The Birmingham age-herald., 1909-12-18
HOLIDAY DULLNESS IN STOCK MARKET London Money Market Has Not
 Yet Settled Down NEW YORK MONEY IS FIRM Tone of Market Becomes Firm but the Late Trading Is Dull and Revival of Interest Is Not
 Held Long.
NEW YORK MONEY IS FIRM

New York. December f.-A state of neglect such as the stock market fell into today Is sometimes ascribed to holiday dullness. It was not entirely free today from feeling of disquiet as being due possibly to sofne unfavorable factor un- deriving the situation.
 The continued strength of the foreign exchange market attracted marked at tention on the possibility of gold exports. Additional gold was engaged for shipment to South America next week on London account, but larger interest centered in the question of shipments to London di- rect.
 5Discounts were firmly held in London to- nly. The conduct of the political campaign is expected to prolong the strain in Lon #gan beyond the end of the year.
 What may be the effect on the New sAork market becomes of renewed interest view of expected large requirements slring January for subscription to new q oital offerings. The problem is com cated by the maturity during the same .seriod of London obligations to the Bank M France for gold advances during the aseriod of stringency.
 s<At the same time there were large ma surities of American indebtedness to Eu- ropean bourses during that period. A \ relsxation in New York money rates evi- sdently was counted upon at the period
 
 < last week said on this subject: 5k Some persons curiously ignorant of the I dit of not only the United States, its great institutions. are again try :. to get up the cry that debts incurred Fl Americans in Europe, will fall due E tt month, and there may be difficulty J settling them. Such notion is utter abturd."
 At the same time the settings of &C.,
 unts might involve check on specula- fpn in New York, such as was caused by
 @ recall of credits this fall, when the
 ~kl of England advanced it's discount " 5. The promise of substantial in-
 ase for the week in New Yorks cash
 banks was grateful under the circum-
 ntes, and the appearance of the pre-
 nnsry estimates of the weeks currency 4ovenents were followed by another HOW of considerable strength in stocks. 6. Allowing for the weeks export of sl,-
 s,0O0 in gold the banks have gathered
 pa ently from the interior and from the ssub-teasury upward of s7S00.0OO.
 A considerable margin Is thus provided sssor changes in the loan item without un- seavorable effect on the surplus. The effect f tn, increase in the Louisville and Nash
 file dividend proved more stimulating sshanldid the Reading increase. Not only ts lid hat stock itself advance but Atlantic Coat Line benefited from it's holdings of the majority of the Louisville and Nash g vile stock while its collateral bonds is- sued against the stock jumped a full 10 points on enormous dealings to a record prics above par.
 The movement gave rise to surmises Of a rk5emption of the bonds to release the stock as7was done in the case of Rock 1slAnd In the holding of St. Louis and Sa, Francisco stock. The bonds subse ausntly fell back several points without totching the redemption price which is, 1oi
 s,Snli' in the money market increased