New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-21
sUrIisted- @Ex dividend.
Closing prices of chief active bonds dealt IN
STOCK MARKET OPERATIONS.

There was a moderate increase in the trading
In stocks yesterday as compared with the day
before but the inclination Of the speculative
community it's entirety seemed to be to limit
commitments for the present There was a dis
play of conspicuous strength in the forenoon,
with development Of weakness in the after
noon but altogether the results Of the day were
of no special importance or significance The
final prices disclosed an almost equal division
between gains and losses, majority of which
were fractional It could not be said that any
definite trend to values was revealed, but senti-
rnent es expressed by professional dealers ap-
peared to favor a continuance Of the advance.
There was nothing Of adverse character in
the news of the day. but, on the contrary, there
were some things that were capable Of favora-
bic construction. The cotton ginning report. for
instance. implied a cotton yield rather above
recent estimates. Again. reports of earnings Of
important railroad systems, including the So
called Vanderbilt lines. told of handsome i'm
provement in traffic. Foreign intelligence was
no more untoward than heretofore
The heaviest transactions on the Stock Elk
change were once more in Union Pacific for
which new record price was established. The
rurnor prevailed that the scheme for a merger
OF the Union Pacific with the Vanderbilt lines
IN a huge holding company had been revived.
but no confirmation OF it was forthcoming. It
was regarded as likely, however, that there
was something more than a mere stock market
deal in the extensive transactions in Union Pa
ciic recently. 1t not strange that there
was no accompanying activity in Southern Pa
piic, for If control of Union Pacific is to change,
control of Southern Pacific will pass with 1t by
reason Of Union Pacifc'c ownership of Southern
Pacific stock There a, slump IN Tennessee
Coal and Iron. which was accepted as sign
that the arrangements for a merger Of the COM
na1 T0T1Tq
had been contaminated.
Developments In money continue to be OF a IA
vorable nature. It is not expected that there
will be any particular relaxation in money until
after the turn Of the year, but the violent nuct-
uations in quotations have subsidized, and, in
deed the ruling rates, in other words the
rates at which the bulk of loans is negotiated
are somewhat lower A fall of consequence in
rates is not, however, looked for until the great
amount of money that will be released by the
January 1 interest and other payments has be-
gun to pour back into the banks. The demand
for money is reported smaller in consequence
OF a Discrimination to pay current rates, and also
because foreign capital is available through the
exchange market slightly better terms than
domestic funds The interior movement Of cur
rency is substantially in favor of the banking
centres and the offsetting transfers from those
centres are not large as they were. The ten
denCy, therefore, Is lOT Cash 10 accumulate at
the money centres.
The burden of the relatively high rates that
have prevailed for money has fallen on the spec
ulative markets rather than the general bust
ness interests of the country, and therefore is
not considered having, the whole been
onerous or injurious Merchants and manufact-
| urers have been and still are well supplied
with money which they procured IN the latter
| part Of July and the ferepart of August. when
rates were low. Their engagements of funds
were for periods extending to the middle of jan
| uary or beyond. when sc calculated an in
| terval OF cheap money would have been entered
upon. From present indications the calculation
! will prove entirely correct. The presumption is
| that beginning about thirty days hence, offer
| ings of commercial paper will be heavy. but
] there cannot be much doubt that money will he
so abundant that they viii be promptly alb
| sorbed. Business at large is sure 70 continue ac
| tive, and In ell probability there will be a fur
| Their expansion in 1t, with a corresponding re-
Quirement for money with which TO carry it on
The falling of IN the demand for bills for re
1nittance 10 Europe is plainly reflected by the
easier state Of foreign exchange The differ
cree between money rates in Europe and in
| the United States permits foreign exchange
dealers here TO draw their bankers bills with
| cut restriction and it will not be surprising if
| there is further recession in exchange. De-