New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1905-12-20
'Uulisted.
Closing prices of chief active bonds dealt in
with net changes follow:
STOCK MAsKET OPERATIONS.

Trading In stocks was on q somewhat reduced
scale yesterday but values on the whole were
very well sustained. In the fore part Of the day
there was a general advance. with O. reaction
later, so that final figures were not, except in a
few instances. materially different from those
of the day before. There was not much actual
liuuidation, but there was a rather widespread
disposition on the part of operators to proceed
more SLOWLY than in the preceding few days
There was nothing in the news other develop
1nents of the day that was especially untoward,
nor on the other hand, was there anything that
could be construed as especially favorable. 1t
was stated that Chicago had made rather heavy
reouisitions on New-York for cash, but this was
something that had been looked for and is not
likely to continue. Anyway. the money sent to
Chicago was offset by receipts from the interior
and by gains by the banks in transactions With
the Treasury. Foreign intelligence was not any
more unsettling than it had been. There were
again intimations, however, that Paris would
endeavor to draw gold from New-York in the
near future.
One-quarter of the total business on the
Stock Exchange was in Union Pacific for which
a net benefit of nearly three points in price was
recorded. The price of the stock touched 14I%,
and thereby a new high record for it was made,
the former top figure having been 1869. An
other railroad stock which was conspicuous for
a display Of strength was Great Northern, but
the dealings in IT were comparatively small.
Amalgamated Copper was active, but improved
only fractionalIy in price. Copper, the metal
retained its high price, both here and in l11-
rope reduction in the dividend on Peoples
Gas was followed by sharp decline in the stock
The United States Steel issues were not unfa-
vorably Influenced by the report of a plan for a
merger of the Tennessee Coal and Iron and the
Republic Iron and Steel companies.
further Improvement in the situation in
money is apparent While rates have not
coded TO any extent they have from day to day
grown steader and it is fair assumption that
relaxation viii soon ensue. The domestic ex-
changes are undergoing extensive altera-
ton. Their whole tendency seems to be toward
a position that will drive currency from the in
terror to the banking centres. Such a develop
ment at this juncture indicates that prepare
tons have been pretty generally concluded for
the January 1 interest and other payments
throughout the country. Were this not the
prevailing disposition would be not only to keep
cash holdings intact, but also to add them
New-York has thus far this week gained con
siderable cash and, so it is reported, have other
leading points The indications are that the
month of December viii conclude with no new
| disturbance in money. unless there should be
| an attemTt to manipulate rates in connection
with operations in the speculative markets
The bank troubles in Chicago are without ap-
preciable effect outside of that city. The Chi
cago fnanciers have met and disposed of q
| serious matter with much skill and are being
highly commended therefor by the banking
world The new year cash requirements having
/ supposedly been covered, there is no. good rea-
son why the return flow of cash from the crop
regions should not now proceed uninterrupts
| edIy a vast amount of money was required
| 10 finance the crops of 1905, and the movement
of cash from the crop regions TO the money cen
| tres will altogether be of such great proportions
as to practically insure very cheap money in the
not distant future with the so-eaIed crop
| money back in the banks from which ii was OBJ
tained the reserves of these banks viii be ex-
pended far beyond legal requirements. and the
larger the surplus reserves the lower, naturally
viii rates for money sink. The calculation is
| that minimum rates for money viii be reached
in the last half of January. and that rates win
continue very low for the sixty DAYS following
Foreign exchange discloses an inclination
/ toward relaxation as result OF a falling off
! in the demand for bills for remittance The
/ funds for interest on American securities held
abroad and for other obligations maturing
| January ! have been provided by forwardiu.
bills. the total amount Of which WIS very large
The bills used were bankers bills, and SO long
! as the inquiry for them kept UP the exchange