The semi-weekly messenger. [volume] (Wilmington, N.C.) 1897-1908, 1906-12-21
NEW YORK STOCK MARKET

New York, December ia violent
spa6m Of liquidation swept ove The
stock market today and caused a down.
ward rush Of prices that looked threat
ening at the time. a substantial recev-
cry occurred before the closing. The
storm centre was the group of stocks
which III che customary expression Of
the stock market have enjoyed
rights recently, a phrase which cp-
orators in the stocks now use with an
irOnical emphasis. The continued strin-
Sency Of the money market and the
failure of any appreciate relief from
the operation of the treasury's plan for
assistance had a discouraging effect on
sentiment.
The crumbling of the market at weak
spots spread to pretty much the whole
market, although there We're a few
prominent stocks which maintained d
show of resistance to the food of
selling. The confusion in the market
for St. Paul continued and was unset
Ting on the whole market. The loan
ing prices for St. Paul with the price
quoted for the rights added showed a
rise Of 3 IL over the closing price for
the stock yesterday. The hope thus en-
SN1lIIINo nav thS SGu ~ LA AZ
stock was over was short lived and it
o began to recede again under he2Ty
offerings. The admittance 10 quota
lions of the rights helped to clear up
! one cause Of confusion by providing
a market valuation for purposes Of fix
ing collateral in loans on st. Paul. The
, suddenness with which the books Of
the company were closed after the an
nOuncement Of the subscription rights
and the call for a $4,000, 600 install
ment of subscriptions on December II
; was the subject of some bitter criticism
and of protested features OF a hidden
design to disturb the money market.
The pursuit Of this line OF sol .ng
; led to ON excited unloading OF hoiI-
ingS on the part Of spectators who mad
been convinced that they were follow.
ing the leadership in the market Of
the most influential capitalists in the
! country who were banded for mutual
protection. Professional traders were
loud in ~prOteStatiOn Of a suspicion thai
! the course of events had been especial
/ " arranged to cause a break in prices.
There was an extraordinary confusion
and contradiction also in the estimates
Of the real value of the rights which
have been offered 80 a%bundantly in
the last few days. There was al
enormous speculation in Reading and
heavy selling when rumors circulated
that there. was to be no change in the
dividend rate for that stock. The ex-
tent Of the recovery from the extreme
declines pointed strongly to extensive
! operations by bears. The presence OF
the secretary Of the treasury in the city
gave rise to conjectures OF more sub
~stantial measures of relief for the
money market, which continued very
stringent both for call and time loans.
The news of the presence in Wall stree'
of the secretary Of the treasury cane
at a time when the liquidation had
spent most of its force. The increase
in the dividend on Lehigh Valley adse
revived hopes, which proved fallac7ons
| of an advance in the Reading rate, The
covering by the shorts became quite
precipitate and worked a material raj
Iy IN the whole market. The closing
was strong and showed a number OF
substantial gains. after a level or prices
at. the low point, ruling all the way
from one to seven points below ias'
night.
Bonds were weak. Sales par vaIue
81, 29S,O 900. United States bonds were
unchanged on call. Total sales 1.7ld,'
900 shares.