The Montgomery advertiser., 1908-12-08
THE STOCK MARKET

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 New York, Dee. 7--Today's stock speculative scope Market noois operated by fits and starts in chosen stocks: In the body of the list tho operations were almost entirely in the sands or the room traders, who con- dncted their transactions with great clrcumspection. The lack of decision in any of the days movements reflects accurately the speculative sentiment prevailing for the moment. Enough m0,lves in ,hs for aSoassryatisi are percelyed tne end ot year to prompt a waiting attitude. The conviction is very gem eeral that whatever slight firmness there may be In the money market in end of the year and it's numerous re- quirements, the turn of the year will see relaxation to even greater ease The disbursement of the yearly inter est and dividends money Is counted demand. The element in the specula. tion which takes this view of the out look expects the stock market to mark time or fluctuate narrowly until tas end Of the year and then make tip a vigorous advance again. There were no developments today to throw very clear light on the course of affairs. some compilations published In The SournaI of Commerce of average stock
 
 large number of railroad and industrial corporations give some indication of the redistribution of holdings which resulted from the upheavai of the past year. From these it appears that forty industrial corporations in which the average number of stockholders was 4,S64 before the panic had increased this number to 7,407 in December Q ty-five railroad corporations the fig ures for the same periods were l. 027 before the panic: 6,4e3 in Decem- Der year ago and 10.0s3 at present This is very striking showing of the extent to which. formerly concentrat- ed holdings of corporation shares have been scattered into smaller hold ings in larger number of hands. The wider interest from such a welfare of corporations as Is to be inferred from the tone of public hostility toward cor porations to a considerable extent and so to influence the course of proposed legislation. It is evidence of the alert tors to take advantage of the low values which ruled during the past year. The absorption of the floating supply of shares In the stock market foundation on which to start the exte1 sive rise in prices which has occurred since. As to how far holdings have been re-distributed. since, as a result VI dtLEdCtlOu Ot HlBn pftceS brought about in the speculations only supposi- tions can be made. The shifting of purely speculative holdings, also, which do Q often figure on the stock trans fer ks of corporations. has no light thrown on 1t by these figures. The publication of the governments De. cember estimate of the condition of winter wheat crop was an evident of some importance. The real signifi. canoe of the s5.3 condition reported is somewhat obscured by the active speculative conditions in the wheat market, and the exaggeration estimates of the damage done Go Che plant of private experts last week The violent break in the price of wheat which fol- lowed the appearance of the report was due to the previous advance based on these experts reports. The com- mencement of dividends at the rate of f per cent on Wisconsin Central pre- ferred stock was a sustaining factor in keeping alive speculative interest in that class of stocks which have fur nished the features of the market for some time. Money and exchange were not materially changed in rates.
 Bonds were firm. Total sales par value, $43S4.000. United States 2's registered advanced 1-2 per cent on call.
 CLOSING STOCK LIsr.