The San Francisco call. [volume] (San Francisco [Calif.]) 1895-1913, 1906-12-14
New York stock Market

NEW YORK. Dec. I3.-The action Of the
stock market today was the occasion Of much
effect on different stocks Of seemingly like inhu-
ence was difficult of Interpretation and ended In
arousing 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 account Of the
severe weakness which they showed and the lat
Ter On account OF its practically single resist
ance to the weakness which the Hill stocks in
cuceo oy sympathy ID the whole market It has
been assumed for some time past that the large
buying Of St. Paul in anticipation of vaiI1-
authorized but not vet issued. In the csse Of
Great Northern preferred the subscription rights
have already been conferred on stockholders
which. as IN the Of Northern Pacific it
was confidently expected that plans for new
capital issues would be announced at any mo-
ment during the day. Yet the Hill stocks kent
falling away TO indefinite new low levels while
st Paul rose buoyantly on heavy absorption
semoling that preceding the Northern Pacific
corner IN May, 1901. TO allow the nerves Of
tiement- IT was inferred that the capital is
sues OF the Hill stocks had brought renewed
differences between the power of the capitalists
which were IN conflict in the original struggle
Tor control OF the Northern Pacific. II has been
he.o as an article OF faith in the stock market
ever since the Northern Pacific struggle was
precipitated with the ultimate purpose of con-
troll Of the Burlington that the precautionary
ownership Of St Paul shares had been extended
by the two parties TO the former struggle II
MI buTine TODAY TO fortifv fbeSr roS, Ing On
stibns and thar the Union psc,ac Tsspecliye po-
divesting themselves OF their holdings In Great
Northern preferred and Northern Pacific in the
same connection. The large scaling of loans nv
a important private banking house vesferds =
was the occasion Of some mystery and rather
added 10 the fears that large financial opera-
-Jions might be in progress of a retalisforv
character. The resources made available TO the
New York market by the treasury relief Man
were handed over 70 the banks today. and there
were some additional transfers OF treasury de-
posits from interior banks But the total az
those additions 10 the banks cash made mn only
z small proportion OF the weeks losses M,
regular Sub Treasury operations Banks contfn-
ued 70 readjust their loan account therefore n
repair the deficit in the legal reserves Fx-
change made a further decline toward the zold
import point. but outgo of over 81 OO0 O00
gold from, London to South America added To ne
scarcity in that market
At the low price Of the day Great Northern
preferred showed a loss Of 14& from last
nights prices and over p ~ from the high price
Yesterday morning after the details OF tie sfock
issue were published The ore certificates feli
~: the subscription rights in the outside mar
ket 25z and Northern Pacific l1%- st. Paul,s
extreme rise AZ, but II reacted over a
point before the closing The market closed
weak and not far from the lowest.
Bonds heavy, total sales (par value)
s. 600.
United states bonds unchanged on call
New York stock List.
T. T. Hutton Co., 400 California street.
members Of the New Yak stock Exchange. fur