New-York tribune., 1905-12-22
enlisted
Closing prices Of chief active bonds dealt in.
with net changes follow:
STOCK MARKET OPERATIONS.

Not only was there a reduction in the volume
of dealings in stocks yesterday, but also trreg-
ularity marked the course of values The pro
fessional element plainly disposed 70 re-
strict It's operations although It did not ep-
pear that any adverse sentiment on securities
had developed. A certain amount of liquidation
was induced by q recurrence Of uncertainty in
call money There was nothing actually for
bidding in the aspect OF call money, but DOUBT
was excited as to whether gyretions in rates
might not In the next week ten days be suf-
ncie1t to interfere more or less with stock mar
ket plans, for call money is the kind OF money
chiefly used in stock market transactions. There
was nothing otherwise in the events of the day
to cause apprehension Reports Of railroad
earnings continued to snow increase IN
traffic and advices to business at large were
of an entirely satisfactory nature. The news
from abroad, while not especially favorable, did
not exert any influence here.
In the extent Of trading Union Pacific again
led the list but there was a great deal Of real
izing in the stock and Notwithstanding that it
made a new high record in price, 1t closed with
a loss as compared with the day before Many
of the selling orders in Union Pacific came from
Europe The trading in Southern Pacific was
moderate, but the net result of 1t a. small
gain in price. There excellent demand
for New-York Central and Pennsylvania, and
were recorded. There active buying of
metropolitan Street Railway, which the
stock rose sharply. Brooklyn Rapid Transit
was at the same time in liberal request, and
likewise accomplished a substantial improve
raent in price. There was good buying of Ana
conda with a further addition to its price.
The rich strike in the Anaconda mine would
seem to insure a much higher price for the
stock than at present prevails, The United
States Steel stocks were rather quiet. but dis
played frmness.
The approach Of January ], with the heavy re-
quirement for money for interest and other pay
ments was reflected in higher maximum
quotations and also in somewhat increased
ruling rate for call money, the term ruling rate
signifying the rate at which the bulk OF the
loans were negotiated. There was no advance
in time money, but instead moderate conces-
sions were reported to have been made to bor-
rowers by banks and other lenders in the desire
to obtain employment for their funds for fixed
periods Altogether it could hardly be said that
money had taken unfavorable turn. there not
being much significance in the course of call
rates OF much more Importance was the trend
OF rates for time money, which seemed unrnls-
takably to be downward 1t is not to be ex-
pected however, that there will be any parttcu-
lar relaxation or perhaps any net decline IN
rates for either call time money until after
the turn Of the year. AS rule money Is act1Ve
and rates are relatively stiff in the last week In
December and in the first week in January.
While the flow of currency from the interior
to the main banking centres is of considerable
volume it has not yet attained full proportions
and will not do so for at least a fortnight or
three weeks TO come. The indications that
the accumulattons of cash at leading points, es-
neciallv IN the East and the Middle West. will
be very large this winter 1t is true that the
need for money for carrying on general busi-
ness will be extensive hereafter, but It is fact
than ever before so that all that is required is
proper distribution of IT. In due season cash
viii have moved in adequate amounts to the
rIeces where there is need for it and the equilib
ryuro of money will then have been restored. In
the mean time the reserves of the banks
heing strengthened by steady if not liberal
cessions of cash and by readjustment of loan
accounts The banks are in g materially better
position than they were a fortnight ago.
FeIated ren1ittances TO Europe for interest
on American securities held abroad and for
bv cable transfers. the last mail having de-
parted which could be utilized for the trans
mission of demand bills. The result is that
some extra strength has been impaired to
cable transfers but this is matter OF con-
sequence In any event cable transfers
not availed OF extensively and do not
stftute much of a guide to the exchange situa-
ton Ordinarily demand bills furnish the best
information as TO the existing condition of ex-