The Birmingham age-herald. [volume] (Birmingham, Ala.) 1902-1950, 1909-12-30
GENERAL ADVANCE
IN STOCK MARKET
Brokers Take a Cheerful View
Of Future Outlook
FOREIGN EXCHANGE DROPS
Rates on Call Loans Continue Firm
and Strength Is Shown In Minor
speciaIties as Well as Lead
Ing Stocks.
FOREIGN EXCHANGE DROPS

New York. December 29.-The action of
the stock market may be fairly regarded
as rejecting a cheerful view of the OUT
look for values tempered by the restrain
ing influence of the reasonable restriction
X of money market supplies Confidence in
material relaxation of money after the
& turn of yesterday diminished the effect
of the present tightness of call loans. The
i foreign exchange market pursued a de-
cided downward course and gave notice
I of cessations of pressure on this market
from abroad. This was attributed partly
o TO an supply of exchange resulting
| from accumulation to anticipate the
kear-end needs which overestimated these
needs. Negotiations for the placing with
foreign subscribers of American securi-
sies, either lately issued or in contem-
plation, may be having an effect on the
exchange market. The easing tendency
of discounts abroad may invite a renewal
W OF borrowing through the medium Of
~Oh finance bills on New York account The
the effect the call loan market here was
LAM not pronounced. Rates, In fact, were well
Tkheld, and there was not lacking any ap-
Clar prehension that rise in the rate might
Hoasoccur before the end of the week.
pred The sub-treasury has Withdrawn some
nextfs 800, 900 from the New York money mar
Wket since the last bank statement, and
wortfome large shipments of currency to Cam
ued ada and to the domestic interior are re-
Us sported Taken in connection with the
ofalp payments next week that have to be pro-
OF fsvded for, and which estimated at
"arIpver $500. 100000. 1t is felt that the money
oniymarket is not free from a furry In the
haventerIm. While this may have restrained
Ihefthe activity of the dealings in stocks. no
ny Effect of depression was caused
couv The strength was traceable to various
.ha%nfuences Not the least was the nature
throhf reports emanating from Washington
ana Iof proposed notifications in the manner
sof treating the question of corporation
haVe Regulation in the forthcoming special,
lSe message OF the President If the measure
Ht o DO presented is to be offered in the
tent&ense of safeguarding corporations from
tberr arassing confusion in the regulation of
IN he separate states by reason of uni
formity of federal control and with de-
'"e flared desire to further the foreign COM
and merce of the country through corporation
fornlctvties. it was conceived that an infiu-
pence stimulating to values might be de-
4,loseived from the matter instead of repres-
T. - on such as has been dreaded. Specific
'eiy iports from Washington of such an in
ihhtion were factor In the days mar
lsome T.
t.hc s>Fhe very favorable showing of net earn
Va ND kngs for November of several important
H. railroad systems fostered the. rise in
f. fprices. The transcontinenta railroads
y 'nc twere particularly strong in this showing.
Y The spread of the strength into the bet
/ ter known railroad stocks was an outcome