The daily morning journal and courier., 1906-12-14
STOCK MARKET FEATURES
PRICES DROPPED OFF HESTER-
 DAY QUITE EASILY

All Account of High Priced Call Money
 Big Decline in Great Northern and
 Northern Pacihc--Big Dealings Also
 st. Paul's Boost A Sale of 15O
 Shares of old Lake Shore Stock
 Many Stop Loss Orders Uncovered.
 Yesterdays stock market opened hes itantly, moved uncertainty until noon, then broke with much violence. Check ed Tor time in the closing hour, this decline was resumed towards the last. and the market fell into temporary de- moralization. Great Northern stock fell 15 points, largely in consequence of a move of the Minnesota law officers against the new stock issue but North ern Pacific also broke Il 7-S and de- clines of ? to 4 points in other stocks were numerous, St. Paul was notable exception; in the face of the weakness elseWhere, it ran up 4 3-4 points, on very heavy trading. A report of a con test for control In St. Paul arose, but 1t looked as if the game was to boost up St Paul while selling the rest of the market
 Considerable speculation exists over NeAE NlCdL NOl lAlGIll dliQ NOIlH6IU Pacific will appeal to the investor when they sell on an ex-divldend basis. Great Northern will be down around 180 and Northern Pacific at about 165, assuming that rights are worth $94 und $50 re- spectiyely share. The stock would have the regular dividend of per cent. on which to base the Income. St, Paul, with prospects of further rights, pays per cent, and sells above 190, and Pennsylvania, without rights in sight, sells under 140
 The marking up of the price of cop per and lead was without effect on the stocks which should be most interested. The break in Rio Tinto abroad, as a re- suit of the growing conflict in France between church and state, was more of an influence, being attended with con siderable selling of copper stocks abroad for French account.
 As remarked above the running up of St, Paul was looked upon as an offset to a very weak condition in the rest of the list The technical position of the stock is such that concentrated buying orders of 10000 shares may do almost anything with the price.
 A sale of 15O shares of Lake Shore the first reported since last July, waB made yesterday at 3S5, gain of 12k points on the previous price. The con- templated improvements on the Pitts burg and Lake Erie by which the Lake 6nOIG a6UIGIS 1lllGDQI8s WdS BlN6H dS the reason for the advance.
 The new issue of Northern Pacific stock is placed at $93,000,000. This will be given at par, making rights worth 60 Mir. Hill Is to be even more gen erous to shareholders in this road than to his own, for they will get per cent. on their subscriptions instead of 5 ot Great Northern, Payments will extend over a long period, possibly two and one-half years.
 Along with the money market furry came a dispatch asserting that a large commission concern in the northwest had suspended, and with reports that liquidation for it's account was in pro- gress. The importance proved to be ex- aggerated
 A great many stoploss orders were uncovered. The market showed itself to be filled with certain stocks for which there was a very poor demand. | In the Hill issues the speculative ac- count is always a large one, and a 20- ! point break in two days means that somebody has been hurt. At the after noon level there was evidence of scale ] buying at the decline by strong inter- | ests.
 Money conditions are even worse now than before Secretary Shaw took active ] measures for relief, Time money was practically Qnobtainable Commission houses bid per cent for 60 day loans . buL cOulu HOl loosen any IunQS. Next | week the situation may be relieved some by the actual circulation of 1 treasury money released. Call money rose to 16 per cent with renewals at | 10 and 12 per cent.
 Tn Philadelphia yesterday .Lehigh Valley, on adverse talk of the expected increase in the dividend, lost nearly 2 points, and was weak at the decline.
 The market depreciation in Great Northern and Northern Pacific since Tuesday has amounted to nearly $50, = 100000. This is almost as much as the eum of the new Great Northern to be authorized.
 The total sales yesterday were about 1400, 900, one of the biggest totals in weeks