Los Angeles herald., 1906-12-14
BY Associated Press.


NEW YORK, Dec. 13-The action of
the stock market today was the occasion
OF much perpleXity and finally OF anX-
iety. To the contrary effect on different
stocks of seemingly like influence was
difficult of Interpretation and ended IN
arousing a fear that financial duel OF
some KIND was being worked out in the
stock market.
Interest centered on the Hill railroad
stocks and on st. Paul, the former on ac-
count of the severe weakness which they
showed and the latteP on account of its
practically single resistance to the weak
ness which the Hill stocks induced by
sympathy in the whole market. IL has
been assumed for some time past that
the large buying of st. Paul was in anti
cipation of valuable rights to subscribe
to new stock already authorized but not
yet issued. In the case of Great North
ern preferred the subscription rights have
already been conferred on stockholders
which as in the case of the Northern Pa
cific, it was confidently expected that
plans for new capital issues would be an
ncunced at any moment during the day
Yet the Hill stocks kept falling away tC
indefinite new low levels, while st. Pau
rose buoyantly on heavy absorption.
The market took on an appearance tot
much resembling that preceding the
Northern Pacific corner in May, 1901, tc
allow nerves of stock operators to escape
altogether an unsettement. 1t was in
ferred that the capital issues of the Hill
stocks had brought renewed differences
between the power of the capitalists
which were in conflict in the original
struggle for control of Northern Pacific.
1t 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 the
Burlington that precautionary ownership
of St Paul shares had been extended by
the two parties to the former struggle
1T was feared that the two We're COMBAT
ting on this buying today to fortify their
respective positions and that the Union
Pacific interests were diVesting them
selves of their holding in Great Northern
preferred and Northern Pacific in the
same connection.
The large Scaling of loans by an i'm
portant private banking house yesterday
was the occasion OF some mystery anu
rather added to the fears that large
financial oDerationS might be in progress
of a retaliatory character.
The resources made available to the
New York market by the treasury rellef
plan were handed over to the banks to-
day and there were some additional
transfer of treasury deposits from inter-
ior banks. But the total of those addi-
tions to the banks cash made up only
small proportion of the weeks losses on
regular subtreasury operations. Banks
continued to readjust their loan account
therefore to repair the deficit in the legal
reserves.
Exchanges made a further decline
toward the gold import point, but an
outgo of over "a, 900, 600 gold from London
to South America added to the scarcity
At the low price of the day Great
Northern preferred showed loss of 142
from last nights prices and over 221s
from the high price yesterday morning
after the details of the stock issue We're
published. The ore certificates fell ~.
St Pauls extreme rise was AZ, but it
reacted over a point before the closing.
The market closed weak and not far
from the lowest.
Bonds were heavy; total sales par
value, s., ,022. 900
United States bonds were unchanged on
call