The Montgomery advertiser., 1909-12-08
THE STOCK MARKET

New York, Dec. 1.-The business done at the stock exchange today dwind.ed 10 small proportions and the constant fluctuations in prices argued part of operators in stocks, The ac- ton or the market mirrored vagaries of speculative temper rather than any developments in afairs. So far as business of Important origin. The room traders took first one view aud then another of the same event.
 The Presidents message was called conservative from the point of view of financial interests but. as Its con tents ahad been accurately known and acted upon in the market its act ual publication left little for the spec ulation to do. The postponenient for future treatment in special messages stock market. those changes In the antitrust and interstate commerce laws. left little for immediate ap- praisement in the securities market. cribed to the stand against Congress sional investigation lest immunity should thus be given to some of those prosecuted Pacific Mail rose on the ship subsidy paEagraph: The fact ssI that sI professed apprehension Of unfriendly treatment of corporations In the mes sage and rebounded violently on Sat- urday after the real tenor of the mes sage became known. measures the final opinion of the case more reliably than did today's market. The pellet that the intense duliness of the ear'y market was due to the desire to see the message received slight conhrma- ton from the growth in activity aIter
 The growing attention given to the exports of gold had some restrain ing influence on the speculation. More Sxl n<xr rAI tx.ar n nr A and further rise in sterling ex. change brought rates nearer to tho point at which shipments direct to London would become profitable.
 for November indicated some gain in the months trade balances by this country, the increase of y5SS, 503,500 In value of British imports coming Tn part from the rise of S15.000. 900 Tn the value of our cotton taken Tor the
 On the other hand. heavy maturities seem to be falling off of those obliga- tions is believed to foreign lenders and the paying off of those obllga- eign exchange rate. The torpid state of the bond market Is attributable partly to these conditions, the effect being seen In the scanty issues of new securities during November.
 The Journal of Commerce esti- mates make these but $17,4b5.000 com pared with s2O6I72.O0O in November of last year. In December and Jan uary. however, large payments are called for on account of issues already made, and more are looked for.
 There was a rise in the Berlin ais count rate today and the London rate held steady The call loan rate here was rather firmer, the ruling rate be-, ing nearer five per cent Denials of the reports that a general strike or railroad employees was in contempla' tion gave some help to railroad stocks but the question of wage readjust> ments is still discussed with gray ity.
 The increase in the dividend rato of St. Louis- Southwestern preferred gave a cheerful feeling to holders of other stocks mentioned as likely to receive like fayors. Reading and Rock Island preferred were In this last. An up- ward turn in the United States Steel was sentimental effect on the whole list.
 The governments estimate of the very large area planted in winter wheat and the high per centage Of condition at which the crop is enter. ing winter proved a stimulating eff feet on the late market. The last hour of the session was the busiest and the days gains were mostly made in that time
 Bonds were irregular. Total sales. par value $4,064.000. United States Four's registered. declined 1-4 per cent on call.
 CLOSING STOCK LIST.