The Montgomery advertiser., 1909-12-30
THE STOCK MlRRET

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 the stock market may be fairly regard ed as reiecting a cheerful view of the outlook for values. tempered by the restraining influence of the reasonable re.ssiction of money msrnes rsa. suno'ef rsflon of money after the turn of the year di- unfinished the effect of the present tight ness of coal loans
 The foreign exchange pursued q decided downward course and gave no- tice of cessations of pressure on this market from abroad This was attrtb-
 uted partly to an over-suppiy or ex- change resulting from an accumulauon over-estimated these needs. Other in- | fiuences were suspected to account Tor | the extent in the sterling exchange. Negotiations for the placing of loans l for subscribers of American securities, either lately issued or in contemplation. may be having an effect on the ex- change market. The easing tendency Of discounts abroad may invite re- newal of borrowing through the me-
 alum of finance bills on New York ac- count. Tine effect on the call loan mar l ket here was not pronounced Rates, l in fact. were well held and there was I not lacking any apprehension that rise in the rate might occur before the
 The sub-treasury has withdrawn some $3.30s.0o0 from the New York money market since the last bank statement. and some large shipments of currency to Canada and to the do- nestle interior are reported. Taken in connection with the payments next week that have to be provided for. and which are estimated at over $200.0oo,- is not secure from a furry in the in terim. While this may have restrained the activity of the dealings in stocks, no effect of depression was caused. The fiuences. Not the least was the na- ture of reports emanating from Wash ington of proposed modifications in the manner of treating the question Of cor poration regulation in the forthcoming special message of the President. If the measures to be there reported are to be offered in the sense of safeguard ing corporations from harrassing con- fusion in the regulation of the sepa- fty of Federal control and with a de- clared desire to further the foreign commerce. of the country through cor poration activities, 1t was conceived that an influence stimulating to values might be derived from the matter, in- stead of repression such as has been dreaded. Specific reports from Wash ington of such an intention were fac tor in the days market.
 The very favorable showing of net earnings for November of several im- portant railroad systems fostered the rise in prices.
 The trans s-continentaI railroads were particularly strong in this showing. The spread of the strength into the better known railroad stocks was an outcome of this development. The earlier movements were nearly all In the minor specialties. These showed a great variety of advances without any gneraI cause being at work to account for them.
 The inauguration of dividends in the Lackawanna Coal Company, the sub sidiary of tho Delaware. Lackawanna and Western Railroad, organized to take over it's coal properties, made cheerful impression.
 Belief that the project to merge the copper companies was still being con sidered, played part in the days market. The Wabash group led the activity in low priced railroad securi- ties.
 The bond market was strong. but speculative issues were most active. Announcement of the quick sale of the Chicago Great Western bonds helped sentiment on the bond market. Total sales par value $4.ef2.000.
 United States 2s and the Is coupon declined IA per cent on call.
 CLOSING STOCK LIST.