New-York tribune., 1905-12-17
'Unlisted
clozlrg prices of chief active bondg dealt in.
sToCK MARKET TRANSACTIONS.

In the two hours Of trading in yesterdays
stock market prices showed great irregularity,
accompanied by an active volume of business
In a number of issues decided Improvement was
recorded IN tae first hour, notably Union Pa
cifc, Brooklyn Rapid Transit Northern Pacific
and Sugar Refining, but in most of these shares,
as well as elsewhere In the list, there was a
material reaction IN the last hour. notwith-
standing the publication Of favorable bank re-
turn For a few minutes following the an
nouncement OF the bank figures attempts were
made TO rally the market but before the close
the greater number of issues were under the
closing figures of the preceding day. Owing to
an increase in cash OF over 100000 and sub
stantfal reduction IN loans, which brought about
decrease in deposits, there was an increase in
reserve of over S509o.000. which more than
made good the deficit reported a week ago. The
reduction IN loans. which amounted to over S11.
ZOO ooe reflected foreign lending In this market.
The only important net advances were re-
corded by American Sugar Refining, Colorado
Fuel and Iron and Northern Pacific. The
heaviest losses were made by American Loco
motive American Smelling. New-Yor Central
Rock Island and Southern Pacific Union Pa
cific closed at 144h, a net loss Of a. The
strength In Sugar Refining was accompanied
by reports Of active buying by interests identl-
fed with the trade. This is one Of the indus
trial shares which always has been a favorite
IN Wall Street, and its dividend record entities
it to favorable consideration from investors.
There noteworthy selling pressure IN the
Hartman stocks after the publication of the
bank statement, and In quarters It
thought that some Of the large houses which
hitherto have been buIlish on these issues have
changed their position not only on the Harri-
man stocks. but the general market Morgan
brokers. however. bought The foreign
kets q rule, were weak, and sales for foreign
account in the local market amounted to $4,000
shares. Curb quotations In London after the
close of business were firm
In speculative circles there appears to be
Endorsement of the belief which some outsiders
hold that there VIII soon be a serious crash in
stock market values While It is true that
speculation has been conducted at a high press
ure rate in the last few weeks. the greatest
tivity and largest advances have been made by
the industrial shares buying by interests
who apparently are fully able to take OF
their accounts. matter what the money
market may do. The money market, however
doubtless soon will return to a normal level al
though there may be furry in loan quotations
at the end of the year Prices for stocks are, 1t
is true high, but II comparison Is made with
figures recorded earlier in the season it VIII be
seen that many of the railroad issues are now
selling under their best figures of the year.
notably in the case Of Atchison. Atlantic Coast
line Baltimore and Ohio, Canadian Pacific,
Chesapeake and Ohio, Chicago Great Western,
St Paul Missouri Pacific, New-York Central.
Southern Pacific, Wabash, and Louisville and
Nashville. In many of these stocks present
prices are from s to 10 points under the high
figures recorded last spring 1t is Impossible
to close ones eyes to the fact that conditions in
general are most extraordinary and therefore
| the future of the market cannot be based on
market movements Of the past General busi-
ness continues at high water mark, with in
dication of a setback In the past there gen.
eraiy has been a reaction in trade at this period
Of the year but according TO the reports re-
| cetyed by the commercial agencies all lines OF
/ work are more active now than ever before re-
| corded. AS one man who is identified with the
/ steel trade says. 1.-THE condition OF affairs is
| marvellous"
| That the Rock Island Railway needs money
for betterments and improvements is reflected in
/ the decision OF the directors of the company to
| pass the dividend the preferred stock In jan
uary. The directors have decided that, in order
| TO follow cut their policy of making large ex-
| penditures on the property, 1t will be necessary
to suspend dividends for time and this an
| nouncement is not at all surprising 10 people
| who have followed the course Of the Rock Island
company in the last few years It is considered
| probable that the preferred dividends on the st.
| Louis and San Francisco company, which is part
| of the Rock island system, also viii be passed
| at the next dividend meeting. BY passing the
| preferred dividend on Rock Island the company
VIII have upward OF S1.S50.o0o additional yearly
TO spend on the property. There have been
| rurnors In the last few days that receiver
would be appointed for this big system but the
officers Of the road deny that any such step is
contemplated. Rock Island has expanded
enormously in the last few years, both In the
matter OF physical growth and in the increase ir
l,ts financial obligations. Movements OF the Rock
Island iEsues en- the Stock Exchange haYa moi