Evening star. [volume] (Washington, D.C.) 1854-1972, 1905-12-19
MoneyMarket Comparatively
Easy Today.
BANK DEALINGS GAIN
NO FURTHER INFLUENCE FROM
CHICAGO FAILURES.
Striking Advances Scored by Number
Of stocks-Cotton Report Confirmed
Standardization Dull.

Special Dispatch to The Star.
NEW YORK. December 19.-The most
striking and surprising features of the
financial situation at large today was the
comparative ease in the money market IN
view of the very heavy shipments of cur
Iency which were made by the local banks
TO their Chicago correspondents yesterday.
The transfers through the subtreasury
We're relatively small, but 1t is understood
that in addition t., the funds transmitted in
that manner several million dollars were
shipped directly by express. These trans
fers were of course. made in connection
With the banking embarrassments at Chit
cago. and it Is doubtful whether it will be
necessary that these funds shall be re-
tained at that point very long. Notwitn-
standing these shipments, however. the
rates for money on call actually averaged
below yesterdays figures. and there were
free offerings of this form OF accommoda-
ton
Up to this morning the banks have made
a gain in their dealings with the subtreas-
ury of more than s1.6o0,0o0. Sterling ex-
change conditions We're little altered, but
yesterdays tentative inquiries for gold bars
at the assay Office were not repeated.
So far as the Chicago banking matter was
influence upon the local stock market.
Market Gained Strength.
At the outset of business there was. to be
sure. noticeable good deal of uncertainty
and hesitancy, but the market gained
strength steadily from the outset, and strik-
ing advances were scored In large num-
Der of stocks
Aside from money market conditions. the
most important developments of general
Importance were the cotton ginners' report,
which was confrmatory of the low esti-
mates of this years yield of that staple
and the accompanying sharp rise in the
price of cotton options.
Interesting developments relating to the
affairs of the Tennessee Coal and Iron Com
pany will be found In another column. The
London stock market was dull and de-
pressed in advance Of the approaching
Christmas holidays and the somewhat firm
er money market conditions there
some apprehension was evident lest the
Bank OF England might be forced to make
a further advance in it's rate of discount
Foreign houses we've sellers in this market
during the course of the morning of up
ward of 10000 shares.
A Marked Contraction.
There was marked contraction in the
volume Of business as compared with yes
terday's large totals, but on the other hand
activity was much better sustained than
was the case then. The loan market for
stocks indicated that to some extent at
least the severe depression in prices at the
opening of business yesterday was caused
by operations for the short account, and
some of todays more extensive advances
reflected apparently the retirement of these
contracts.
Perhaps the most striking movement in
prices was the rise in Union Pacific which
took place on tremendous transactions
Sharp gains were scored also by Northern
Pacific, Great Northern preferred, New
York Central, st. Paul and Louisville and
Nashville.
The heavy dealings in Union Pacific were.
as might be expected, accompanied by re-
ports of competitive buying, and of other
such choice bits OF gossip as Wall street
likes to regale itself with, and also by quite
positive statements that a part of the COM
pany's large profits through its holdings OF
the Northern Securities stocks might be
distributed to the shareholders In the form
of a special dividend.
Southern Pacific common participated but
to a small extent in the striking rise in
Union Pacific, but substantial gain was
scored by Southern Pacific preferred.