through the coming year and into the next
 This prospect of enormous capital expan- sion has given point to the discussion of the declining periods and the occasional show Ing of actual decreases Meantime the ris- ing course of operations and the heavy ad- Gltions involved In coming wage increases threatens inroads on the proportion Of gross earnings available as net earnings.
 NEW YORK CLOSING STOCK LIST.