The Montgomery advertiser., 1909-12-31
THE STOCK MARKET

New York, Dec. 3o.--The drawing of the year towards It's close was marked by characteristic developments in finan- ciel markets today. Preparations for terest and dividend payments on Jan uary i went forward more actively today and the restriction of money sup plies which resulted in the stock sner- ket kept operations there under re- straint There was enough desire man Hest to break through this restraint to depict the sentiment of hopefulness and satisfaction on the part of the se- curity holders and to color the tone of the whole market.
 The per cent. rate touched for call loans marked q new high rate for the present year. comparing with the per cent. maximum on several former oc- casions. The comparison if carried be- yond the present year, marks very moderate degree of stringency for the season, which has had a higher rate In every year but two Tn at least de- cade. Last December when but l-z the country was just emerging from its period of Industrial and financial depression and demand for commercial credits was at minimum. The same was true in lesser degree In 1904, when per cent. represented the high quo tation. At the other extreme was the 125 per cent rate of December, 1905, when speculation in the stock market was rampant, and refused to regard the imperative recall of credits from Lon don. which had been advanced earlier in the season in furtherance of the speculative campaign. Not only is the present condition one of comparative ease, but supposition is fostered that marked reiaxation IS t to occur afser d the count rates In foreign money markets and the weakness of the foreign ex- change market as well as the easy tone of the time money market give color to this supposition. Its certainty Is who point to the heavy requirements for corporation financing which have to be met with the new year. The needs of the Government loans which will have to be made both in England and in this country are to be consid- cred also.
 In the cheerful spirit prevailing in the stock market today there was pretation even of the active money market The heavy disbursements are pointed to as evidence of large profits to be distributed and the large bond issues in prospect are looked upon as signs of the opportunities for product i've enterprise. Suggestions of chances sor dividend increases are sufficiently numerous to keep alive confidence. The assumption of dividends on Pittsburg Coal preferred after 8 suspension since
 
 -reme advance which had occurred in anticipation.
 Further returns of railroad earnings for November continued the favorable showing of the net return for that pe- riod. The tightness of the money mar ket conduced to the special favor shown towards low priced stocks, owing to he smaller amounts required to carry blocks of those securities with commits sion houses. This class of securities was stimulated also by the special de- mand in evidence for the Wabash group which carried an impression of emulation and kept alive conjectures of special developments in progress regarding those properties.
 There was a certain amount of real izing going on in stocks in which past speculation has been active and this kept the price movement irregular.
 Bonds were firm. Total sales. par value, $4,279,00o.
 United States As coupon advanced 1-4 per cent. on call.
 CLOSING STOCK LIST.