The Birmingham age-herald., 1909-12-19
WALL STREET IS
 MARKING TIME Things Will Be Quiet Through
 the Holidays INDUSTRIES ARE ACTIVE Everything Points to Great Prosperity During the Coming Year-Inter- est Disbursements Will Be
 Large in January.
BY W. G. NICHOLAS.

New York, December 1S.-(SpeciaI J. There Is little more than a marking of time in the stock market these days. Leading banking interests which repre- sent the real control of the finances of the street willed 1t some time ago that there was to be no great boom in stocks before the turn of the year. On their part it was tacitly agreed that money was not to be allowed to rise above 6 per cent, but that any important effort on the part of speculators to take ad- vantage of reasonable money rates to bull stocks was to be discouraged. This inspired word was passed along the line and for the last couple of weeks the market has been left to the tender mer- cies of the professional traders on the exchange who have contented them selves in the main with chasing frac- tions.
 This has not been hard and fast rule. however, for big things have been going on in some of the leading proper ties which have put them beyond the limitations of the banking programme referred to. In these properties there has been continuous absorption by the insiders and there has been going on also a steady investment demand in not a few of the strong industrials for the account of insiders and those who are hard-headed enough to do their own thinking and financially strong enough to do their own buying without regard 10 the ups and downs of the money market or the fntrigues of the banking man. agers. The powers of high finance are reluctant to give encouragement to speculative bullish sentiment until after the January disbursements of interest and dividends. which this year will amount to about s225,ooo. 900 at this cen ter, record breaking figure.
 It takes a good deal of money to meet this enormous demand. and while in one sense 1t Is merely a turning over of credits in the banks 1t in reality amounts to good deal more than that and there ensues very general and widespread shifting about of capital fairly good sized percentage of the in terest and dividend disbursements this year will undoubtedly go back into se- curities and the buying for that account is expected to have considerable influ- ence. Simultaneously the return inflow of money from the west and south will get in on a generous scala. Altogether a wholesome and wholesale loosening up Is looked for within the next 30 days.
 Meanwhile in every department of in- dustry indications point to increased activity. There is scarcely an exception to this rule. It Is also timely to remark that there is scarcely a feature or ele- ment of Ill omen in the situation. Con- gress may do something further toward the regulation of railroads and corpora tions in general, but Washington has ceased to be a terrifying factor Also, it may be stated that the real people of affairs in the great world of big action are not disturbed over tho loud talk in- dulged in about impending strikes and demand for higher wages.
 They understand perfectly that the blathering Is almost wholly by jaw workers of the Gompers stripe and that the actual working men are in no mood to fight their bread and butter. Between large employers of labor and their men whether organized or unorganized, there exists today the best of feeling. It has been well understood for some time that the worknen throughout the country would expect an advance in wages either this winter or early in the spring and that such advance would be given them wherever conditions justified. The grand scheme of wage readjustment will, for the most part, be the result of peaceful conference and arbitration.
 There is no desire in any influential quarters to resort to strikes and this weapon will not be used where the em- ployes are wisely governed, There will. of course, be sporadic outbreaks of dis content and the walking delegates will do their best to stir up trouble. However. as stated above. nothing serious is ex- pected, a state of mind which is very plainly reflected in the stock market In almost every case where there has been new spaper gossip about threatened strikes, the stocks which would be af- fected by tie-ups of that sort have &C., tually advanced in the face of the news.
 Despite the prevailing impression that the Copper merger had been knocked in the head considerable progress has been making during the last few days toward the completion of the merger. The con